New York, Sept. 03, 2020 (GLOBE NEWSWIRE) -- The Global Printing Inks Market is forecast to reach USD 28.15 Billion by 2027, according to a new report by Reports and Data. Increasing demand through various applications like flexible packaging & labeling, corrugated cardboard, modern letterpress, and folding cartons are crucial factors expected to propel market growth over the forecast period. Increased consumer expenditure in the Asia Pacific and North American areas, increased demand for flexible packaging of exceptional quality are some of the critical parameters that affect the demand for printing inks across the globe. Technology developments, technical changes, modern raw material procurement structures, and growth approaches are some of the big drifts centered on by the businesses to address different market needs. The latest developments this sector has seen include the growing value of flexographic and wireless toners, food-safe printing inks, and a change in market preference towards environment-friendly goods.
The parliamentary system also plays a significant part in the development of this sector. Strict restrictions on toxic metals in solvents & volatile organic compound (VOC) pollution in such inks is likely to impede the overall market development. The argument has contributed to the usage of cellulose and rosin derivatives as resins for making inks that are energy-intensive. Owing to its superior properties and unique demands from the apparel, ceramic, and 3D printing technology markets, digital ink is projected to be the fastest-growing product category. The automated toners experienced lower label costs relative to standard inks, and their ability for flipping between labels immediately contributed to this company becoming the fastest-growing product.
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Printing inks include pigments or colorants that are used to make a picture, text, or design. They are employed in the advertising, labeling, and marketing sectors and are utilized in various printing methods, including flexography, lithography, optical printing, and gravure. Over the forecast period, the demand for eco-friendly inks is projected to rise. The creation of innovative printing technologies such as inkjets and UV-curable inks often provides significant prospects for growth by developing new business avenues. Growing competition for environmentally friendly inks is one of the market's main factors.
Increasing environmental issues are driving policymakers to change printing industry standards. The need for oil-based and biodegradable inks on vegetables is rising. Vegetable oil-based and biodegradable inks limit or remove the usage of mineral oils in the inks, maintain non-renewable supplies, and mitigate VOC pollution. The primary benefit of eco-friendly inks is increased paper recyclability because it enables effective ink isolation from paper. However, raising awareness of the presence of e-books and stringent government environmental legislation on ink production is restricting market growth in the printing inks. The emission of VOC and toxic metals found in individual printing solution inks often hampers the development of the industry.
Due to the drastic growth in the cosmetic and pharmaceutical industries and the food & beverage sector, Asia Pacific holds the dominant share in the market. The rise is primarily attributed to better lifestyles for customers. The increase in buyer's purchasing power is also boosting the market. Besides, the shift of pharmaceutical manufacturers is focused on establishing their manufacturing facilities in India, China, and Southeast Asia, which are expanding the market due to the high demand for medicines and low initial investment.
COVID-19 Impact Analysis:
While the COVID-19 epidemic is rising, manufacturers are gradually adapting their production and purchasing strategies to fulfill the challenges of a pandemic that has created market-based Printing Inks needs. There will be a series of negative and positive disruptions over a few months as retailers and their suppliers respond to growing customer demands. With an unhealthy global situation, several states look vulnerable to export-dependent economies. Due to a lack of downwind demand, the effect of this pandemic would transform the global printing inks industry, some manufacturing plants either shut down or decrease their capacity. Others, however, stopped their output by their respective governments as a precautionary move to prevent the spread of the virus. For other nations, by looking at the severity of the crisis and the consequent behavior of the state officials themselves, customers are centered on becoming more important. Market dynamics in Asia Pacific countries have become chaotic in all of these situations, collapsing frequently and finding it impossible to stabilize.
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Further key findings from the report suggest
- Based on resin, acrylic generated a revenue of USD 4.34 billion in 2019 and is estimated to rise with a CAGR of 5.0% in the forecast period because of its quicker recovery properties, flexibility, and cost-effective design.
- The flexographic product sub-segment is expected to grow with a CAGR of 4.7% in the forecast period due to the increased usage of rotogravure and digital solutions in the growing packaging industry, including corrugated cardboard and folding cartons.
- The packaging and labeling application is the major contributor to the Printing Inks Market. The packaging and labeling sectors of the Asia Pacific region are the major shareholder of the market and held around 42.1% of the market in the year 2019, due to the increasing middle-class population in developing nations such as India and Thailand, a change in customer demand for the convenience of packaged foods & online retailing with widespread broadband penetration and biodegradable commodity requirements.
- Asia Pacific dominated the printing inks market in 2019, attributable to the advancements in technological ink printing and growth in the various end-use applications coupled with the rising demand for inks. Asia Pacific region held approximately 38.9% of the market, followed by Europe, which contains around 25.3% market in the year 2019.
- Key participants include Siegwerk Druckfarben AG & Co. KGaA, Sakata Inx Corporation, Wikoff Color Corporation, Flint Group, Sun Chemicals, DIC Corporation, Altana Epple Druckfarben, MHM Holding GmbH, Tokyo Printing Ink Mfg. Co. Ltd., and Koninklijke Drukinktfabrieken Van Son B.V., among others.
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For the purpose of this report, Reports and Data has segmented the Global Printing Inks Market on the basis of resin, product, application, and region:
Resin Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Modified Rosin
- Modified Cellulose
- Acrylic
- Polyurethane
- Others
Product Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Gravure
- Flexographic
- Lithographic
- Digital
- Others
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Packaging & Labels
- Corrugated Cardboards
- Publication & Commercial Printing
- Others
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
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