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Printing Inks Market

Printing Inks Market: Information by Product (Gravure, Lithographic, Flexographic, Digital Printing), Resin (Modified Rosin, Modified Cellulose), Application, and Region — Forecast till 2030

Published At : 04 May, 2022
Updated At : 04 May, 2022
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Market Snapshot
Base Year:
2021
Study Period:
2020-2030
CAGR:
2.9 %
Fastest Growing Market:
Asia Pacific
Largest Market:
North America

The Printing Inks market size was valued at USD 16,569.30 million in 2021 and is expected to generate USD 20,827.02 million by 2030. The market is projected to grow at a CAGR of 2.9% during the forecast period (2022–2030). Printing inks are made out of a pigment or pigments of the desired hue mixed with oil or varnish, except a black ink manufactured from carbon blacks and thick linseed oil. The market is likely to increase in the short run due to main factors such as rising demand from the digital printing industry and rising demand from the packaging and labeling sector.

The superior properties of constituents such as pigments, binders, solubilizers, and additives to produce text, design, or images, as well as rising demand from the packaging sector, commercial printing, and changing consumer preferences, are expected to keep these solutions in high demand for the foreseeable future.

The printing inks market is segmented based on technology, connector type, application, and region.

Industry Dynamics

Drivers: Rise in Adoption from Packaging Industry

Packaging and labels are the major application segments of the global market of printing inks, which accounted for over 47.72% of the global printing inks market share, in terms of volume, in 2020. The high share is attributed to the growing demand for gravure inks, flexographic inks, UV blocking packaging inks, and nano graphic printing inks in flexible packaging and paper packaging printing applications.

Initially, printing inks were majorly used in printing publications for newspapers, magazines, and journals, among others. However, due to rapid urbanization and the growing digitalized needs of consumers, the application scope of printing inks has shifted from commercial printing & publication to the packaging industry. In the packaging industry, printing inks are used to print on packaging materials to make the packaging attractive to customers, as it is one of the powerful ways to promote and market products.

Flexible packaging offers greater options for customized packaging. The demand for flexible packaging is driven by the food & beverage industry, supported by the strong growth in the snacks & confectionery category. Moreover, the growing demand for food, on account of the increasing global population, is one of the key trends augmenting the growth of the flexible packaging industry. The booming flexible packaging industry is anticipated to offer huge growth opportunities for the global market of printing inks.

Drivers: Increase in Demand for Energy-Curing Inks In End-Use Industries

The thriving demand for energy-curing inks in printing & packaging applications is another major factor driving the growth of the printing inks market. The energy-curing inks include UV-cured inks, latex (resin), solvent-UV hybrid inks, and solid inks. These inks are trending globally owing to their superior properties, zero/low volatile organic content (VOC), and growing application scope.

The superior characteristics of energy-curing inks include better bonding qualities and reduced drying time. Furthermore, increased productivity, high performance, environmental benefits, and lower energy costs are the major factors for the increased usage of ultraviolet and electron beam-curing inks.

However, the initial setup costs associated with these inks are higher. Therefore, companies are adopting new technologies to eliminate the high costs. For instance, Flint Group has developed new UV inks such as the Ultraking XCURA label to attain minor levels of energy consumption during the curing process.

Restraints: Stringent Regulations Regarding Toxic Solvents

Volatile organic compounds (VOCs) are required to comply with various statutory regulations and legislation. These organic compounds, widely utilized in printing inks for technical applications, are subject to several governmental and federal regulations for controlling VOC emissions and limiting human exposure to toxic substances.

National and international regulatory bodies ensure the legal conformity of VOCs in new application areas, the environmental relevance of VOCs, and raw material safety evaluations based on ecotoxicological and toxicological data. Chemical industry associations, such as the European Chemical Industry Council (CEFIC) and German Chemical Industry Association, along with other scientific groups, are constantly working on evaluating and developing printing inks with low VOC content for their application in various industrial sectors.

Opportunities: Advancements in Commercial Printing/Publishing

Technological propagation, coupled with growing demand from the printing sector, is projected to boost the need for printing inks in the commercial printing/publishing segment globally. Further, the requirement for short-run production from the printing companies is thriving commercially for printed resources, such as direct mail, books, catalogs, and brochures.

