Wilmington, Delaware, United States, Sept. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global water-based inks market is projected to flourish at a CAGR of 3.1% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 12 billion is anticipated for the market in 2031. As of 2023, the market for water-based inks is expected to close at US$ 9.1 billion.
Environmental concerns have been a major driver for the adoption of water-based inks. They are considered eco-friendly due to their lower levels of volatile organic compounds (VOCs) and reduced environmental impact compared to solvent-based inks.
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Competitive Landscape
The global water-based inks market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global market report:
- Sun Chemical Corporation
- Flint Group
- Siegwerk Druckfarben AG & Co. KGaA
- Toyo Ink SC Holdings Co., Ltd.
- Huber Group
- Wikoff Color Corporation
- Doneck Euroflex S.A.
- Sebek Inks
- Dolphin Inks
- BCM Inks
- Chimigraf.
Key Developments in the Water-Based Inks Market
- Toyo Ink Group expanding its water-based ink product range, particularly for food packaging applications. They were emphasizing the safety and compliance aspects of their inks.
- Sun Chemical, a global leader in the printing ink industry, had been working on the development of water-based inks with improved color vibrancy and printability. They also focused on creating eco-friendly ink solutions with reduced VOC emissions.
- Flint Group actively investing in research and development to enhance the performance of water-based inks for various printing applications, including packaging and labels. They aimed to provide inks that meet regulatory requirements while delivering excellent print quality.
- Siegwerk working on water-based ink formulations suitable for flexible packaging and corrugated printing. They were also involved in the development of water-based inks for digital printing applications.
The global packaging industry has experienced significant growth due to increased consumption of packaged goods. Water-based inks, especially in flexographic and gravure printing, have become essential for packaging applications, contributing to market expansion.
The rise of retail and e-commerce has led to increased demand for packaging materials, including corrugated boxes and cartons. Water-based inks are preferred for printing on these substrates, aligning with sustainability goals, and driving the market demand.
Water-based inks enable cost-effective, on-demand printing, and are well-suited for short-run customization. The rise of e-commerce and online platforms is influencing the water-based inks market.
Key Takeaways from the Market Study
- As of 2022, the water-based inks market was valued at US$ 6.9 billion
- By resin type, the Acrylic segment is likely to dominate the market during the forecast period due to the rise in demand for acrylic resin-based inks from the global packaging industry.
- Based on Application, the packaging segment dominates the water-based inks market during the forecast period, as water-based inks are extensively used in a corrugated and flexible packaging application
- Based on Technology, The flexography segment dominated the water-based inks market. The segment is likely to remain highly lucrative during the forecast period, as the demand for flexographic technology is rising
Water-based Inks Market: Key Trends and Opportunistic Frontiers
- Water-based inks are also used in digital printing technologies, catering to the growing demand for personalized and short-run printing applications, including variable data printing and custom packaging.
- Ongoing research and development in water-based ink formulations have resulted in improved print quality, color vibrancy, and adhesion properties. These advancements have expanded the application scope of water-based inks.
- Manufacturers are investing in research and development to develop innovative formulations that offer vibrant colors, fast drying times, improved adhesion, and durability
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Water-based Inks Market – Regional Analysis
- North America, remains a significant market for water-based inks. The region's focus on sustainable and eco-friendly printing solutions, along with stringent environmental regulations, has driven the adoption of water-based inks across various industries, including packaging, labels, and commercial printing.
- Asia Pacific is expected to dominate the global water-based inks market during the forecast period due to rapid industrialization and an increase in demand for water-based inks from publication and packaging industries in the region. The market in Asia Pacific is projected to expand during the forecast period, owing to growing awareness among consumers in the region about the use of inks with low VOC content. The market in China is rapidly expanding owing to the expansion of industries such as publication, corrugated cardboard, tags and labels, and folding cartons in the country.
Water-based Inks Market- Key Segments
Resin Type
- Acrylic
- Polyester
- Maleic
- Others (including Polyurethane and Phenolic)
Technology
- Flexography
- Gravure
- Digital
- Others (including Screen Printing, Sheet-fed Printing, and Offset Printing
Application
- Packaging
- Publication
- Tags & Labels
- Others (including Decorative Printing and Product Printing)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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