|Status : Published||Published On : Apr, 2019||Report Code : VRCH2070||Industry : Chemicals & Materials||Available Format :||Page : 181|
The global digital inks market was valued at USD 1,392.9 million in 2018 and is expected to reach USD 1,830.6 million by 2024. The market for digital ink is observing a significant growth due to its swelling demand in commercial printing, packaging and office printing. Digital inks market is expected to witness CAGR of 5.1% during 2019–2024 owing to incremental scope for advertisement expenditure and cumulative growth in the packaging industry.
Insight by Type
On the basis of type, digital inks market is segmented into electrography digital inks and inkjet digital inks. Amongst these two types, electrography digital inks capture larger market share by 2024 as these inks are widely being implemented and will continue to be adopted in computer laser printers and photocopy machines across the globe. These inks provide superior quality for images, graphics, and tests along with high-speed performance. Moreover, inkjet digital ink is expected to witness the highest growth as the manufacturers are increasingly shifting their focus towards digital fields globally. Additionally, inkjet inks are considered to be less expensive and have applicability in computer labels and printouts.
Insight by Formulation
Based on formulation, digital inks market is segmented into oil-based, solvent-based, water-based and UV cured digital inks. Of all these formulations oil based digital inks hold largest digital inks market globally and UV cured digital inks is expected to witness fastest growth during 2019–2024. UV curing is one of the drying techniques used in the printing process and it plays a vital role in giving a finishing look to luxurious materials. The implementation of these inks in the various printing process is displaying premium products and is expected to become one of the crucial aspect of marketing in various organizations in the near future.
Insight by Application
The global digital inks market has also been segmented by applications into commercial printing, office printing, packaging, industrial printing, publication, textiles, and other applications. Amongst all the applications, the commercial printing is the largest revenue holder and office printing is expected to witness fastest growth during 2019–2024. Digital inks provide benefits to varied ranges of commercial printing products such as catalogue, stationery, and brochure. Moreover, the fastest growth of digital inks in office printing is pertaining due to low digital inks cost and improved qualities of digital prints are some of the factors contributing towards the growth of this segment in global digital inks market.
The increasing demand for digital inks from the packaging industry and increasing demand for UV curved inks from several printing processes are expected to drive the growth of the global digital inks market. According to a recent study, it has been observed that the packaging segment has been witnessing high growth and it is further expected to follow a similar trend in the near future. North America, South America, Middle-East and Africa, and Asia-Pacific are the regions that are observed to be the major consumers of digital inks globally.
Increasing population of younger generation, increasing disposable income, changing and evolving lifestyle of consumers and rising GDP are the major factors driving the growth of global digital inks market globally. The use of digital inks is further observed to be gaining popularity in metal cans, tags and labels and all sort of flexible materials.
The huge quantity of waste ink that is produced at the time spilling, surplus dosing and drainage from the press are the major factors that are expected to hinder the growth of digital inks globally. The cost associated with the collection and disposition of these inks is estimated to be quiet expensive thus posturing major restraint in the growth of digital inks market. Furthermore, the implementation of stringent regulations by the government organizations discarding the use of toxic metals and inorganic solvents are further expected to hinder the growth of digital inks market across the globe.
Globally industry players of digital inks market are leveraging market growth by employing digital inkjet competences. For instance, In May 2017, Electronics For Imaging, Inc. entered the wood decoration industry while showcasing its innovative Cubik technology for manufacturing digital inkjet wood decoration at Ligna, in Hannover, Germany. Companies such as Siegwerk Buedingen and Nitro Quimica have invested heavily on R&D activities to boost printing process of packaged products. The key players in this market are developing innovative offerings to help customers in fulfilling their demands and exclusive needs.
Geographically, North America is the largest digital ink market as the region has several established huge and key industry players of digital inks in the market. Moreover, the increasing demands for UV cured the ink, increasing trend of consumer expenditure on several offerings and enlargement of the population base and are further strengthening the growth of digital inks market in this region. The most crucial factor driving the growth of this market is the prices of crude oil and the growth of renewable energy in this region.
Asia-Pacific is observed to witness the fastest growth in this market. As the population of citizens in this region is large, the disposable income of the population is increasing region comprises of largest population, increase in disposable income and hastening demand for packaged products is contributing significantly towards the growth of this market. Additionally, increasing application of digital inks in metal cans and labels and tags are further expected to drive the demand of digital ink in Asia-Pacific.
Market players in the digital inks industry are developing products with progressive technology to strengthen the company positions in the global digital inks market. Some of the key players operating in this market are Sun Chemical Corporation, Flint Group, Siegwerk Druckfarben AG & Co. KGaA, TOYO INK SC HOLDINGS CO., LTD., SAKATA INX CORPORATION, E.I. du Pont de Nemours and Company, Marabu GmbH & Co. KG, Nazdar Ink Technologies, and Wikoff Color Corporation.
Primary Research Interviews – Breakdown