Ink Resins Market worth $3.8 billion by 2026 | Key players BASF SE, Covestro AG, Dow, EvonikIndustries AG, Lawter

According to recent market research "Ink Resin Market by Resin Type (Modified Rosins, Hydrocarbon, Modified Cellulose), by Technology (Oil, Solvent, Water, UV-curable), by Application (Printing & Publication, Flexible Packaging, Corrugated Cardboards & Cartons) - Global Forecast to 2026", published by MarketsandMarkets, the global ink resins market is estimated to be USD 3.3 billion in 2021 and is projected to reach USD 3.8 billion by 2026, at a CAGR of 3.4%. Increasing environmental protection standards for the printing ink industry, growth of packaging and energy curable inks industries, increasing demand for UV-cured inks, and new resin technologies are the key factors contributing to the growth of the ink resins market.

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Resin is expected to be the largest ink resin type segment. The modified rosin is a natural resin obtained from pine trees and is regarded as an inexpensive resin. Its price has risen slightly over the last decade; however, there has been little decline in its use. It is ecologically sound to produce rosin from living sources, as opposed to fossil sources and tree stumps, making gum rosin a regenerative starting material for printing ink resins. Rosin has been used in alcohol-based lacquers, in combination with mineral oils for applications such as comic publication and newspaper inks.

The use of UV-curable inks in the US in the packaging market continues to increase, especially with the introduction of low migration inks that support current global and regional regulations. Key advantages of UV-cured inks are solvent-free inks resulting in lower insurance, high level of product resistance, ease of usage, and flexibility to accommodate various sizes and variety of print jobs. Solvent-based inks continue to be the largest technology segment. The main resin used is low viscosity nitrocellulose (NC), which is featured in more than 70% of all solvent-based liquid inks. Liquid media, based on NC, disperse pigment reasonably well, have a good balance between viscosity and solids content, have low odor, print well, and are compatible with a large number of media based on other polymers.

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The ink resins market is projected to grow from USD 3.3 billion in 2021 to USD 3.8 billion by 2026, at a CAGR of 3.4% between 2021 and 2026. Increasing environmental protection standards for the printing ink industry, growth of packaging and energy curable inks industries, increasing demand for UV-cured inks, and new resin technologies are the key factors contributing to the growth of the ink resins market. However, increasing demand for e-books, stringent environmental regulations against VOC, and price rise of ink resin feedstock hinder market growth. The major opportunities in the ink resins market are in emerging markets such as India, China, Brazil, and Mexico. The printing industry in Asia Pacific, South America, and the Middle East & Africa is expected to have a good growth rate during the forecast period. Simultaneously, increasing environmental protection standards are expected to have a positive demand due to their environmental benefits.

The key market players are Lawter (US), BASF SE (Germany), Covestro AG (Germany), The Dow Chemical Company (US), EvonikIndustries AG (Germany), Kraton Corporation (US), Arakawa Chemical Industries, Ltd. (Japan), Hydrite Chemical Co. (US), Indulor Chemie GmbH (Germany), and IGM Resins (Netherlands). These players have adopted various strategies, such as acquisition, expansion, agreement and research & development to grow in the market. Agreement was the key strategy adopted by the major players between 2017 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.

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BASF SE has 11 divisions that are aggregated into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions, based on its business models. Ink resins are offered under the Industrial Solutions segment. In April 2021, Azelis made public its new distribution agreement with BASF, effective immediately, for the dispersions, additives, and resins ranges in Australia & New Zealand (ANZ). The products subject to the agreement are commonly used in coatings, adhesives, sealants, and elastomers (CASE), and construction applications.

The Dow Chemical Company is headquartered in Michigan, US, and operates 106 manufacturing sites in 31 countries globally with approximately 35,700 employees working in three main segments: Packaging and Specialty Plastics, Industrial Intermediates and Infrastructure, and Performance Materials and Coatings. Ink resins are offered under the Performance Materials and Coatings segment. The company's manufacturing, processing, marketing, and R&D facilities, as well as regional purchasing offices and distribution centers, are spread across the world.

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