Increasing demand for promotional materials from food, beverage, and retail industries is anticipated to drive the demand for printing inks. Since the commercial printing/publishing application segment is being determined by numerous promotional events, including print advertising, the retail business is included as print advertising and a part of the marketing strategy.

Analysis of COVID-19 Impact

COVID-19 had a detrimental impact on the global printing inks market. Supply chain disruption occurs as a result of lockdowns and business closures. Despite the fact that the COVID-19 pandemic has weakened all business activities in the market of printing inks, manufacturers are creating potential opportunities due to increased demand from end-use industries such as packaging, publication and commercial printing, industrial printing, etc., manufacturers are creating potential opportunities.

Printing ink is in higher demand than ever before for a variety of printing applications in various industries. Due to rising urbanization and economic expansion, there is a growing need to publish print products such as books, newspapers, and magazines. In recent years, there has been an increase in shopping through internet platforms. This aspect is fueling the expansion of the printing inks market share.

However, in packaging applications, the food packaging segment is majorly driving the revenue in the global market owing to the growing demand for packaged food post-COVID-19 due to the work from home scenario in the Western and few Asian countries. Moreover, rising demand for printed labels and printed corrugated cardboards for attractive packaging solutions is expected to boost further the demand for printing inks over the forecast period.

Segmental Insights

The global printing inks market is classified into product, resin, and application.

Based on product, the market of printing inks is segmented into gravure, lithographic, flexographic, digital printing, and others. The lithographic segment is dominant over other product types of printing inks and is expected to generate USD 7,998.77million by 2030. It is expected to grow at a CAGR of 2.6% during the forecast period.

By resin, the market is classified into modified rosin, modified cellulose, acrylic, polyurethane, and others. The acrylic segment is anticipated to generate USD 5,955.96 million by 2030 at a CAGR of 2.55%.

By application, the market of printing inks is classified into packaging & labels, corrugated cardboards, commercial printing/publishing, and others. The packaging & labels segment was the highest contributor to the market and is estimated to reach USD 6,893.17 million by 2030, at a CAGR of 2.48% during the forecast period.

Regional Insights

Significant Growth in North America

The global printing inks market is segmented into four regions: North America, Europe, Asia-Pacific, Central and South America, and Middle East & Africa. In 2020, North America accounted for the largest share of the market of printing inks. The North American Printing Inks market share is expected to generate a value of USD 10,432.11million by 2030, at a CAGR of 2.71%.

North America includes the U.S., Canada, and Mexico. The U.S. dominated the North America printing inks market in 2020 and is expected to continue its dominance over the forecast period. The demand for printing inks in the country is majorly generated from the growing digiting printing and packaging industries. The country is witnessing huge demand for digital printing in the textile industry due to the ongoing revolution in the fashion industry and rapid adoption of digital printing against conventional printing, which, in turn, is expected to drive the growth of the printing inks market the U.S. Moreover, innovative product packaging and rising demand for packed food & beverages are also major factors promoting market demand for printing inks in packaging applications.

The Asia-Pacific market of printing inks is expecting lucrative growth in the coming future. Asia-Pacific printing inks market share is expected to generate a value of USD 4,792.89 million by 2030 at the highest CAGR of 3.1% during the forecast period. The rising preference for flexography inks in flexible packaging applications owing to their ability to be printed on non-absorbent material, faster printing process, and greater printing options through a range of colors in various substrates is expected to provide huge growth opportunity for the printing inks market over the forecast period.

Also, China dominated the Asia-Pacific printing inks market in 2020 and is expected to continue its dominance over the forecast period. A majority of the companies are expected to target Asia-Pacific and Europe for regional expansion due to the rising demand for lamination, food packaging, and commercial printing industries. Furthermore, long-term customer relationships and economies of scale in manufacturing will assist the players in achieving a prominent position in the market. For the APAC region, the major contributors include India, Japan, and China, which constitute numerous major industry players further contributing to the printing inks market growth.

