Luton, Bedfordshire, United Kingdom, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Printing Inks Market.
The Printing Inks Market was valued at US$ 18 billion in 2021 and is expected to reach USD 25.62 billion by 2029, growing at a 4% CAGR during the forecast period.
Printing inks are colored liquids and pastes that are designed to transfer and reproduce images from a printing surface. Except for black ink, which is made from carbon blacks and thick linseed oil, printing inks are made from a pigment or pigments of the desired hue mixed with oil or varnish. The market is expected to grow in the short term due to factors such as increased demand from the digital printing industry and increased demand from the packaging and labeling sector.
A significant increase in demand for printing inks for paper media and packaging. The need for printing inks in metal cans, tags and labels, and flexible materials for publishing print products such as books, newspapers, and magazines is expected to fuel the growth of the global Printing Inks Market. Furthermore, an increase in the demand for bio-based printing inks is expected to drive demand during the forecast period.
The printing inks market is expected to grow due to increased demand from the digital printing industry during the forecast period. Furthermore, the printing inks market is expected to grow due to increased demand from the packaging and labels sector. Besides that, rising demand for printing inks in metal cans, tags and labels, and flexible materials is expected to dampen the printing inks market's growth.
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022-2029 CAGR | 4% |
| 2029 Value Project | USD 25.62 billion |
| Base Year | 2021 |
| Market Size In 2020 | 18 Bn |
| Historical Data For | 2018-2020 |
| Segments Covered | By Printing Process, Application, Product Type |
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Drivers
- Increased Adoption in the Packaging Industry
Packaging and labels are the most important application segments of the global printing inks market, accounting for more than 47.72% of the global printing inks market share in terms of volume in 2020.
However, due to rapid urbanization and consumers' increasing digitalized needs, the application scope of printing inks has shifted from commercial printing and publication to the packaging industry. Printing inks are used in the packaging industry to print on packaging materials to make the packaging appealing to customers, as it is one of the most effective ways to promote and market products.
Flexible packaging provides more customization options. The food and beverage industry is driving demand for flexible packaging, which is bolstered by strong growth in the snacks and confectionery category. Furthermore, rising food demand as a result of the world's growing population is one of the key trends fueling the growth of the flexible packaging industry.
- Rise in End-Use Industry Demand for Energy-Curing Inks
The thriving demand for energy-curing inks in printing & packaging applications is another major factor driving the growth of the printing inks market. Because of their superior properties, zero/low volatile organic content (VOC), and expanding application scope, these inks are trending globally.
The initial setup costs for these inks, however, are higher. As a result, businesses are implementing new technologies to reduce costs. For example, Flint Group has created new UV inks, such as the Ultraking XCURA label, to achieve minimal energy consumption during the curing process.
Restraints
- Strict Regulations for Toxic Solvents
Volatile organic compounds (VOCs) must adhere to a variety of statutory regulations and legislation. These organic compounds, which are widely used in technical printing inks, are subject to a number of governmental and federal regulations aimed at reducing VOC emissions and limiting human exposure to toxic substances.
However, rising awareness of the presence of e-books, as well as stringent government environmental regulations on ink production, are restraining the printing inks market's growth. Furthermore, the emission of volatile organic compounds and toxic metals present in some printing inks is impeding market growth.
Opportunities
Technological advancement, combined with rising demand from the printing industry, is expected to increase demand for printing inks in the commercial printing/publishing segment globally. Furthermore, the printing industry's need for short-run production for printed resources such as direct mail, books, catalogs, and brochures is thriving commercially.
Demand for printing inks is expected to rise due to increased demand for promotional materials from the food, beverage, and retail industries. Because the commercial printing/publishing application segment is determined by a variety of promotional events, including print advertising, the retail business is included as print advertising and is a component of the marketing strategy.
Challenges
- Regulatory Issue Still Remains the Major Challenge
The constantly changing regulatory landscape for ink usage and product coding and marking has presented significant challenges to ink manufacturers worldwide. Food-contact inks are the most strictly regulated. Toluene, phthalates, and other substances have been restricted by regulatory authorities. Europe and North America have established stringent standards for the use and type of inks used in the packaging industry.
The prices of raw materials have been erratic and fluctuating in recent years. Manufacturers have faced shortages of key intermediates, pigments, and other feedstock’s, causing prices to skyrocket.
Printing Inks Market Segmentation
By Product
- Gravure
- Lithographic
- Flexographic
- Digital Printing
- Others
On the basis of product lithographic ink is expected to be the largest market by 2024, owing to advantages observed by manufacturers such as printing flexibility, quick process, and superior quality. Furthermore, digital ink is expected to grow at the fastest rate in the world due to the widespread shift of key industry players into digital fields.
The lithographic segment is expected to generate USD 7,998.77 million by 2030, outpacing other product types of printing inks. During the forecast period, it is expected to grow at a CAGR of 2.6%.
Flexographic inks can be used on a wide range of substrates, including paper, laminates, films, foils, and corrugated boards. These inks are expected to grow rapidly over the forecast period, owing to their eco-friendliness and low cost. Furthermore, rising demand for flexible packaging and cardboard printing in line with logistics volume support the demand for flexographic ink in the United States and Europe.
