The global ink solvents market is likely to see a preference for water-based and bio-based solutions over conventional organic solvent formulations in the upcoming years, points out a new market intelligence study by Transparency Market Research (TMR). While bio-based solutions are prepared from raw materials such as ethyl lactate, soyate, methyl bio-ethanol, and others, organic solvents are petroleum based. The report, titled, “Ink Solvents Market - Global Industry Analysis, Size, Share, Trends, and Forecast 2016–2024,” finds that the market at present is dominated mainly by organic solvents, namely xylene, toluene, mineral spirits, methyl ethyl ketone, acetone, etc.
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In the near future, however, the report predicts a waning demand for organic ink solvents due to strict environmental laws likely to be imposed on them. This would substantially up the demand for bio-based substitutes and boost the growth of its market. The TMR report states that the market would also gain in the coming years because of the absence of hazardous chemicals in bio-based ink solvents, making them totally safe to use. Additionally, manufacturers these days are turning their focus towards water-based inks because of their lower inflammability.
Ink solvents typically find application in paper printing, textile printing, and cardboard printing. Substantial growth in the market for printing inks market is predicted to drive the demand for ink solvents in the upcoming years, especially in the flexible and rigid packaging applications. Applications in packaging printing, cardboard printing, and other paper-based printing are expected to dominate the ink solvents market in the next eight years. Flexographic printing that uses flexible printing plates made of plastic is one of the most attractive markets for ink solvents.
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The market for ink solvents in developed regions would likely record lackluster growth from 2016 to 2024 on account of their being mature and saturated. The developing markets in emerging economies, however, hold a lot of potential. Asia Pacific, powered by Japan, China, and other countries, is slated to grow at a cracking pace. The demand in Latin American and African nations too would likely remain robust in the near future. Prominent players in the global market for ink solvents are pulling out all stops to tap into developing markets across Asia, Africa, and Latin America.
The TMR report furnishes information about the size of the market under different segments, leveraging data on the number and revenue of companies within each segment and sub-segment. It also factors in data pertaining to demand and supply to comprehend current industry trends. Some of the companies profiled in the report are Ineos AG, ExxonMobil Chemical, Eastman Chemical Company, Vertec Biosolvents Inc., Sasol Solvents, and Shell Chemicals.
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