The global printing inks market size is expected to reach USD 23.8 billion by 2028, registering a CAGR of 2.8% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand from end-use applications including flexible packaging & labels, corrugated cardboards, commercial letterpress, and folding cartons are the main factors expected to drive the market over the forecast period. Rise in consumer spending in Asia Pacific and North American regions, increasing demand for superior quality flexible packaging are some of the main parameters influencing the overall demand for printing inks globally.
Product innovations, technological progressions, new raw material sourcing models and expansion strategies are some of the major drifts the companies are focusing on to cater to the specific consumer requirements. The recent trends witnessed by this industry include rising significance of flexographic and digital toners, food-safe printing inks and a shift in consumer preference towards environment-friendly products.
The regulatory framework also plays a crucial role in this industry dynamics. Stringent regulations regarding toxic metals in solvents & volatile organic compound (VOC) emissions in these inks are expected to hamper the growth of the overall market. This rationale has led to increased usage of cellulose and rosin derivatives as resins for manufacturing energy-efficient inks.
Gather more insights about the market drivers, restrains and growth of the Printing Inks Market
Detailed Segmentation:
Printing Inks Market Trends
Initially, printing inks were majorly used in printing publications for newspapers, magazines, and journals. However, due to rapid urbanization and the growing digitalized needs of consumers, the application scope of printing inks has shifted from commercial printing & publication to the packaging industry. In the packaging industry, printing inks are used to print on packaging materials to make the packaging attractive to customers, as it is one of the powerful ways to promote and market products.
Flexible packaging offers better options for customized packaging. The demand for flexible packaging is driven by the food & beverage industry, supported by the strong growth in the snacks & confectionery category. Moreover, the growing demand for food, on account of the increasing global population, is one of the key trends augmenting the growth of the flexible packaging industry. The booming flexible packaging industry is anticipated to offer substantial growth opportunities for the printing inks market.
Product Insights
Lithographic segment accounted for a prominent share of the overall market in terms of value in 2020. The segment is expected to witness substantial growth over the forecast period owing to a combination of high-quality prints and efficiency in large-scale projects. This lithographic process is also suitable for flat media such as cloth, foil, paper, plastic, and flat cardboard.
Gravure printing inks are primarily used for printing photographs; they can be utilized on films, thin papers, metal foils, and paper cups. This process utilizes “liquid inks”. The flexibility of this ink technology allows these print processes to cover various applications in food packaging, tobacco products, and cosmetics on a variety of substrates such as cardboards, papers, plastics, foils, and labels.
Resin insights
Polyurethane is the fastest-growing resin segment and is expected to account for over 16% of the resin revenue in 2028. The composition of the resins is a significant factor for the type of ink produced. Hydrocarbons & modified rosins are used for producing lithographic solvents, polyamides & polyurethanes are used for manufacturing gravure and solvent-based-flexographic products. By resin type, acrylic is the predominantly used raw material for manufacturing solutions owing to its faster drying properties, availability, and cost-effective nature.
Application Insights
Packaging & labels segment is the largest and fastest ink application segment, which accounts for over 45% of the total segment revenue. The growth of this application has witnessed a flourishing trend in the last five years owing to the growing middle-class population in emerging nations such as India and Thailand, change in consumer preference for the convenience of food packaging & online retailing with extensive internet penetration, and requirement of bio-degradable products.
Regional Insights
Asia Pacific dominated the printing inks market and accounted for the highest revenue share of 35.60% in 2021. Asia Pacific dominated the global printing inks market in 2021 and is expected to continue its dominance over the forecast period. Rising consumption of packaged food items, coupled with robust growth in the packaging and labeling industry owing to the emergence of various businesses, including the food & beverage industry, consumer goods, health care sector, and e-commerce, has positively impacted market growth in the region.
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Printing Inks Market Share Insight
The global ink industry is extremely competitive owing to the presence of vertically integrated key players with technologically advanced solutions & equipment and procurement & distribution channels. The industry has witnessed a strong consolidation period in different regions which include, expansions, mergers, and acquisitions, making the industry highly competitive. Some expansion strategies include Epple Druckfarben Italia S.r.I in Milan, Italy, subsidiary of Epple Druckfarben for superior quality German offset printing inks in Italy and Kansas, U.S. plant which was an expansion strategy of Sakata Inx Corporation.
Major market players include
• Flint Group
• DIC Corporation
• Siegwerk Druckfarben AG & Co. KGaA
• Sakata Inx Corporation
• T&K TOKA Corporation
• Dainichiseika Color & Chemicals Mfg. Co., Ltd.
• DEERS I CO., Ltd.
• Epple Druckfarben AG
• TOYO INK SC HOLDINGS CO., LTD.
• Hubergroup
• TOKYO PRINTING INK MFG CO., LTD.
Printing Inks Market Segmentation
Grand View Research has segmented the global printing inks market on the basis of product, resins and application:
Printing Inks Product Outlook (USD Million, 2016 - 2028)
• Gravure
• Flexographic
• Lithographic
• Digital
• Others
Printing Inks Resin Outlook (USD Million, 2016 - 2028)
• Modified rosin
• Modified cellulose
• Acrylic
• Polyurethane
• Others
Printing Inks Application Outlook (USD Million, 2016 - 2028)
• Packaging & labels
• Corrugated cardboards
• Commercial printing/Publishing
• Others
Printing Inks Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o Italy
o UK
• Asia Pacific
o China
o Japan
o India
• Central & South America (CSA)
o Brazil
• Middle East & Africa
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