Inks Market will Generate Revenue of US$ 21.2 Bn by 2027- Technological Advancements in Tattoo Removal
The global inks market was valued at ~US$ 15.9 Bn in 2018, and is anticipated to expand at a CAGR of ~3% from 2019 to 2027. Rise in population and urbanization is fueling global trade, and subsequently, the use of packaging. Online trade is further increasing the need for packaging. Products are also being consumed immediately, which is driving the need for food service packaging and different sizes of packaging. Inks are primarily utilized for printing on flexible and rigid materials. Thus, the preference for inks for food and beverage packaging, labels, tags, and corrugated board packaging is estimated to propel the inks market.
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Literacy rate among the youth (aged 15 years to 24 years) is witnessing positive growth. Globally, the youth literacy rate increased from 83% to 91% over the last two decades, while the number of illiterate youth declined from 170 million to 115 million.
Rise in education is estimated to boost the global print media industry. Newspaper publishing constituted approximately 5% of the total publication market in 2018. Magazine publishing held an 8% share of the global print industry, and book publishing accounted for 4% market share. The use of inks on newspapers, books, and others is expected to rise at a rapid pace during the forecast period, as inks are used in books to create attractive images and for different text-related textures to attract the attention of readers.
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Technological Advancements in Tattoo Removal to Offer Attractive Opportunities
Youths are significant end-users of tattoo inks. As their age increases, most people opt for the removal of tattoos. According to a report published by the American Academy for Dermatologic Surgery, in 2010, a total of 687,450 tattoos were removed in the U.S. However, tattoo removal is an expensive process.
Other methods of tattoo removal are also available in the market. However, most of them are painful and ineffective. These include dermabrasion and excision. They damage the skin and result in severe scarring. These methods are used in extreme cases, where laser surgery is not an option.
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