As a result of technological advancements and increased R&D investments by key players, the digital printing segment is expected to hold the largest share of the global printing inks market.
By Resin
- Modified rosin
- Modified cellulose
- Acrylic
- Polyurethane
- Hydrocarbon
- Polyurethane
- Others
On basis of resin, Polyurethane is the fastest-growing resin segment and is expected to account for more than 16% of resin revenue in 2028. The resin composition has a significant impact on the type of ink produced. Hydrocarbons and modified rosins are used to make lithographic solvents, while polyamides and polyurethanes are used to make gravure and solvent-based-flexographic products. Acrylic is expected to generate USD 5,955.96 million by 2030, at a CAGR of 2.55%.
By Application
- Packaging & Labels
- Corrugated Cardboards
- Commercial Printing/Publishing
- Others
Based on application, The packaging segment is expected to drive the global printing inks market due to increased use of printing inks for tags and labels, flexible materials, and metal cans globally.
Labels and packaging are also the largest market and are expected to grow the fastest during the forecast period. Packaging is regarded as the most important aspect of product marketing because it aids in effectively positioning the products in the minds of consumers and influences their purchasing decisions. The packaging industry in North America is a major consumer of printing inks.
Furthermore, rising demand for flexible packaging and the expansion of the food and beverage industries are expected to fuel global growth in the printing ink market.
Formulation Type
- Solvent-Based
- Water-Based
- Oil-Based
- UV
- UV-LED
- Others
In terms of product type, the water-based ink segment is expected to drive global printing inks market growth as consumer preferences shift toward environmentally friendly products around the world. Among all segments, oil-based formulations have the highest revenue, and water-based formulations are expected to grow the fastest during the forecast period. Oil-based formulation is expected to take the lead over others around the world due to its widespread use in publishing and commercial areas.
Regional Insights
North America held the largest share of the printing ink market in 2020. The North American Printing Inks market is expected to be worth USD 10,432.11 million by 2030, with a CAGR of 2.71%.
North America consists of the United States, Canada, and Mexico. The United States dominated the North American printing inks market in 2020 and is expected to do so again during the forecast period. The growing digitizing printing and packaging industries drive the country's demand for printing inks. Innovative product packaging, as well as rising demand for packaged food and beverages, are driving market demand for printing inks in packaging applications.
The Asia-Pacific printing ink market is expected to grow rapidly in the coming years. The Asia-Pacific printing inks market is expected to be worth USD 4,792.89 million by 2030, with a CAGR of 3.1% during the forecast period. The growing preference for flexography inks in flexible packaging applications due to their ability to be printed on non-absorbent material, faster printing process, and greater printing options through a range of colors in various substrates is expected to provide a significant growth opportunity for the printing inks market during the forecast period.
Moreover, China dominated the Asia-Pacific printing inks market in 2020 and is expected to do so again during the forecast period. Due to rising demand in the lamination, food packaging, and commercial printing industries, the majority of companies are expected to target Asia-Pacific and Europe for regional expansion.
India, Japan, and China are the major contributors in the APAC region, with numerous major industry players contributing to the growth of the printing inks market.
The Central and South America printing ink market is expected to grow significantly over the forecast period because of the region's high economic growth. The Middle East and Africa printing inks market is diverse, with differences based on end-use industry dynamics in developed and developing countries.
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Competitive Landscape
The report includes detailed profiles of printing ink suppliers to evaluate their financials, key product offerings, recent developments, and strategies. Key players operating in the global printing inks market include Sun Chemical Corporation, Flint Group, Siegwerk Druckfarben AG & Co. KGaA, TOYO Ink Group, Sakata INX Corporation, ALTANA AG, Huber Group, T&K TOKA Corporation, Wikoff Color Corporation, Zeller+Gmelin GmbH & Co. KG, Royal Dutch Printing Ink Factories Van Son, DIC Corporation, Fujifilm UK Ltd. TOKIYO PRINTING INK MFG Co., Dainichiseika Color & Chemicals mfg. Co.
01 Nov 2022: Fujifilm Integrated Inkjet Solutions has launched 12K Printbar System, a new variable data, drop-on-demand print technology for packaging markets. Designed for easy integration of inkjet printer technology into existing production equipment, the 12K Printbar System offers 4-color process printing in a compact form that requires 21in (53 cm) of space in the print direction.
On January 10, 2022, Sun Chemical acquired SAPICI. Sun Chemical's integrated supply strategy in the packaging sector is strengthened by this purchase, which adds capabilities to develop and create new polymers for the company's whole array of inks, coatings, and laminating adhesives.
On January 7, 2022, Encres DUBUIT purchased Poly-Ink. The company has combined nanomaterial scientific competence with application engineering capabilities through this acquisition. Encres DUBUIT is now a significant partner for important printed electronics applications.
FAQS
- What is the Printing Inks Market Size?
- What are the key factors driving the growth of Printing Inks Market?
- Which region is more attractive for vendors in the Printing Inks Market?
- What is scope of the Global Printing Inks market report?
- Who are the key prominent players in Global Printing Inks market?
- Among all the formulations, which category witnessed the fastest growth for this market?
- What are the latest trends influencing the growth of this market?
- What are the revenue-generating key market segments?
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