The global solvent-based inks market is highly
fragmented, wherein the top six companies cumulatively accounted for
a share of more than 75% in 2015. Transparency Market Research states
that Sun Chemical Group, Flint Group, Toyo Ink Mfg. Co., Ltd., Sakata
INX, Siegwerk Druckfarben AG & Co. KGaA, and Huber Group are
likely to gain momentum in the coming years after being restrained by
volatile raw material prices and unfavorable economic policies in the
past.
The threat of new entrants is likely to deter the
performance of these players as they focus on products with lower
content of VOC emitting inks. The availability of substitutes such as
UV-cured inks is also projected to act as a hindrance. However, TMR
analysts believe that these challenges present certain opportunities
for players to innovate and develop newer products that can adhere to
environmental restrictions and compete with rival offerings.
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Lithographic and Digital Printing Emerge as
Promising Segments in Solvent-based Inks Market
The opportunity in the global solvent-based inks
market was pegged at US$5.42 bn in 2015 and is projected to be worth
US$7.92 bn by 2024, rising at a CAGR of 4.4% therein. By volume, the
market is expected to reach 1,759.5 kilo tons by 2024 at a 2.9% CAGR
from 2016 to 2024. By type of printing, lithographic printing led the
global solvent-based inks market in terms of revenue and is projected
to amount to US$2.8 bn by the end of the forecast period. Digital
printing, on the other hand, is anticipated to register a high growth
rate of 5.16% from 2016 to 2024.
Although vinyl inks led the solvent-based inks
market in terms of revenue in 2015, the market is projected to be
dominated by epoxy inks by 2024, with cellulose inks emerging as a
highly lucrative product segment. Based on application, the packaging
sector surges ahead in terms of value as well as volume.
Geographically, Asia Pacific accounted for a share of over 40% in
2015 based on revenue and is likely to retain its lead in the global
solvent-based inks market, expanding at a 4.87% CAGR during the
forecast period.
Threat of Ecommerce and Online Reading Looms
over Market
“The soaring demand for ink in the packaging
industry is the primary factor driving the solvent-based inks
market,” the lead analyst finds. Solvent-based inks are used on a
number of different surfaces and substrates and are known for their
weather-resistant properties. The rapidly growing Asia Pacific
packaging sector has been providing the market a considerable boost
over the years. “The rising demand for flexible packaging in the
food and beverages as well as healthcare industries also serves as a
growth booster for the solvent-based inks market,” adds the
analyst.
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Significant growth in the digital printing
industry in recent years is also projected to translate into a rising
demand for solvent-based inks, TMR finds.
On the other hand, the enforcement of strict
environmental regulations curtailing the use of various inks in the
food and beverages sector is a key deterrent to the growth of the
global market. In addition, the rising demand for UV-cured inks and
the boom of e-commerce and online reading also pose a moderate threat
to the solvent-based inks market.
This review is based on the findings of a TMR
report titled “Solvent-based Inks Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”
Solvent-based Inks Market: By Product Type
- Vinyl Inks
- Vinyl-Acrylic Inks
- Epoxy Inks
- Polyurethanic Inks
- Cellulose Inks
Solvent-based Inks Market: By Printing Type
- Lithographic
- Gravure
- Flexographic
- Screen-printing
- Letter-press
- Digital
Solvent-based Inks Market: By Application
- Packaging
- Books & catalog
- Advertising
- Tags & Labels
- Office Stationery
- Magazines
- Newspaper
- Others
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