The demand for printing inks has been experiencing a remarkable rise globally, thanks to the substantial growth in the packaging industry across the world. In 2013, the total value of the global market for printing inks was US$14.4 bn. The market is expected to expand at an estimated CAGR of 5.0% between 2014 and 2020 and reach US$20.1 bn by the end 2020.
Demand for Water-based Printing Inks to Increase in Near Future
Water-based inks, solvent-based inks, oil-based inks, and UV-cured inks are the major products available in the global printing inks market. The oil-based inks segment led the global market for printing inks in 2013. However, the demand for water-based inks is likely to increase in the coming years, making it’s the fastest growing segment. The eco-friendliness of water-based inks is the main driving force behind the extensive growth of this market segment. The solvent-based inks segment is also anticipated to exhibit a healthy rise in its market share over the next few years.
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Lithographic printing, flexographic printing, gravure printing, digital printing, and letterpress printing are the major printing processes adopted across the world. In 2013, the lithographic printing process segment emerged as the leader with a share of more than 40% in the global printing inks market. However, the digital printing process segment is projected to register the fastest growth in the global market in the near future.
Packaging, publication and commercial printing, and decorative printing are the key application areas of printing inks in the global arena. The demand for printing inks was the highest from the packaging segment in 2013. The rapid proliferation of the packaging industry is likely to boost the demand for printing inks, confirming its place as the leading application segment over the next few years.
Asia Pacific Poised to Report Fastest Growth in Global Printing Inks Market
North America, Europe, Asia Pacific and the Rest of the World are the primary regional markets for printing inks across the world. North America occupied the leading position in 2013 with a share of more than 30% in the global market. The regional market is also projected to exhibit remarkable growth in the coming years owing to the soaring demand for printing inks from the packaging market in North America.
On the other hand, the Asia Pacific printing inks market is expected to report the fastest growth among all the regional markets in the forthcoming years on account of the increasing demand for printing inks from developing economies such as China and India.
The printing inks markets in Europe and the Rest of the world are also projected to expand substantially over the next few years. The post-recession economic recovery is the driving force behind the significant rise of the Europe market for printing inks while the augmenting demand for printing inks from the Middle East and Latin America is likely to boost this market in the Rest of the World region in the near future.
Global Printing Inks Market: Key Players
Some of the key players operating in the global printing inks market are T&K TOKA Corp., Huber Group, Royal Dutch Printing Ink Factories Van Son, Sakata INX Corp., Altana AG, Toyo Ink Group, Flint Group, Wikoff Color Corp., Sun Chemical Corp., Zeller+Gmelin GmbH & Co. KG, and Siegwerk Druckfarben AG & Co. KGaA.