The PNG (Portable Network Graphics) image format is known for its lossless compression, preserving high-quality images without sacrificing detail. PNG supports transparency, making it ideal for images with sharp edges, logos, and graphics requiring a transparent background. PNG files, often identified with the .png extension, are widely used for web graphics and digital design where maintaining image integrity is crucial. The format's ability to store images with a broad spectrum of colors and transparency, coupled with its lossless nature, contributes to its popularity in scenarios where high-quality visuals are paramount.