Printing inks, refer to a liquid or paste, are widely used to color surfaces such as newspaper, books and magazines, cardboard and ceramic tiles to produce an image, text or design. Printing Inks contain pigments or dyes that are mixed with oil, solvents or water that forms liquid or paste. It can be widely used in coloring surfaces such as newspaper, books and magazines, cardboard and ceramic tiles.
The rising applications in end-use industries such as food and beverages, printing, packaging and publication industry is expected to propel the growth of global printing inks market during the forecast period. The global printing inks market is driven by the growth in the packaging industry in countries such as the U.S., China and India. The use of printing inks in packaging industry is expected to further rise during the forecast period on account of their increasing applications in tags and labels, metal cans, and flexible materials.
Rising penetration of bio-based products in various end-use industries such as food and beverages, packaging and printing is expected to aid in the growth of printing inks market during the forecast period owing to their cost-effective and environment-friendly nature. Additionally, the increasing awareness towards the use of flexible printing products in periodicals, directories, inserts, magazines, catalogs and others would further spike the demand for printing inks during the forecast period.
Printing inks are used in packaging and publishing industry comprising commercial printing and other printing products such as newspapers, magazines and periodicals. China and India are expected to grow at a significant level on account of increasing demand for printing products in various end-user segments such as packaging industry, publication and commercial printing industry and decorative printing industry. North America is expected to grow at a moderate rate during the forecast period with U.S. being the largest contributor.
The global printing inks market is expected to witness a CAGR of 4.7% during the forecast period to reach $23,881.9 million by 2023. The rising importance of printed materials in various end-use industries such as packaging, labeling and advertising are likely to spike the demand for printing inks worldwide during the forecast period. Based on product, the lithographic inks are expected to be the largest segment of the global printing inks market during the forecast period. The labels and packaging was the largest and fastest growing market by application during 2013 – 2016. Based on formulation, oil-based inks are expected to be the largest segment in the global printing inks market during the forecast period.
GLOBAL PRINTING INKS MARKET, BY VALUE, $M (2013 – 2023)
The key trends observed in the printing inks market are the increasing prominence of flexography printing inks and growing shift towards environment-friendly printing inks. Factors such as rising consumer spending pattern, growing awareness of high quality flexible packaging products and changing lifestyles would contribute to the overall demand for flexography printing inks. Additionally, growing trend for adopting environment-friendly printing inks such as water-based and UV-cured printing inks techniques in the global printing inks market is expected to improve the efficiency and reduce the harmful effects of inorganic and toxic materials used in conventional printing inks.
The factors driving the growth of printing inks market are growing demand from packaging industry and rising demand for UV-cured inks. Factors such as rising GDP, increasing disposable income, growing youth population and the continuously changing lifestyles of consumers would result in significant growth in demand for packaged goods. Such trends are expected to have a positive impact on the global printing inks market during the forecast period.
UV-cured printing inks offer energy efficiency, low heat generation, long service life and zero ozone generation, which is expected to propel the growth of UV-cured printing inks. Companies such as Flint Group and Siegwerk Druckfarben AG & Co. KGaA are focusing on developing innovative and eco-friendly printing ink technologies such as water-based and UV-cured inks to ensure optimal efficiency and short production time. These initiatives are expected to drive the demand for printing inks during the forecast period.
Stringent government regulations are one of the major factors that is expected to hamper the growth of global printing inks market. Regulatory frameworks such as The U.S. Food and Drug Administration (FDA), and Federal Food, Drug, and Cosmetic Act prohibit the usage of inorganic solvents and toxic metals including lead, mercury, cadmium and hexavalent chromium. Moreover, the Toxics in Packaging Legislation provided by The Toxics in Packaging Clearinghouse (TPCH) that has been implemented in nineteen states in the U.S., prohibits the additional presence of metals such as lead, mercury, cadmium, and the hexavalent chromium found in many dyes, inks, pigments, stabilizers and adhesives that are used for packaging. Such trend is expected to negatively impact the growth of printing inks market at a significant level during the forecast period.
The global printing inks market is dominated by major players such as Flint Group, Siegwerk Druckfarben AG & Co. KGaA, DIC Corporation, hubergroup Deutschland GmbH, Toyo Ink SC Holdings Co., Ltd., Sakata INX Corporation, ALTANA, Wikoff Color Corporation, T&K Toka Co., Ltd, and Zeller+Gmelin GmbH & Co. KG.