The global digital inks market was pegged at USD 1,392.9 million in 2018 and is expected to reach USD 1,830.6 million by 2024. The swelling demand for digital inks in office printing, packaging, and commercial printing is significantly impacting the growth of this market globally. This market is also expected to witness CAGR of 5.1% during 2019–2024 due to incremental growth in packaging industry and scope for advertisement expenditure. The incremental demand for UV cured inks from several printing processes and increasing demand for digital inks from packaging industry is driving the growth of digital inks market globally.
In a recent report, it has been estimated that packaging segment is witnessing high growth rate and is further expected to strengthen the market for digital inks across the globe. There are several regions such as North America and Asia-Pacific that have a large number of consumer base for digital inks as the regions are mounted with huge population, evolving lifestyle of consumers along with increased in disposable income. Digital inks manufacturers across the globe are observing huge potential by observing its increased applicability for industrial uses such as car and furniture manufacturing.
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On the basis of 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 the largest digital inks market globally and UV cured digital inks are expected to witness the fastest growth during the forecast period. UV cured inks are used for curing tough surfaces that are resilient to the effects of weathering and scratching. These inks rely upon picture initiators that generate freely suspended radicals when bared to UV light. Moreover, UV cured inks offer a large number of advantages to the consumers and as a result, is gaining widespread popularity across the globe.
Amongst all the segments commercial printing is the largest revenue holder and office printing is expected to witness fastest growth during 2019–2024 in the global digital inks market. The global digital inks market has also been segmented by applications into commercial printing, office printing, packaging, industrial printing, publication, textiles, and other applications. 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.
Geographically, North America accounted for the major share in the digital inks market in 2018 due to high per capita income in the region as it is leading to increased affordability of printing ink in the region. Moreover, increasing demand for digital inks from an office printing and commercial printing along with widespread electronic media market is expected to strengthen the market revenue of digital inks in this region.
Moreover, Asia-Pacific is observed to witness the fastest growth of 7.1% during the forecast period in the global digital inks market. Extensive demand for packaged products, increasing disposable income and large consumer base in the region are the leading factors fuelling the Asia-Pacific digital inks market.
Some of the key players in global digital inks 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.
Global Digital Inks Market Coverage
Type Insight and Forecast 2014 - 2024
Formulation Insight and Forecast 2014 - 2024
Application Insight and Forecast 2014 - 2024
Digital Inks Market by Region
Middle East and Africa