New York, Sept. 13, 2022 (GLOBE NEWSWIRE) -- For the forecast period, 2022-2031, Kenneth Research has released a thorough market study on the “Global Printing Inks Market” that covers the following elements:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Printing Inks Market Size:
The global printing inks market is predicted to garner around USD 43 billion in revenue by 2031 and to grow with a CAGR of ~5% over the forecast period. The expansion of the market can be ascribed to expanding books and magazines industries as well as the food and beverage sector. For instance, in 2020, there were more than 50 newly released magazines in the United States, including around 20 publications with a focus on unique interests and more than 10 journals devoted to crafts, games, and hobbies. In addition, the market growth is anticipated to be boosted by the steadily rising number of magazine readers. Over 48 million people read magazines on a monthly average in 2020 and almost 86 million people read magazines on a weekly basis. No matter the texture, size, or shape of the surface, the inks can be applied to almost any one of them. They can be used to color textiles, metal, glass, plastics, paper, and other materials. Contrary to paints and coatings, printing inks are applied to the surface of a very thin layer, with a thickness that can range from 2 – 30 μm depending on the printing technique.
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Global Printing Inks Market: Key Takeaways
- Asia Pacific region gains the largest portion of the revenue
- Digital printing segment to influence the revenue graph
- Packaging segment to retain a sizable presence in the market
Rising Consumer Demand for Packaged Goods and Growing Urban Population to Boost the Market Growth
The demand for printing inks for packaging is also rising as consumer expenditure on electronic items including tablets, fitness trackers, smartphones, audio & music equipment, and others rise. Consumers throughout the world are projected to spend close to USD 500 billion on gadgets in 2022.
Furthermore, according to World Bank statistics, 57% of the entire population resides in urban areas in 2021. In recent years, urban customers have become more dependent on convenience foods, and the demand for pre-packaged readymade meals, premade food products, chilled and frozen dishes, and fully prepared microwavable meals have dramatically increased. In 2021, US accounted for around 44% of the total grocery stores supplied by lead manufacturers, while private label made up for roughly 16%. As more individuals had to cook and eat at home on account of the pandemic, staple goods made up 40% of packaged food sales in 2020. The hasty changes made at the beginning of the COVID-19 pandemic caused food shortages and stockpiling, which raised the immediate demand for packaged foods. Urban population expansion and rising packaged goods consumption both boost the need for printing inks for packaging products, which helps the industry continue to expand.
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Global Printing Inks Market: Regional Overview
The global printing inks market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Need for Paper and Cardboard Packing for Trade Commodities to Propel the Market in the Asia Pacific Region
Owing to the rising demand for paper and board packing for export and import of goods, including food products and others, the market in the Asia Pacific region is anticipated to experience considerable expansion over the forecast period. For instance, China was the world’s largest manufacturer of packaging cardboard and paper in 2020, producing close to 68 million metric tons of it. Whereas, China is also the leading producer and exporter of textiles in the world. China accounted for more than 40% of the global textile exports in 2020. Growing trade and the rising need for cardboard packaging drive up the demand for printing inks which drives the expansion of the market in the region.
Expanding Packaging Industry and Easy Availability of Resin to Favor Market Growth in the North American Region
On account of its expanding packaging industry and easy access to resin which is used in printing inks, the North American region is predicted to hold a significant share during the forecast period. There are around 12,480 packaging and labeling industries in the United States in 2022. Additionally, in the U.S., the annualized economic growth for packaging and labeling services was 5% from 2017 to 2022.
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Furthermore, current statistics imply, there was significant growth in the imports of resins that are used in the inks mainly for 3D printing during 2020-2021 in the United States. The importing value for resins, was USD 352,041 thousand in 2020 which rose to USD 693,896 thousand in 2021 with an annual growth value of 97% from 2020 to 2021. The expansion of the packaging sector and the region’s trade both contribute to the rapid growth of the market in the region.
The study further incorporates the Y-O-Y growth, demand, supply and forecasts future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
Global Printing Inks Market, Segmentation by Printing Process
- Lithographic Printing
- Flexographic Printing
- Digital Printing
- Gravure Printing
- Others
The digital printing segment is predicted to hold the largest share among these during the forecast period. The growth can be driven by the expansion of electrography, label manufacturing, and digital printing applications. Furthermore, the industry growth is anticipated to be boosted by recent advancements in digital printing, including digital carton cutting, creasing, and other completion technologies.
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Educational institutions and workplaces frequently employ digital printing. For instance, the majority of universities are located in India. There were around 5300 universities in India followed by the U.S. with 3220 universities and Indonesia holds the third position with around 2600 universities in 2021. Whereas, around 335 million companies were predicted to exist globally in 2021, which is a small increase from 330 million enterprises that existed in 2019 and 2020. The number of businesses and educational institutions is growing, which enhances the demand for digital printing and spurs the expansion of the segment.
Global Printing Inks Market, Segmentation by Application
- Packaging
- Publication and Commercial Printing
- Decorative Printing
The packaging segment is anticipated to hold a noteworthy share among these during the forecast period. It is presently utilized in numerous industries including sealed packaging, food containers, packaging for electronics products, freight sectors, and many more. As of 2019, more than 35% of the demand for packing materials was satisfied by paper and cardboard. In addition to this, China produced 70.5 million metric tons of packaging paper and cardboards annually in 2020 compared to 17.5 million metric tons 10 years prior. Growth in the packaging sector boosts the demand for printing inks and promotes market growth.
Global printing ink market is also classified by product type
Global Printing Ink Market, Segmentation by Product Type
- Solvent Based
- Oil Based
- Water Based
- UV-Curve Inks
Few of the well-known market leaders in the Global printing inks market that are profiled by Kenneth Research are Wikoff Color Corporation, T&K TOKA Corporation, FlintGroup, Sakata Inx (India) Private Limited, hubergroup, Sun Chemical, Zeller+Gmelin, ALTANA, TOYO INK EUROPE NV, Siegwerk Druckfarben AG & Co. KGaA, and others.
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Latest Developments in the Global Printing Inks Market
- In January 2020, German business RUCOINX Druckfarben was purchased by INX International Ink Co. in order to increase its market share in Europe.
- In December 2019, to advance its printing technology, ALTANA purchased the printing finishing solutions provider Schmid Rhyner AG.
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