Inexact (or approximate) computing is an attractive paradigm for digital processing at Nano metric scales. Inexact computing is particularly interesting for computer arithmetic designs. This paper deals with the analysis and design of two new approximate 4-2 compressors for utilization in a multiplier. These designs rely on different features of compression, such that imprecision in computation (as measured by the error rate and the so-called normalized error distance) can meet with respect to circuit-based figures of merit of a design (number of transistors, delay and power consumption). Four different schemes for utilizing the proposed approximate compressors are proposed and analyzed for a Dadda multiplier. Extensive simulation results are provided and an application of the approximate multipliers to image processing is presented. The results show that the proposed designs accomplish significant reductions in power dissipation, delay and transistor count compared to an exact design; moreover, two of the proposed multiplier designs provide excellent capabilities for image multiplication with respect to average normalized error distance and peak signal-to-noise ratio (more than 50dB for the considered image examples).