Photographic chemicals market size will observe significant prominence between the period 2021 and 2027 owing to the growing household incomes and changing lifestyles of people. The soaring number of investments by various companies in advertisements and promotional activities will contribute a massive impetus to the market dynamics.
Photographic chemicals are typically applied on films or paper for developing photographs. They record extensive usage as fixing & reversing agents, stabilizers, replenishers, neutralizers, dying agents, and starters. The emergence of various efficient and advanced technologies, higher spending on advertisement as well as other promotional activities, and rising penetration in photographic industry are some prominent trends for the market expansion.
The increasing preference for digitalization and e-advertising has resulted in the higher adoption of electronic products including digital cameras and smartphones, in order to build substitutes for physically developed photographs. Apart from this, the hazardous effects caused by the product on the environment and human health along with easy access to cheap e-storage options across various websites will act as major constraints for the industry growth.
With regards to processing techniques, the photographic chemicals market is segmented into black & white film processing, and color film processing. Out of these, the black & white film processing segment will grow owing to advantages like playing around with lighting and shadows and their contrasts as they juxtapose each other within a composition to offer dramatic effects. In addition, the natural contrasts coming with black and white photography bring to light the texture of certain surfaces like skin, fur, dirt, metal, and wood as opposed to color photography.
Asia Pacific is expected to gain significant momentum in the photographic chemicals industry through 2027 due to growing adoption of print media, including hoardings and banners for advertising. This is ascribing to lower access to internet and e-media mainly in the underdeveloped countries. The fast-growing population and increasing disposable income have resulted in rapid urbanization and industrialization. The booming tourism sector, and rising investments by companies for advertisements in China, and India are other factors influencing the market growth. The surging production rate of the chemicals in order to cater to increasing requirements across China and India will also drive the regional market expansion.
The market share in North America will expand with growing consumption rate in the region. The fast-growing advertising sector has resulted in increased levels of advertising spending. The surge in the number of investments and the rising use of outdoor advertising by major companies in the region will also aid the market progression.
The photographic chemicals industry is competitive and amalgamates the presence of leading players including Eastman Kodak Company, Hydrite Chemical, Bostick & Sullivan, FOMA BOHEMIA spol s. r. o., and Fujifilm Corporation (FUJIFILM HOLDINGS CORPORATION).
Novel product developments, production expansions, and marketing strategies, like acquisitions, mergers, and partnerships, along with R&D investments, are widely adopted by these photographic chemicals suppliers to increase their geographical footprint and customer base.
The ongoing COVID-19 crisis caused a groundbreaking impact on the global economic landscape given the influx of complete lockdown policies and social distancing norms in various countries. The demand for photographic processing chemicals also witnessed stunted growth due to the several restrictions imposed on travel and commutations. The rise in hindrances across the advertising sector and the declining demand for print media also made way for plummeted market expansion.