The global printing ink market was pegged at 19.3 billion in 2018 and is expected to reach USD 25.2 billion by 2024. The factors such as the increasing applications of printing ink in the packaging industry, food and beverage, printing and publication industry are extensively driving the demand for printing ink across the globe. The printing ink market demand is poised to grow at a CAGR of 4.6% during the forecast period (2019–2024).
The increasing demand of printing ink from packaging industry for developing labels, tags and printing the information regarding ingredients and manufacturing details of the product plays a significant role in driving the demand of printing ink worldwide. The enormous growth of packaging industry across the globe is expected to further expand in the near future and as a result it is continuously contributing towards the growth of printing ink market globally. Several industries such as manufacturing, food and beverages, electronics and consumer goods are observing several advantages due to rampant growth of packaging sector. As per the results of the study conducted by Hochschule der Medien (HdM), Stuttgart, Germany, states that the packaging sector has been witnessing considerable savings with higher print quality by using printing inks. Additionally, the unparalleled demand for high-quality packaging is further expected to strengthen this segment in the near future.
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The UV curing (Ultraviolet curing) is increasingly being adopted by for curing dry inks, coatings and adhesives. Moreover, with continuous innovation and upgradation in printing ink technologies is further anticipated to drive the global printing ink market. Increasing government regulations regarding the use of inorganic solvents and rise of e-commerce and e-books are expected to be the major hindrance in the growth of global printing ink market.
In terms of types of products of printing ink, lithographic ink generated largest revenue in the market in 2018 and is further expected to grow at a significant rate during the forecast period. Moreover, digital ink is expected to witness highest growth during 2019–2024. This segment is expected to witness fastest growth owing to persistent and ever-changing trends into digital fields that are continuously being followed by several key industry players.
In terms of application, printing ink generated largest revenue in the market in 2018 and is further expected to grow at a significant rate during the forecast period. Amongst all the applications, labels and packaging have witnessed fastest growth during 2019–2024. Increasing demand for flexible packaging and extensive application of printing ink in food and beverage industry is expected to bolster the growth of printing ink globally. Labels and packaging are the most crucial aspect in marketing activities while delivering the product as it imposes a significant impact on the minds of the consumers while making purchase decision.
On the basis of formulations oil based formulations hold largest share in the printing ink market due to its extensive applicability for commercial areas and publications. However, the water-based formulations segment is expected to witness fastest growth during the forecast period, as it is largely helping the manufacturers for printing of yard goods in the form of pieces or in the form of roll. It also helps in faster delivery of products and ensures efficiency in printing.
North America accounted for the major share in the printing ink market in 2018 as the players in the region are continuously investing capital for the advancement of technology by entering into digital arenas and performing required mergers and acquisitions. In addition, high per capita income in the region also leads to increased affordability of printing ink in the region. According to a recent report, the volatility of crude oil prices is the major factor contributing towards the growth of printing ink in North America as the demand for printing ink is directly associated with the prices of crude oil.
Moreover, Asia-Pacific is observed to witness fastest growth during the forecast period in the printing ink market. Increasing disposable income, large consumer base and extensive demand for packaged products in the region are the leading factors fuelling the Asia-Pacific printing ink market.
Some of the key players operating in the global printing ink market are Flint Group, DIC Corporation, hubergroup Deutschland GmbH, Siegwerk Druckfarben AG & Co. KGaA, ALTANA, Wikoff Color Corporation, Ink SC Holdings Co., Ltd., Sakata INX Corporation, T&K Toka Co., Ltd, and Zeller+Gmelin GmbH & Co. KG.
Global Printing Ink Market Coverage
Product Insight and Forecast 2014 - 2024
Application Insight and Forecast 2014 - 2024
Formulation Insight and Forecast 2014 - 2024
Printing Ink Market by Region
Middle East and Africa