According to a new market research report “Global Printing Inks Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Product (Lithographic Inks, Flexographic Inks, Gravure Inks, Digital Inks, Letterpress Inks and Other Printing Inks), by Application (Labels and Packaging, Commercial Printing, Publication and Others), by Formulation (Water-based, Solvent-based, Oil-based and Others)” published by P&S Intelligence, the global printing inks market is projected to reach $23,881.9 million by 2023, growing at a CAGR of 4.7% during 2017 - 2023.
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Global printing inks market worth $17,537.4 million in 2016
As per the research, the global printing inks market is likely to grow from $17,537.4 million in 2016 to $23.9 billion by 2023. With the increasing applications in end-use industries such as food and beverages, printing, packaging and publication industry, the global market for printing inks is expected to grow at a robust pace during the forecast period. The steady growth in the packaging industry in the U.S., China and India is expected to augment the demand of printing inks at a significant level during the forecast period. The U.S. is expected to remain the largest market during the forecast period on account of growing penetration of eco-friendly inks comprising water-based and UV-cured printing inks, increasing demand in packaging sector backed by steady growth in consumer retail sales worldwide.
GLOBAL PRINTING INKS MARKET, BY REGION, $MILLION (2013 – 2023)
Insights on market segments
As per the findings of research, the labels and packaging industry has been the largest consumer of printing inks globally. Based on product, lithographic inks have been the largest revenue generator for the market. Oil-based inks generate the largest revenue in the global printing inks market, in terms of formulation.
North America stands as the largest printing inks market
Geographically, North America was the largest market for printing inks market, where the U.S. was the largest contributor to the regional market. China was the major market in Asia-Pacific, whereas in Europe, Germany generated the highest revenue. Additionally, Turkey was the largest market in the Middle East and Africa, while in Latin America, Brazil emanated the maximum demand.
Growing awareness towards the use of flexible printing products bolsters market growth
The factors driving the growth of the market include growing demand from packaging industry and rising demand for UV-cured inks globally. The use of printing inks in packaging industry is expected to further rise during the forecast period on account of their increasing application in tags and labels, metal cans and flexible materials. 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. Additionally, the increasing awareness towards the use of flexible printing products in periodicals, directories, inserts, magazines and catalogs would further spike the demand for printing inks during the forecast period.
The increasing shift towards e-commerce and digitalization are expected to decline the overall demand for printing inks in the publication and commercial printing sector; however, factors such as increasing sales of inkjet printers and digital printers; rising consumption of textile inks and growing penetration of environment-friendly inks including water-based and UV-cured printing inks is expected to support further growth during the forecast period.
There is a growing trend towards adopting environment-friendly printing inks such as water-based and UV-cured printing inks techniques in the global printing inks market to improve the efficiency and reduce the harmful effects of inorganic and toxic materials used in conventional printing inks. Companies such as Flint Group and Siegwerk Druckfarben AG & Co. KGaA are investing heavily on R&D activities focusing on developing innovative and eco-friendly printing inks techniques thereby creating huge demand for printing inks.
The rising penetration of bio-based products creates ample opportunities for the market. Analysts observed that the growing awareness towards the harmful effects of Volatile Organic Compounds (VOCs) emissions in printing inks have created huge demand for printing inks made of bio-based products across the globe. Additionally, the increasing demand for bio-based products 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.
Increasing investments in Research and Development (R&D) activities create scope for market growth. The company focuses on developing new and innovative solutions to support customers in addressing upcoming trends and meet their individual requirements. Observing such requirement, the organizations such as Nitro Quimica and Siegwerk Buedingen have invested heavily on R&D activities to enhance their product and service offerings in packaging printing. These investments are likely to create ample demand in the printing inks market during the forecast period.
Major players have stronghold in the global market
Some of the key players in the global market include 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.
Recent developments in the printing inks market include various product launches and strategic partnerships. For instance, hubergroup recently introduced new printing inks solutions. Additionally, Siegwerk Druckfarben AG & Co. KGaA, Sun Chemical Corporation, and Flint Group were some of the major players to announce partnerships in this market.
GLOBAL PRINTING INKS MARKET SEGMENTATION