The global digital ink market accounted for a market value of USD 5320 million in 2021. It is estimated to reach an expected value of USD 9360 million at a CAGR of 6.4% during the forecast period (2022-2030).The ink used in digital printing is referred to as digital ink. This procedure allows it to add handwriting and drawings to substrates or documents electronically. Due to several factors, including the rise in demand from the packaging industry in developing regions like Asia-Pacific and LAMEA, the market is predicted to experience significant growth. Additionally, the need for digital ink in office and commercial printing applications is increasing due to industrial development in nations like China and India. A specific product can also be advertised and promoted using digital ink. The ink used in digital printing is referred to as digital ink. This procedure allows it to add handwriting and drawings to substrates or documents electronically. Due to several factors, including the rise in demand from the packaging industry in developing regions like Asia-Pacific and LAMEA, the market is predicted to experience significant growth. Additionally, the need for digital ink in office and commercial printing applications is increasing due to industrial development in nations like China and India. A specific product can also be advertised and promoted using digital ink.
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Increasing Demands for 3D Printing Technologies
3D printing is a popular technology in the manufacturing, medical, industrial, and sociocultural sectors, making it a lucrative business technology. T-shirts, shoes, and gowns that are 3D printed are being experimented with by fashion designers. Additionally, several businesses are printing consumer-grade eyeglasses with on-demand customized fit and styling. With high success rates, virtual planning and guidance for surgery using 3D printing technology have been used in some surgical specialties, including total joint replacement and craniomaxillofacial reconstruction. Thus, it is projected that developments in 3D printing technology and digital textile printing inks will soon fuel market expansion.
The Fast Advancement of Printing Technologies
Numerous textile printing techniques have developed to meet the rising demand for digital textile printing worldwide, including direct print, discharge print, pigment print, resist print, and specialty print. Instead of printing dye-sublimation inks on transfer paper, it is now possible to print using low-energy sublimation inks and high-energy dispersion inks directly onto textile media using the heat press technique. Additionally, a rise in per capita disposable incomes, particularly in developing economies like India, China, Indonesia, Russia, and Poland, combined with increased investments in R&D activities to create novel methods of digital textile printing, accelerates the demand for digital textile printing inks.
Large Upfront Expense
Due to the scarcity of highly qualified personnel and specialized equipment, developing countries and economies in transition struggle with financial challenges. Key market challenges include rising raw material costs and increased wet-post treatment equipment expenses. In addition, UV-curable inks are seen as expensive due to their high initial investment costs compared to traditional printing techniques. Additionally, the price of raw materials like acrylic acid and TiO2 has been a problem for the producers of UV inks due to their erratic supply. UV curable ink for printing is further constrained by its high price.
Manufacturers will soon be able to lower the price of UV-curable inks because of technological advancements. The development of cutting-edge technologies by manufacturers, including H-UV, LE-UV, and LED-UV, is anticipated to fuel the market expansion of UV LED inks in the upcoming years. However, because it is challenging to find fresh raw ingredients for the formulation, these technologies have a high initial cost. The market for UV curable inks is predicted to expand significantly over the following years due to technological advancements and several compelling advantages over traditional printing methods.
The global digital ink market is segmented by ink type, technology, substrate, application, and region.
Based on type, the global digital ink market is classified into digital textile ink, UV Ink, solvent ink, water-based ink, packaging ink, circuit board ink, and others. The UV ink segment holds the largest market share and is expected to grow at a CAGR of 5.1% during the forecast period. Oligomers, monomers, pigments, additives, and photoinitiators make UV inks. Radical or cationic mechanisms can be used to carry out the polymerization reaction. These inks contain two times as much pigment or dye as a solvent and water-based inks. One of the main benefits of UV-curable inks is their high energy economy.
Additionally, it has the advantages of consistent product quality, line efficiency, and quality control. UV curable inks improve the printer's functionality, which quickens the procedure. These inks are more effective than conventional printers since they often don't need additional air pollution control equipment and only release minimal amounts of volatile organic compounds. UV-curable inks are frequently used in publications, cars, consumer goods, and other products. Such factors contribute to segment growth.
The water-based ink segment is the second largest. Water-based ink can be defined as the ink which uses water as a solvent base to carry the pigments. It is used for various fabrics and jerseys, either natural or synthetic. This type of ink achieves superior quality even on the substrates, which do not resist normal polymerization conditions. It also has the advantage of being a high-quality ink system for roll-to-roll yardage printing. UV ink is hard, flexible, as well as edible ink. There is an increase in the demand for water-based inks from professional printers, and they are switching from solvent-based to water-based inks for screen printing. This is attributed to its ease of handling, performance, and environmental-friendly characteristics.
The solvent ink segment is the third largest. Solvent ink can be defined as the ink that uses the petroleum compound as a solvent base to carry the pigments. It is mainly used in printing products that are used in outdoor applications. It is used in outdoor applications due to its ability to adhere to non-absorbent materials. These inks offer numerous benefits, such as fade-proof, waterproof, scratch-resistant, and others. Solvent inks are majorly used in the packing industry. The publication industry includes newspapers, magazines, books, and catalogs, which are anticipated to witness controlled growth. This is attributed to the increase in online publicity and publication.