The Central & South America printing ink market is expected to witness substantial growth over the forecast period owing to the region’s high economic growth in the region. The Middle East & Africa printing inks market is a diverse market that varies from country to country based on the end-use industry dynamics in developed and developing countries.

Industry Key Players

  1. ALTANA
  2. Dainichiseika Color & Chemicals Mfg. Co. Ltd
  3. Dow
  4. Epple Druckfarben AG
  5. Flint Group
  6. FUJIFILM Corporation
  7. Huber Group Deutschland GmbH
  8. SAKATA INX CORPORATION
  9. Sanchez SA de CV
  10. SICPA HOLDING SA
  11. Siegwerk Druckfarben AG & Co. KGaA
  12. Sun Chemical
  13. T&K TOKA Corporation
  14. Tokyo Printing Ink Mfg Co. Ltd
  15. Toyo Ink SC Holdings Co. Ltd
  16. Wikoff Color Corporation
  17. Yip's Chemical Holdings Limited
  18. Zeller+Gmelin

The players in the market have implemented multiple strategies like product launches and business expansion to sustain the market competition.

Recent Developments

  • October 2020 - DIC Corporation announced that its subsidiary Sun Chemical Corporation entered into a definitive agreement to acquire the 100% shares of Sensient Imaging Technologies with this acquisition, DIC Corporation added a new product group to its jet inks portfolio, thereby assisting it to expand its geographical presence and product portfolio of printing inks. 
  • December 2019- ALTANA purchased Overprint Varnish Specialist Schmid Rhyner AG.
  • June 2018- Toyo Ink Brazil Ltd. introduced a new range of polyurethane-based inks for laminated packaging applications. This new line of PU-based lamination inks offered by the company includes general-purpose LIOTECH solvent-based gravure and flexo systems.
ATTRIBUTES DETAILS
ESTIMATED YEAR 2022
BASE YEAR 2021
FORECAST YEAR 2030
HISTORICAL YEAR 2019-2020
UNIT Value (USD Million/Billion)
BY REGION North America, Europe, Asia-Pacific, Central and South America, Middle East & Africa

Global Printing Inks Market: Segmentation

By Product

  • Gravure
  • Lithographic
  • Flexographic
  • Digital Printing
  • Others

By Resin

  • Modified rosin
  • Modified cellulose
  • Acrylic
  • Polyurethane
  • Others

By Application

  • Packaging & Labels
  • Corrugated Cardboards
  • Commercial Printing/Publishing
  •  Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America
  • Middle East & Africa

Frequently Asked Questions (FAQs)

The market is anticipated to grow at a CAGR of 2.9% over the forecast period.
North America is expected to hold the highest market share.
The global market is expected to reach at USD 20,827.02 million by 2030
ALTANA, Dainichiseika Color & Chemicals Mfg. Co. Ltd, Dow, Epple Druckfarben AG, Flint Group, and FUJIFILM Corporation are the top players in the market.
The market will be estimated to grow from the years 2022 to 2030.
Advancements in commercial printing or publishing create a window of key opportunities in the market during the forecast period.
The market in North America was valued at USD 10,432.11million by 2030
Lithographic segment is expected to be leading segment in market during the forecast period.
The rise in demand for energy-curing inks in end-use industries is the key factor expected to drive the market during the forecast period.
Report Metric Details
Market Size USD in Billion By 2030
CAGR CAGR 2.9%
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered by Product (Gravure, Lithographic, Flexographic, Digital Printing), Resin (Modified Rosin, Modified Cellulose), Application
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors ALTANA, Dainichiseika Color & Chemicals Mfg. Co. Ltd, Dow, Epple Druckfarben AG, Flint Group, FUJIFILM Corporation, Huber Group Deutschland GmbH, SAKATA INX CORPORATION, Sanchez SA de CV, SICPA HOLDING SA, Siegwerk Druckfarben AG & Co. KGaA, Sun Chemical, T&K TOKA Corporation, Tokyo Printing Ink Mfg Co. Ltd, Toyo Ink SC Holdings Co. Ltd, Wikoff Color Corporation, Yip's Chemical Holdings Limited, Zeller+Gmelin,
Key Market Opportunities High Demand In Speciality Chemicals Sector Is Pushing Printing Inks Market
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