Digital Inks Market: A Comprehensive Research Study
The global digital inks market is projected to grow from USD 2.71 Billion in 2018 to USD 4.17 Billion by 2023, at a CAGR of 9.1% from 2018 to 2023. The growth in the demand for digitally printed soft signage is driving the market for digital inks. In addition, the extensive use of digital inks in ceramics printing has created a high demand for digital inks for use in the application. Packaging is the fastest-growing segment of the digital inks market, owing to the high demand for digital inks for label printing.
Various advantages offered by digital printing over analog printing, the growth of the digital textile printing inks market, increasing demand for digital inks for ceramic tiles printing, and the rising demand for UV-cured digital inks are expected to drive the digital inks market.
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Sun Chemical (US), INX International Ink (US), Toyo Ink SC Holdings Co. (Japan), JK Group (Italy), and Nazdar Company (US) are recognized as leaders in the digital inks market. These companies are focused on broadening their product portfolios to compete with other key market players.
Sun Chemical is a subsidiary of the DIC Group. The company has more than 300 manufacturing, sales, and service locations in Europe, Asia, and the Americas. It is the world’s largest producer of printing inks and pigments. The company provides polymers, liquid compounds, solid compounds, application materials, and fine chemicals. Its products are sold under the Sun Chemical, Kohl & Madden, US Ink, and Coates brands.
In September 2017, Sun Chemical launched SunEvo digital inks for labeling, flexible packaging, and corrugated printing markets. This strategy has enabled the company to cater to the increasing demand for digital inks from the packaging sector. In March 2016, Sun Chemical launched SunTex, a range of water-based inkjet inks used in textiles and soft signage print applications. SunTex Sonata and SunTex Encore brands were introduced as part of the SunTex series. This strategy of new product launches has helped the company to enhance its presence in the sportswear, fashion wear, and home furnishing segments. In December 2015, Sun Chemical introduced Streamline ESL 2 range of eco solvent inkjet inks and Streamline Ultima HPQ LO inkjet inks. This has helped the company to enhance its product portfolio and widen its presence in North America.
INX International Ink is a subsidiary of Sakata INX Corporation and the third-largest producer of inks in North America. The company provides flexographic, gravure, web offset, inkjet, and UV/EB inks for commercial, packaging, and digital printing applications. It develops digital inks under the Triangle brand. Under this brand, the company specializes in the production of wide and super-wide format digital inks for industrial applications.
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In May 2017, INX Digital, a subsidiary of INX International Ink, introduced OKS Eco Solvent Ink, in addition to LV8 and XCS, a pair of solvent inks, for the alternative inks market. The new product development strategy helped the company improve its presence in the European region. In October 2013, INX Digital introduced MED, HLX, and ESC wide-format inkjet inks under the Triangle brand. This strategy has enabled the company to cater to the rising demand for alternative inks used in the advertising & promotion application.
Based on application, the advertising & promotion segment is estimated to be the largest application segment of the digital inks market in 2018.
Based on application, the advertising & promotion segment is estimated to be the largest application segment of the digital inks market in 2018. This large share can be attributed to the rising demand for digital inks in Point-of-Sale (PoS) displays, Point-of-Purchase (PoP) displays, and other digital soft signage printing in the retail end-use market.
The digital inks market in Asia Pacific is expected to witness the highest growth during the forecast period.
China is the largest consumer of digital inks in the Asia Pacific region. The growth of the retail sector in China will drive the demand for digital inks in the country, especially in the advertising & promotion application segment. There has been growth in retail subsectors such as cosmetics, jewelry, sport and leisure articles, cars, furniture, communication devices, household appliances, and consumer electronics.
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