Lithographic and Digital Printing Emerge as Promising Segments in 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” 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.
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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.
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.
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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