The Photographic Chemicals Market size is estimated to reach US$283 million by 2027, after growing at a CAGR of 4.9% during the forecast period 2022-2027. The growth of the photographic chemicals market would be highly influenced by increasing demand from outdoor advertising trends, print media, professional photography businesses and others. Photographic Chemicals such as EDTA, DTPA, NTA, borate and others are non-biodegradable compounds and chelating agents that play a vital role in the development of photographs. The lucrative demand for photographic chemicals in photographic films for professional photography and print media advertisement sector is boosting its growth scope.
According to the Indian Institute of Digital Education, the global digital advertising market is predicted to reach US$1,089 billion by 2027, with a CAGR of 17.2% from 2020 to 2027. With the rising emphasis on the print media sector, billboard advertising trends and consumer photography trends, the Photographic Chemicals industry is observed to achieve robust growth.
Photographic Chemicals Market: The Consumer Industry Leads the Market
Based on the end-use industry, the Photographic Chemicals market can be segmented into Consumer and Business. The leading segment in the photographic chemicals industry has been evaluated to be the consumer segment. During the forecast period 2022-2027, the consumer segment is projected to grow at a CAGR of 5.2%. This can be influenced by growth factors such as increasing trends and a strong base for print media and advertising platforms such as billboards and professional photography businesses.
According to the Pew Research Center, circulation revenue from print media subscriptions reached US$11.1 billion and advertising revenue reported a profit worth US$8.8 billion in 2020-21. Thus, with the flourished base for the consumer sector, including the photography business, print media and others, the Photographic Chemicals industry is projected to grow exponentially over the forecast period.
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Photographic Chemicals Market: Asia-Pacific Holds the Largest Share
Based on geography, the Photographic Chemicals market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, Asia-Pacific has emerged as the most profitable region. In 2021, the Asia-Pacific region held a 43.8% share of the total revenues earned by the market, globally. The Asia-Pacific region is estimated to grow rapidly due to the established base for the printing sector, advertisement trends and professional photographic trends. The consumer sector is lucratively growing in Asia-Pacific countries, including China, India and others due to rising demand for professional photography, a flourishing base for professional photo studios and upsurging print media.
According to the India Brand Equity Foundation (IBEF), the advertising revenue in India is expected to reach US$12.98 billion in 2023 compared to US$8.46 billion in 2020. With robust growth scope for photographic chemicals in the advertisement and print media sector industry across APAC countries, the Photographic Chemicals industry would grow significantly over the forecast period.
Photographic Chemicals Market: Competitive Landscape
Key companies holding major shares in the Photographic Chemicals market are Sinex Systems Private Ltd., BASF, Hunstman Corporation, Linchen Group, Fujifilm Corporation, NET Corporation, Eastman Kodak Company, FOMA Bohemia spol s.r.o, Bostick & Sullivan, Inc. and Hydrite Chemical Co.
Mr. Venkat Reddy
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