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Printing Inks Market by Regional Analysis, Key Players and Forecast 2024
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The printing inks market is moderately fragmented and is not dominated by any single manufacturer. Existing players are constantly developing new products to expand their consumer base. For instance, in August 2016, Flint Group Flexible Packaging launched VarioLam AB LEC. This range of multi-functional polyurethane-based (PU-based) inks are known to withstand the moisture, heat, and pressure of the retort process, provide an extended shelf life, and ensure the safety of the contents.
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The South Africa printing inks market was valued at US$85.89 mn in 2015 and is estimated to reach US$155.13 mn by 2024, expanding at a CAGR of 6.9% therein.
Offset Printing Offering Strong Scope for Growth
In terms of volume, offset printing inks held the dominant share of over 40.0% in 2015 and are anticipated to continue leading the printing inks market in South Africa. The digital printing inks segment, on the other hand, is projected to witness strong growth during the forecast period, exhibiting an 8.6% CAGR from 2016 to 2024.
By end use, the packaging sector is estimated to hold a share of just over 44.0% by the end of 2016 in terms of value. Registering a 7.3% CAGR during the course of the forecast period, this industry is expected to emerge as the most rapidly expanding end-use segment by 2024. The publication and commercial printing industry is also a prominent market for printing inks in South Africa and is projected to present several opportunities for growth.
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Surging Demand for Printing Inks in Packaging Sector
The packaging industry – one of the major consumers of printing inks in South Africa – is fueled by a surge in the country’s GDP, an increase in individual disposable income, continuously changing lifestyles of the consumers, and a growing youth population. Any growth in the demand for packaged consumer goods has a positive impact on the printing inks market in South Africa.
“Various types of printing inks and varnishes are used on a wide range of substrates and surfaces to develop rub-resistant and weather-resistant properties on packaging materials,” the author of the study has noted. Flexographic and gravure printing inks are used extensively for flexible and convertible materials. Low migration inks and water-based inks are highly popular in the food packaging industry as these result in lower side effects.
Dual Impact of Growing Popularity of Digitalization
The trend of e-commerce is rising at a significant pace across the globe, giving rise to trends such as e-books, e-tickets, and online travel and hotel reservations. This has resulted in a substantial decrease in paper-based communication channels, thereby obstructing the conventional publication and commercial printing industry. The South Africa printing inks market, as a result, is threatened by this rapidly growing trend of digitalization.
Nevertheless, the rising use of digital media does offer the printing inks market in South Africa some respite as it is likely to drive the demand for digital printing inks. “Digital printing is used in textiles, fine arts, advertising, desktop publishing, and architectural designs and is preferred over traditional printing as it offers flexibility and speed,” the TMR analyst states.
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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 insight for thousands of 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, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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