The printing inks market was valued at USD 16,757.32 million in 2020, and the market is projected to register a CAGR of over 2% during the forecast period (2021-2026).
Due to the COVID-19 impact in the first half of 2020, various manufacturing plants were shut down, and the demand for packaging has declined. Thus, this affected the consumption of printing inks in the packaging sector. However, the food and beverage industry started recovering in the second half of 2020, which has shown a positive impact.
- In the short term, the major factors such as growing demand from the digital printing industry and rising demand from the packaging and labels sector are expected to drive the market growth. - On the flip side, a decline in the conventional commercial printing industry and stringent regulations regarding disposal are expected to hinder the growth of the market studied. - Asia-Pacific dominated the market across the world, with the largest consumption from China.
Key Market Trends Increasing Demand from Packaging
- Digital printing is rapidly expanding into label production and electrophotography. The packaging industry is expected to experience a significant revolution over the next decade, owing to the increasing application of digital printing. - Due to the quick turnaround capability that digital printing offers, it has been very popular among various brand owners. Recent developments in digital printing, such as digital carton cutting, creasing, and other completion technologies, have increased the potential for more applications in flexible packaging, corrugated packaging, and folding cartons. - With the advantages of the inkjet process, such as being non-contact, and low cost, this process is extensively used for printing large formats on a wide range of substrates, making it suitable for packaging, and can be integrated into existing conversion lines more efficiently than toner systems. - With the developments in the food industry and growing population in countries, like China, India, and the United States, among others, the use of rigid packaging has been increasing over the past few years. - According to a report published by PMMI, ‘The Association for Packaging and Processing Technologies’, growth in the global packaging industry is anticipated to reach USD 42.2 billion by 2021, an increase from USD 36.8 billion in 2016, owing to the increasing population, growing sustainability concerns, more spending power in developing regions, and rising demand for smart packaging, among others. - Hence, the demand for printing inks from the packaging industry is expected to grow at a rapid rate during the forecast period.
China to Dominate the Asia-Pacific Market
- In Asia-Pacific, China is the largest economy in terms of GDP. The country witnessed about 1.9% growth in its GDP during 2020, even after the trade disturbance caused due to its trade war with the United States and the COVID-19 impact in 2020. - The country stands to be the world’s largest manufacturing economy and exporter, due to which its packaging requirement is huge. The packaging industry in China is expected to have tremendous growth, with a CAGR of nearly 6.8% to reach CNY 2 trillion during the forecast period. China sees a growing trend in the use of flexible, rigid, and paper and board packaging materials. This positive momentum in the packaging industry is expected to ignite the market demand for printing inks. - Additionally, the packaging industry witnessed noticeable growth, with the increasing trend of express deliveries. In 2019, the express delivery companies delivered around 63 billion parcels in the country, which reflected a 23% increase over the previous year. - China is the largest textile producing and exporting country in the world. With its rapid growth over the last two decades, the Chinese textile industry has become one of the main pillars of the country’s economy and contributes ~7% to the country’s GDP. Low cost of production, high availability of labor, reduced commercial barriers, and material supply availability are a few of the competitive advantages that the country offer for the clothing manufacturing industry. - China is the largest clothing producer in the world and has the largest production capacity for textile products, consisting of cotton, manmade fibers, and silk. - Owing to all the above-mentioned factors, the market for printing inks in the region is projected to increase during the forecast period.
Competitive Landscape The printing inks market is a partially consolidated market, with the top five players accounting for around 45% (in terms of revenues generated) of the global market share. Major players include Sun Chemicals, Flint Group, Sakata Inx Corporation, Toyo Ink SC Holdings Co. Ltd, and Siegwerk Druckfarben AG & Co., among others.
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The printing inks market is expected to register a CAGR of more than 2% (both in terms of volume and revenue) during the forecast period. The major factors driving the growth of the market studied include the growing demand from the digital printing industry and rising demand from the packaging and labels sector. - On the flip side,...
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