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Printing Inks Market - Growth, Trends, and Forecast (2020 - 2025)

Printing Inks Market - Growth, Trends, and Forecast (2020 - 2025)

  • April 2020
  • 214 pages
  • ID: 5891601
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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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, a decline in the conventional commercial printing industry and stringent regulations regarding disposal are expected to hinder the growth of the market studied.
- Growth in the demand for bio-based and UV curable inks is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from the 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.
- The variable data capacity of the digital press is also enabling versioning and personalization in big food and beverage organizations, which inspires rapid customer response. For instance, Coco-Cola took advantage of the digital press, with its ‘Share a Coke’ campaign in the United States and 35 European countries, involving the printing of over 750 million packages, producing over a billion labels.
- 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.
- Hence, the demand for printing inks for large hoardings and billboard labels is increasing on a regular basis.

China to Dominate the Asia-Pacific Market

- In Asia-Pacific, China is the largest economy, in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate as compared to the previous year.
- However, due the onset of COVID-19, the economic growth of China now seems to contract by a considerable extent in 2020. The IMF has cut the nation’s GDP growth forecasts to about 5.6% on the account of assumptions that the outbreak was only limited to China. However, as it is not the case currently, the GDP growth of the nation for 2020 is expected to further decline.
- 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 a 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.
- Flexible plastic packaging could be seeing high demand in China, in order to prevent future COVID-19 outbreaks. This positive momentum in the packaging industry is expected to ignite the market demand for printing inks. However, China’s plastic ban is shaking up the packaging industry and forcing the FMCG companies to use recycled plastic packaging. This is expected to present challenges for the market growth of printing inks in the packaging applications.
- Moreover, the country witnessed rapid growth in the fast-moving consumer goods (FMCG) market, during 2019. The growth of the FMCG market was majorly driven by the increased spending on premium and healthier products, by the middle-class consumers.
- 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. With such growth in the industrial and FMCG segments, the packaging demand has been increasing in the country, driving the demand for printing ink further from the packaging industry.

Competitive Landscape
The global 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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