Press release
Oil-Based Printing Inks Market: Sustained Growth and Environmental Focus
Oil-Based Printing Inks Market
The oil-based printing inks market has demonstrated a consistent upward trajectory, with a rise from $11.94 billion in 2023 to an anticipated $12.47 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.4%. Forecasts indicate continued steady expansion, reaching $14.64 billion by 2028, driven by a CAGR of 4.1%. This growth is attributed to several factors, with a notable emphasis on the rising demand for environmentally friendly inks and the substantial influence of the packaging industry.
Increasing Demand for Environmentally Friendly Inks
A key driver for the oil-based printing inks market is the growing demand for environmentally friendly inks. This demand surge is fueled by a ban on several crucial chemicals, following an explosion and fire incident in Jiangsu Province, China. The incident has prompted a shift towards oil-based printing inks derived from vegetable oils like soybean, sunflower, cottonseed, safflower, and canola oils, serving as eco-friendly substitutes for petroleum and chemical-based inks. Industry players such as INX International and Mojoprint are actively promoting and utilizing these environmentally friendly inks, contributing to the overall growth of the oil-based printing inks market.
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Packaging Industry as a Growth Catalyst
The oil-based printing inks market is experiencing a boost from the packaging industry, which plays a pivotal role in designing, producing, and distributing packaging materials. The versatility, durability, and effective adhesion of oil-based printing inks to various packaging materials make them a preferred choice in the industry. The Flexible Packaging Association reported significant growth in the U.S. flexible packaging industry, reaching $39 billion in sales in 2021. This surge in demand from the packaging sector is a key driver propelling the overall growth of the oil-based printing inks market.
Key Players and Technological Advancements
Major companies shaping the oil-based printing inks market landscape include Nazdar Ink Technologies, Van Son Holland Ink Corp., Superior Printing Ink Co. Inc., Flint Group, Hubergroup, Sun Chemical Corporation, and others. The industry is witnessing technological advancements such as the introduction of high-resolution replacement inks for barcode case coding applications. These inks, exemplified by products like IIMAK's Sure Scan II Plus, offer cost-effective solutions with fine and solid printing at high speeds, re-printability, and reduced cleaning stencil requirements.
Innovative Plant-Based Ink for Sustainability
In a notable move towards environmental sustainability, companies are launching innovative products like plant-based ink. Ricoh Company Ltd. introduced Ricoh plant-based ink, derived from soybean oil, providing a renewable and natural alternative. This eco-friendly ink not only contributes to lower environmental impact but also offers cost savings and reduced energy consumption. Such innovations are anticipated to reshape the landscape of the oil-based printing inks market.
Global Dynamics and Segmentation
As of 2023, Western Europe leads the oil-based printing inks market, closely followed by Asia-Pacific.
The oil-based printing inks market covered in this report is segmented -
1) By Type: Vegetable Oil-Based Printing Inks, Mineral Oil-Based Printing Inks
2) By Application: Marking and Coding, Package Printing, Signage
3) By End User Industry: Packaging, Print Media, Commercial Printing, Other End-Use Industries
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Oil-Based Printing Inks Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Oil-Based Printing Inks Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on oil-based printing inks market size, oil-based printing inks market drivers and trends, oil-based printing inks market major players, competitors' revenues, market positioning, and market growth across geographies. The oil-based printing inks market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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