New York, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Digital ink is ink utilized in the digital printing process. This method permits the electronic addition of handwriting and artwork to substrates or documents. Additionally, digital ink is used for advertising and product promotion. Numerous reasons, including the packaging industry's rising demand in growing areas such as Asia-Pacific and LAMEA, are expected to contribute to the market's predicted expansion. In addition, the industrialization of nations like China and India is increasing the demand for digital ink in office and commercial printing applications.
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Increasing Demands for 3D Printing Technologies to Drive the Global Digital Ink Market
According to Straits Research, “The global digital ink market revenue was valued at USD 5320 million in 2021. It is estimated to reach an expected value of USD 9360 million by 2030 at a CAGR of 6.4% during the forecast period (2022-2030).” The widespread use of 3D printing in the manufacturing, medical, industrial, and sociocultural industries makes it a valuable commercial technology. Fashion designers are experimenting with T-shirts, shoes, and dresses that are 3D printed. In addition, several companies are printing consumer-grade eyeglasses with customizable fit and design on demand. Virtual planning and guidance for surgery using 3D printing technology have proven to be highly effective in several surgical specialties, including total joint replacement and craniomaxillofacial reconstruction. Thus, it is anticipated that advancements in 3D printing technology and digital textile printing inks will soon stimulate market growth.
Technological Development to Provide Opportunities for the Global Digital Ink Market
Because of technological developments, manufacturers will soon be able to reduce the cost of UV-curable inks. Manufacturers' development of cutting-edge technologies, such as H-UV, LE-UV, and LED-UV, is predicted to fuel the growth of the UV LED ink market in the coming years. However, due to the difficulty of sourcing fresh raw materials for the formulation, these technologies have a high initial cost. The market for UV curable inks is anticipated to grow significantly over the next few years due to technological developments and various attractive advantages over conventional printing methods.
Key Highlights
- Based on type, the global digital ink market is classified into digital textile ink, UV Ink, solvent ink, water-based ink, packaging ink, circuit board ink, and others. The UV ink segment holds the largest market share and is expected to grow at a CAGR of 5.1% during the forecast period.
- Technology type-wise, the global digital ink market is bifurcated into electrography and ink-jet. The Ink-jet segment holds the most significant market share and is expected to grow at a CAGR of 5.4%.
- Depending on the substrate, the global digital ink market is categorized into textile, plastics, ceramic, glass, and others. The plastics segment holds supremacy over the market. The plastic segment has the largest market share and is anticipated to grow at a CAGR of 5.3% during the forecast period.
- Application-wise, the global digital ink market is characterized by commercial printing, office printing, packaging, industrial printing, publication, textiles, and others, where industrial printing holds the largest market share. The industrial printing segment dominates the market and is projected to grow at a CAGR of 5.2% during the forecast period.
Regional Insights
Region-wise, the global digital ink market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe holds the most significant market share. Europe accounted for the largest market share and is expected to grow at a CAGR of 5.9% during the forecast period. Europe has the largest market share in terms of both volume and revenue. This is due to the region's big consumer base and the presence of significant players. The industrial printing application consumes the most digital inks due to significant users such as the packaging, personal care & cosmetics, automobile, and textile industries.
The Asia-Pacific region holds the second largest market share. The market in Asia-Pacific for digital inks has been expanding fast in recent times. Sectors, such as automotive, glass, textiles, and ceramic tiles, have started embracing digital inks for ornamental, signage, and packaging reasons. Companies are utilizing vehicle wraps and graphics on their vehicles for self-marketing goals to catch consumers' attention.
Additionally, these vehicle covers protect autos from scratches and dents following small accidents. According to Federmacchine, Asia-Pacific dominates the ceramic tiles market around the world. The consumption and utilization of digital inks in ceramic tiles and promotional materials in China are the greatest in the region, followed by India. Due to the versatility of digital inks, manufacturers recently began to favor printing packaging in the packaging industry. One of the oldest industries in the Indian economy is textiles. For the fiscal year 2020, 35.4 million bales of raw cotton were produced. Between April and September of 2020, India received 3.46 billion USD in foreign direct investments for textiles. According to the National Bureau of Statistics of China, the value of construction production increased from CNY 9.6 trillion in 2010 to CNY 24.84 trillion in 2019. Asia-Pacific countries China, Korea, Japan, and India have a variety of plastic packaging manufacturing facilities. The use of digital inks in printed packaging increased due to the rising domestic demand for processed goods and the rising export demand, particularly from other countries in the region. The increasing domestic demand for processed goods and the expanding export demand, especially from other nations in the region, increased digital ink usage on printed packings.
North America is the third largest region. United States' digital ink use is lower than that of poorer nations. This is due to several factors, including the increase in the popularity of online advertising, the development of technology for promotions and advertising (the use of LED or digital screens), and others. Moreover, industrial printing is one of the most significant consumers of digital ink due to large consumers in industries such as personal care and cosmetics. In addition, the packaging industry is a substantial contributor to the digital ink market in North America. This is due to the regional tendency toward flexible packaging.
Competitive Landscape
The primary critical players in the global digital ink market include DIC Corporation, Dover Corporation, Du Pont, Flint Group, Marabu GmbH & Co. KG, Nazdar Ink Technologies, Sakata Inx Corporation, Toyo Inc., Sc Holdings Co. Ltd., Wikoff Color Corporation, and Zhuhai Print-Rite New Materials Corporation Limited (PMZ), AM Printex, Digitex India Inc., APV Engineered Coatings, Eastern Marking Machine Corp., T&K Toka Corporation, and Leibinger Group, and others.
Market News
- September 2022 - DIC Corporation announced today that we would promote environmental investments of approximately US$9M at Earthrise (Earthrise Nutritionals, LLC, California), a U.S. subsidiary, and Hainan DIC (Hainan DIC Microalgae Co., Ltd., Hainan), a Chinese subsidiary, producing edible blue-green algae, Spirulina, as well as the natural blue food colorant, LINABLUE®. This investment will realize zero water emissions from both plants by January 2023.
- September 2022 - Sun Chemical, a wholly owned subsidiary of DIC Corporation, has launched Paliocrom® Satin Gold EH 3600 (L 2131), a mid-shade golden aluminum-based effect pigment with distinct satin character, high chroma, and highly smooth appearance.
Global Ink Market Segmentation
By Ink Type
- Digital Textile Ink
- UV Ink
- Solvent Ink
- Water-Based Ink
- Packaging Ink
- Circuit Board Ink
- Others
By Technology
- Electrography
- Ink-Jet
By Substrate
- Textile
- Plastics
- Ceramic and Glass
- Others
By Application
- Commercial Printing
- Office Printing
- Packaging
- Industrial Printing
- Publication
- Textiles
- Others
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
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