Technology type-wise, the global digital ink market is bifurcated into electrography and ink-jet. The Ink-jet segment holds the most significant market share and is expected to grow at a CAGR of 5.4%. The benefits of ink-jet printing include high precision and superb surface quality. Ink-jet printing's disadvantages are its sluggish build times, limited material selection, and delicate pieces. The ink-jet printing method most frequently employed prototypes for form and fit testing. Due to the spike in demand from the industrial and 3D printing industries, ink-jet printing technology is predicted to experience significant growth during the analysis period.
The electrography segment is the second largest. Electrography technology is one of the critical trends used for printing labels. Factors such as a rise in demand for manufactured goods in developing regions such as Asia-Pacific and LAMEA increase the adoption of packaging and labels. The factor mentioned above correspondingly surges the demand for electrography technology.
Depending on the substrate, the global digital ink market is categorized into textile, plastics, ceramic and glass, and others. The plastics segment holds supremacy over the market. The plastic segment has the largest market share and is anticipated to grow at a CAGR of 5.3% during the forecast period. Comparing plastic to paper, cardboard, and wood as a substrate for digital printing, plastic is one of the more popular options. It offers qualities like weather resilience and is simple to shape or bend for intricate shapes. High impact polystyrene (HIPS), the most common material used for digital printing after polyethylene, is inexpensive, robust, and has fabrication and thermoforming capabilities. Customers have expressed interest in plastic packaging over other options since it is lightweight and convenient. Similar to this, large manufacturers use plastic for packaging due to its reduced production costs. Because plastic substrates possess chemical and water resistance qualities, they are incomparably durable. Such factors propel the market demand.
The ceramic and glass segment is the second largest. Ceramic & Glass are substrates with slippery and tricky surfaces to print on. Cleaning them well and warming them before printing can ease the printing process. There are numerous commercial uses for screen printing on ceramic and glass. UV-curable digital glass printing (UV glass printing) and digital ceramic glass printing are used for digital printing on glass and ceramic, respectively. Both processes enable printing any digital image on glass, with the benefit of unlimited color choices and fewer costs. UV digital glass printing uses inorganic ink and ultraviolet (UV) light to dry the ink on the glass substrate. Moreover, the digital ceramic inks are blended into glass after the printing process, during the firing stage, owing to which the inks become an inherent component of the end product (i.e., printed glass). Such properties drive segment growth.
Application-wise, the global digital ink market is characterized by commercial printing, office printing, packaging, industrial printing, publication, textiles, and others, where industrial printing holds the largest market share. The industrial printing segment dominates the market and is projected to grow at a CAGR of 5.2% during the forecast period. Industrial printing refers to printing techniques to create an industrial object, including goods like cigarettes, bottles, shampoo, and soap. The use of industrial printing has expanded significantly. This is explained by the demand for packaging printing in industries like food, beverage, personal care & cosmetics items, and others. Because the items' aesthetic appeal aids in drawing in customers, it is particularly favored in the personal care and cosmetics sector. Such factors propel the market growth.
The textile segment is the fastest growing. Digital textile printing inks are used for printing promotional wear, t-shirts, and jackets. These inks are also used on large format rolls of textiles to increase the output per length. Digital textile printing inks are used on large format rolls of textiles to increase the output per length. The digital printing ink market has witnessed significant growth owing to increased demand for advertisements and corporate brandings such as flags, retail graphics, and banners.
Region-wise, the global digital ink market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Europe holds the most significant market share. Europe accounted for the largest market share and is expected to grow at a CAGR of 5.9% during the forecast period. Europe garnered the highest market share in terms of volume and revenue. This is attributed to the region's large consumer base and critical players. The industrial printing application is the largest consumer of digital ink. This is attributed to large consumers such as packaging, personal care & cosmetics, automotive, textile, etc.
The Asia-Pacific region holds the second largest market share. This region is projected to reach a market value of USD 114 million by 2030 at a CAGR of 6.7%. The presence of developing nations like China and India is blamed for this. One of the nations with the fastest packaging sector growth is India. During the projected period, the market expansion is anticipated to be driven by the spike in technological advancements and the launch of newer, more affordable digital printing techniques in the Asia-Pacific region.
North America is the third largest region. The consumption of digital ink is less in the U.S. as compared to developing countries. This is attributed to numerous factors such as the rise in the trend of online advertisement, advancement in technology for promotions & advertising (utilization of LED or digital screens), and others. Moreover, industrial printing is one of the largest consumers of digital ink, owing to large consumers such as the personal care and cosmetics industry. In addition, the packaging industry is also one of the significant contributors to the North American digital ink market. This is attributed to the trend of flexible packaging in the region.
The primary critical players in the global digital ink market include DIC Corporation, Dover Corporation, Du Pont, Flint Group, Marabu GmbH & Co. KG, Nazdar Ink Technologies, Sakata Inx Corporation, Toyo Inc., Sc Holdings Co. Ltd., Wikoff Color Corporation, and Zhuhai Print-Rite New Materials Corporation Limited (PMZ), AM Printex, Digitex India Inc., APV Engineered Coatings, Eastern Marking Machine Corp., T&K Toka Corporation, and Leibinger Group.