Printing Ink Market

The substantial increasing demand for printing ink is supported by the rapid expansion  of e-commerce sector and the significant increasing demand from the global packaging industry . The need for effective marketing and advertising materials is stimulating the demand of high-performance inks in both traditional and digital formats. The market size of printing ink was USD 20.4 billion in 2023 and is projected to reach USD 28.6 billion by 2028, registering a CAGR of 7.0% between 2023 and 2038.

Attractive Opportunities in Printing Ink Market

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Printing Ink Market Dynamics

Driver: Growth of the digital textile and ceramic tiles printing industry

Due to the increased demand for customized and high-quality products, digital textile and ceramic tile industries are rapidly expanding. Custom clothing, accessories, custom wall coverings, curtains, other home and decorative textiles, promotional banners, flags, and other marketing materials are all commonly printed using digital textile printing. Digital ceramic tile printing with digital printing inks is also gaining popularity for a variety of applications, including home furnishings, commercial flooring, and signage. Digital textile printing allows on-demand and customized fabric designs, catering to individual preferences and small production runs. This trend has driven the demand for specialized textile inks that offer vibrant colors, durability, and wash-fastness. Compared to traditional methods, digital textile printing generates less waste by eliminating the need for screens and reducing setup times. This efficiency has led to cost savings and environmental benefits.

Restraint:  Stringent regulatory compliance

Printing ink formulations often need to be altered to comply with regulations regulating food safety, health, and safety standards that restrict the use of certain chemicals or compounds. This lead to challenges in maintaining the same level of performance and quality while meeting the new regulatory requirements. Furthermore, stringent regulations also hinder a company's ability to cater to specific customer needs or to develop innovative products. Meeting the compliance regulations of different industries of various countries is challenging for ink manufacturers, potentially limiting the range of ink options available for certain industries and applications.

Opportunity: Rising demand for bio-based printing inks

The anticipated surge in the adoption of bio-based printing inks represents a promising opportunity in the printing ink market. As sustainability and eco-consciousness gain prominence, industries are increasingly seeking environmentally friendly alternatives. Bio-based inks, derived from renewable sources and characterized by lower environmental impact and reduced volatile organic compound emissions, align well with these priorities. Bio-based printing inks are made from renewable materials, such as vegetable oils, starches, and sugar, and are a more sustainable alternative to traditional printing inks. This growing preference for greener solutions is poised to drive demand for bio-based printing inks, thereby opening doors for market expansion and innovation in the quest for more sustainable printing practices.

Challenge: Environmental concerns

While there is a demand for eco-friendly inks, the formulation and production of such inks must strike a balance between sustainability and performance. Some printing inks contain hazardous chemicals such as heavy metals, solvents, and other toxic substances. These chemicals can pose risks to workers, consumers, and the environment during production, use, and disposal. Many traditional printing inks contain VOCs, which are volatile chemicals that can evaporate into the air and contribute to air pollution. VOCs can have adverse effects on air quality, human health, and contribute to the formation of smog. Developing inks with low VOC emissions and eco-friendly components without compromising on color vibrancy, adhesion, and durability remains a technical challenge for manufacturers.

Ecosystem: Printing Ink Market

Based on type, the UV curable segment is anticipated to register the highest CAGR

Based on type, the market is segmented into nitrocellulose, polyurethane, water-based, UV curable and acrylic. UV curable printing inks are gaining prominence due to their instantaneous curing when exposed to UV light, enabling faster production and reduced drying times. Offering environmental friendliness with low VOC emissions, they deliver superior print quality, vibrant colors, and adhesion to diverse substrates like paper, plastics, metals, and glass. Their durability, resistance to abrasion and chemicals, and customization capabilities make them suitable for applications ranging from packaging to wide format printing.

Based on the application, the tags and labels segment is estimated to account for the largest market share during the forecast period

In the printing ink market, the application of printing inks in tags and labels is projected to hold the highest share due to its wide-ranging significance across industries. Tags and labels serve as crucial elements for product identification, branding, information dissemination, and regulatory compliance. Whether on consumer goods, pharmaceuticals, food and beverages, textiles, or industrial products, printing inks play a pivotal role in creating visually appealing and informative tags and labels. These inks are required to exhibit exceptional adhesion to various substrates, resistance to external factors like moisture and friction, and compliance with health and safety standards. As industries continue to innovate in packaging design, sustainability, and brand differentiation, the demand for versatile and reliable printing inks in the tags and labels application is expected to maintain its leading position in the market.

Asia Pacific to hold the largest market share during the forecast period

Printing ink market in the Asia pacific region is driven by the region's economic growth, industrial expansion, and consumer demands. With the presence of several emerging economies and a significant manufacturing base, Asia Pacific is witnessing increased production activities across diverse industries such as packaging, textiles, electronics, and automotive. This growth fuels the demand for printing inks used in packaging, labels, promotional materials, and industrial applications. Moreover, the region's rapid urbanization, rising disposable incomes, and changing lifestyles contribute to greater consumer demand for products, enhancing the need for effective branding, labeling, and packaging – all of which rely heavily on printing inks.

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Key Market Players

Some of the key players in the global printing ink market are DIC Corporation (Japan), Toyo Ink SC Holdings Co., Ltd. (Japan), T&K TOKA CORPORATION (Japan), Tokyo Printing Ink Mfg. Co., Ltd. (Japan), FUJIFILM Holdings Corporation (Japan), Yip’s Chemical Holdings Limited (Hong Kong), Sakata Inx Corporation (Japan), Dainichiseika Color & Chemicals Mfg. Co., Ltd. (Japan), Siegwerk Druckfarben AG & Co. KGaA (Germany), Hubergroup (Germany), Flint Group (Luxembourg), SICPA Holding SA (Switzerland), Wikoff Color Corporation (US), ALTANA (Germany), and DEERS i Co., LTD. (South Korea).

These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the printing ink industry. The study includes an in-depth competitive analysis of these key players in the printing ink market, with their company profiles, recent developments, and key market strategies.

Printing Ink Market Report Scope

The study categorizes the printing ink market based on Type, Process, Application, and Region.

By Type:

• Nitrocellulose
• Polyurethane
• Water based
• Acrylic
• UV Curable

By Process:

• Gravure
• Flexographic
• Lithographic
• Digital
• Others

By Application:

• Corrugated Cardboards
• Flexible Packaging
• Tags & Labels
• Folding Cartons
• Others

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Recent Developments

• In March 2023, Toyo Ink SC Holdings Co., Ltd., the Japan-based parent company of the specialty chemicals company Toyo Ink Group, announced a share purchase agreement to wholly acquire Thai Eurocoat Ltd., the top manufacturer of external coatings for non-printed cans in the Thai canned food market.
• In December 2022, the specialty chemicals group ALTANA has acquired a stake in the tech startup SARALON. The young company specializes in the development of inks for printing electronics.
• In September 2022, UbiQD, Inc., a New Mexico-based nanotechnology company, and SICPA SA, a Swiss technology company expanded their partnership in the development of anti-counterfeit security inks based on UbiQD’s quantum dot technology.
• In January 2022, Siegwerk commissioned a new solvent-based Blending Center at Bhiwadi facility in India. The new Blending Center, spread across 3400 Sq.M, is an addition to an existing 100% toluene-free manufacturing plant which will support its industry-leading growth.
• In March 2021, FUJIFILM Imaging Colorants, Inc., a US subsidiary of FUJIFILM Corporation, constructed a new production plant for pigment dispersions, which is a colorant for water-based pigment inkjet inks in order to accelerate the growth of the global inkjet business.

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