Printing Inks Market - Global Industry Estimated to Grow Strongly by 2020
Providing stiff competition to the established players in the market are new entrants who are enticing consumers with eco-friendly printing inks. Other noticeable trends in the global market for printing inks are continued product development, product improvement, and acquisitions of smaller players by global giants in order to expand their geographical footprints.
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A report by Transparency Market Research predicts that the demand for printing inks worldwide will attain a value of 4,989.7 kilo tons by 2020. Revenue-wise, the global market for printing inks is slated to attain a value of US$ 20,168.7 mn by 2020.
Growing Digitalization to Slow Down North America Market
Depending upon the type of ink, its composition, and physical state, the global market for printing inks can be segmented into water-based printing inks, oil-based printing inks, solvent-based printing inks, and other printing inks. Among them, the oil-based printing inks segment holds a dominating share in the market. In the years to come, the segment will likely retain its leading position despite paring its share marginally due to a decrease in the market share of lithographic printing process using oil-based printing inks in publication and commercial printing. The TMR report forecasts its revenue to attain a value of US$7.511 bn by 2020.
Geographically, North America dominates the global market for printing inks. It is trailed closely by Europe. The expanding packaging segment will stoke growth in the North America and Europe market in the near future too. North America, however, is expected to trim its share slightly – about 0.6% – in the years ahead on account of rapid growth in digitalization and growth in publication and commercial printing industry slowing down. Vis-à-vis growth rate, Asia Pacific region is forecasted to outshine all the regional segments to account for maximum market share by 2020.
Substantial Demand from Packaging Industry to Fillip Growth
Robust demand from the packaging industry is slated to majorly boost the global market for printing inks. Explains the lead analyst of the report, “Printing inks are widely used in the packaging of foods, beverages, pharmaceuticals, cosmetics, and personal care products. Among the various printing inks, flexographic printing and gravure printing are primarily used in flexible package printing. Expansion of the food and beverages market along with the increased demand for flexible packaging in the healthcare industry is expected to boost the demand for printing inks in the next six years.”
Stringent Environmental Laws Deter Market
Countering the growth in the global market for printing inks is the strict environmental regulations. This is because printing inks finding application in flexographic and gravure printing processes are primarily fluids on account of the use of petrochemicals as their solvents. These solvents dry in ambient air, emitting significant quantities of volatile organic compounds that harm the environment. Some of the regulations printing inks are subjected to are Toxic Substances Control Act (TSCA) and Clean Air Act (CAA). They place restrictions on the emissions of VOCs as per federal laws.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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