Printing Inks Market Dynamics, Growth Prospect and Consumption Analysis till 2028
The global printing inks market was valued at USD 19.2 billion in 2020, and it is projected to grow at a compound annual growth rate (CAGR) of 2.8% from 2021 to 2028. The market is expected to experience moderate growth over the forecast period, driven by several factors. Key drivers include the expansion of industries such as flexible packaging, commercial printing & publishing, and packaging labels. These sectors are major consumers of printing inks, contributing to the market's growth. The superior properties of the constituents in printing inks such as pigments, binders, solubilizers, and additives are crucial for producing text, designs, or images. Rising demand from the packaging sector, along with commercial printing and evolving consumer preferences, are expected to ensure continued demand for printing inks in the future.
The global printing inks market is moving towards significant consolidation to improve efficiency, support market growth, and strengthen leverage with suppliers and customers. This trend, especially prominent in the western market, has become a long-term strategy, as organic growth opportunities have become limited. However, the market's revenue growth is expected to be constrained by downward pricing pressure, stemming from slow product price increases due to intense competition within the industry. Additionally, stringent regulatory frameworks, such as the Federal Food, Drug, and Cosmetic Act and U.S. Food and Drug Administration guidelines, are limiting the usage, manufacturing, and distribution of various inorganic solvents and toxic metals in printing inks. This is likely to hinder market growth during the forecast period.
Gather more insights about the market drivers, restrains and growth of the Printing Inks Market
Despite the challenges, research initiatives are focusing on developing economical and non-toxic raw materials, such as graphene, carbon, and modified celluloid, to mitigate the reliance on crude oil derivatives and inorganic pigments, which are currently key raw materials in ink production. The printing inks market is heavily influenced by advancements in technology, particularly in ink-jet and digital printing processes. Historically, printing inks were primarily used for printing publications like newspapers, magazines, and journals. However, with rapid urbanization and increasing consumer demands for digitalized solutions, the use of printing inks has expanded from commercial printing and publications to the packaging industry. In the packaging sector, printing inks are used to enhance the visual appeal of packaging materials, making them more attractive to consumers, which is a critical method for product promotion and marketing.
Flexible packaging has emerged as a preferred choice for customized packaging solutions, driven by the growing food and beverage industry. This is particularly evident in the strong growth of the snacks and confectionery categories. Additionally, increasing global food demand, fueled by population growth, is a key trend supporting the expansion of the flexible packaging industry. The rise of flexible packaging is anticipated to offer significant growth opportunities for the printing inks market.
Product Segmentation Insights:
In 2020, the lithographic printing inks segment held a substantial share of the overall market value. Lithographic printing is expected to witness strong growth during the forecast period due to its ability to deliver high-quality prints and its efficiency in large-scale printing projects. This printing process is well-suited for flat media, such as cloth, foil, paper, plastic, and flat cardboard.
Gravure printing inks are primarily used for printing photographs, and they can be applied to films, thin papers, metal foils, and paper cups. Gravure printing utilizes "liquid inks," and its flexibility makes it suitable for a wide range of applications, particularly in the food packaging, tobacco products, and cosmetics industries. These inks can be used on various substrates, including cardboards, papers, plastics, foils, and labels.
Flexographic inks, which are applied to a variety of substrates such as paper, laminates, films, foils, and corrugated boards, are expected to see strong growth during the forecast period. This growth is supported by the eco-friendly nature of flexographic inks, as well as their low costs. Moreover, the rising demand for flexible packaging and cardboard printing, in line with increasing logistics volume, is expected to boost the demand for flexographic inks in the U.S. and European countries.
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