The global solvent-based inks market is largely dependent on the growth of the packaging industry. Owing to their weather-resistant properties, solvent-based inks are widely used on a number of different substrates and surfaces. Therefore, the flourishing growth of the packaging industry, particularly in emerging economies, is working in favor of the global solvent-based inks market.
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Furthermore, the growing adoption of flexible packaging in the healthcare and food and beverage industries is providing a fillip to the growth of the market. According to a report by Transparency Market Research (TMR), which is now available on Market Research Reports Search Engine (MRRSE), the market will rise at a CAGR of 4.4% between 2016 and 2024, reaching a value of US$7.92 bn by 2024 from US$5.42 bn in 2015.
Enforcement of Strict Regulations Pertaining to Use of Inks in Food and Beverages Industry to Hamper Growth Prospects
The rising concerns regarding the use of harmful inks in the food and beverages industry are compelling governments and organizations to enforce stringent environmental regulations curtailing their use. This factor is restraining the industry from realizing its full potential. Moreover, the booming trend of online reading and the increasing demand for UV-cured inks are hindering the growth of the global solvent-based inks market.
Epoxy Inks to Surpass Vinyl Inks in Revenue Generation by 2024
On the basis of product type, vinyl ink is one of the most commonly used solvent-based inks and the segment was the leading revenue contributor in 2015 owing to its easy adaptability in various substrates and fast-drying properties. However, the market is estimated to be led by epoxy inks by 2024. Cellulose inks is projected to rise at a noteworthy CAGR during the forecast period owing to their compliance with bio-based solvents and environmental regulations. Based on printing type, the lithographic printing segment will continue to dominate the market until 2024 and is poised to amount to US$2.8 bn by then.
Rising Demand for Sustainable Printing Solutions and Appealing Packaging to Drive Asia Pacific Market
Asia Pacific will continue to be the leading market for solvent-based ink markets in terms of revenue until 2024, expanding at a CAGR of 4.8% between 2016 and 2024. The region receives a significant boost from the presence of the majority of the leading global players in the region. Moreover, the rising consumer spending and the increasing emphasis on sustainable printing solutions and appealing packaging are fuelling the growth of the region. The Middle East and Africa and Latin America are expected to rise at a promising pace owing to the improving economic conditions.
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The threat of new entrants is expected to adversely affect the performance of the leading players as they focus on developing inks with a lower content of VOC. However, such challenges inspire players to innovate and develop novel products that can compete with rival offerings and at the same time can adhere to stringent environmental regulations. Some of the key players operating in the global solvent-based inks are Flint Group, Huber Group, Sakata INX, Sun Chemical Group, Siegwerk Druckfarben AG & Co. KGaA, and Toyo Ink Mfg. Co.