The global solvent based inks market is expected to be driven by growing demand from the packaging industry. The growth in the digital printing inks industry is also creating a favorable environment for the solvent based inks market. The demand for digital printing is rising owing to their use in fine arts, advertising, textiles, architectural designs, photos, and desktop publishing. Digital printing is preferred owing to the flexibility and speed they offer and this in turn bodes well for the solvent based inks market.
In addition to this, the thriving food and beverage industry will also drive the demand for solvent based inks. Thus, it is expected that the market for solvent based inks market will witness a significant growth in the coming years owing to the growth of end-use industries, expanding at a 4.4% CAGR from 2016 to 2024. The market is expected to rise from US$5.42 bn in 2015 and be worth US$7.92 bn by 2024,
Increasing Environmental Restrictions on Use of Volatile Organic Compound-based Inks to Hinder Market
The environmental restrictions regarding the use of solvent based inks that emit volatile organic compound (VOC) for printing, across developed nations in Europe and North America are expected to pose a challenge for the market. These regions are experiencing a heightened awareness regarding VOC-free inks and this will restrict the demand for solvent-based inks. Stringent environmental regulations associated with printing inks will also impede the growth of the solvent based inks market across the globe.
Another major growth inhibitor for the global solvent based inks market is the high penetration of the internet and thus, the growth of e-commerce, which is reducing the demand for solvent-based inks. In addition to this, the increasing number of people opting for e-paper and e-magazines will also impact the solvent based inks market.
Bio-based Solvents to Emerge as Opportunity for Growth in Solvent-based Inks Market
Since conventional inks mostly make use of petroleum-based solvents and they emit volatile organic compounds while drying, which is harmful for the environment, bio-based solvents are an ideal solution. Bio-based solvents make use of naturally available materials in place of petroleum-based solvents and are thus, eco-friendly. Inks produced from bio-based solvents are thus gaining importance owing to several environmental-based regulations restricting the use of petroleum-based solvent inks. Players in the market are thus focusing on developing inks that are based on natural raw materials such as soy-oil. Moreover, rice bran oil, dextrin, sugars, and polysaccharides are currently being tested for their printing abilities. This is expected to create growth opportunities in the global solvent based inks market.
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Lithographic Printing to Gain Momentum in Solvent-based Inks Market
The global lithographic printing segment is anticipated to witness the highest growth in the coming years owing to the numerous applications in printing, packaging, and tags and labels. The flexographic printing segment will also witness a healthy growth in the coming tears owing to a growth in commercial printing and packaging. It is expected that the gravure printing segment will lose shares in the coming years due to the environment hazards caused by the chemicals used.