Global Inks Market: Key Highlights
- The global inks market was valued at ~US$ 15.9 Bn in 2018, and is anticipated to expand at a CAGR of ~3% from 2019 to 2027. Rise in population and urbanization is fueling global trade, and subsequently, the use of packaging. Online trade is further increasing the need for packaging. Products are also being consumed immediately, which is driving the need for food service packaging and different sizes of packaging. Inks are primarily utilized for printing on flexible and rigid materials. Thus, the preference for inks for food and beverage packaging, labels, tags, and corrugated board packaging is estimated to propel the inks market.
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Key Drivers of Inks Market
- Literacy rate among the youth (aged 15 years to 24 years) is witnessing positive growth. Globally, the youth literacy rate increased from 83% to 91% over the last two decades, while the number of illiterate youth declined from 170 million to 115 million.
- Rise in education is estimated to boost the global print media industry. Newspaper publishing constituted approximately 5% of the total publication market in 2018. Magazine publishing held an 8% share of the global print industry, and book publishing accounted for 4% market share. The use of inks on newspapers, books, and others is expected to rise at a rapid pace during the forecast period, as inks are used in books to create attractive images and for different text-related textures to attract the attention of readers.
Technological Advancements in Tattoo Removal to Offer Attractive Opportunities
- Youths are significant end-users of tattoo inks. As their age increases, most people opt for the removal of tattoos. According to a report published by the American Academy for Dermatologic Surgery, in 2010, a total of 687,450 tattoos were removed in the U.S. However, tattoo removal is an expensive process.
- Other methods of tattoo removal are also available in the market. However, most of them are painful and ineffective. These include dermabrasion and excision. They damage the skin and result in severe scarring. These methods are used in extreme cases, where laser surgery is not an option.
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High VOC Emissions Associated with Solvent-based Inks to Hamper Global Inks Market
- VOC emissions that take place during the use of inks pose a threat to the environment. Several countries have set guidelines restricting the amount of VOCs emitted during the usage of inks in industries, especially solvent-based inks.
- Manufacturing operations are bound by regulations and rules with respect to the evaluation, registration, storage, usage, handling, and transportation of certain substances and their emissions, effluents, and other wastes. Violations of such regulations lead to legal obligations in future business activities.
- The number of safety regulations have increased in order to avoid adverse health consequences resulting from inhaling toxic substances. This is likely to hamper inks market in the near future.
Asia Pacific Dominates Global Inks Market
- Asia Pacific is expected to be a highly attractive market for inks during the forecast period. Dairy products in China will lead to the increased use of brick liquid cartons, with slim 250-ml cartons gaining popularity. Savory snacks and confectionaries drive the popularity of flexible plastic with small, affordable pack sizes among low-income consumers. The inks market in Asia Pacific is witnessing growth, as inks are employed to print details regarding products on their packaging.
- Changing consumer lifestyles in developed countries and increasing disposable income are key drivers of the Europe inks market. Russia and Germany are major markets for rigid packaging in Europe. Rigid packaging protects the product from damage, and hence, is widely used.
Printing Type Held Major Share of Inks Market
- Based on type, printing is expected to be a highly attractive segment of the global inks market during the forecast period. Rapid expansion of the printing segment offers immense potential for printing inks. Growth in the packaging industry is also boosting the printing inks segment, as printing inks are mostly used on packaging to convey information to customers regarding the product.
Oil-based Formulating Technology Held a Major Share of Inks Market
- In terms of formulating technology, oil-based is anticipated to be a highly attractive segment of the global inks market during the forecast period. Oil-based inks are majorly used in lithographic printing inks and emit no VOCs, as they are made from vegetable and mineral oils.
Top Three Players Accounted for Major Inks Market Share in 2018
- Prominent players operating in the global inks market include Sun Chemicals, Flint Group, Toyo Ink SC Holdings Co., Ltd., Sakata INX Corporation, Siegwerk Druckfarben AG & Co. KGaA, and Huber Group.
- Sun Chemicals is a leading producer of printing inks and pigments across the globe. The company operates as a subsidiary of Japan-based DIC Corporation Group. The company operates through two business segments: Inks & Pressroom Products and Pigment Products.
- Flint Group primarily focuses on strengthening its footprint in emerging flexographic inks market. For instance, in June 2015, it launched Flint Group Africa, a joint venture with Africa-based Continental Printing Inks and Eagle Ink Systems.
- In October 2017, Siegwerk Druckfarben AG & Co. KGaA started a new production facility for inkjet inks in Annemasse, France. It produces water-based printing inks and varnishes at the Annemasse site. The new production facility is expected to help the company boost the development of inkjet inks that are used in different printing processes for various applications.
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