A new study by Transparency Market Research (TMR), the global flexographic printing inks market is highly diversified with a large pool of large-, medium-, and small-scale manufacturers, vendors, and suppliers. The top four players, namely, Sun Chemical Corp., Flint Group, Siegwerk Druckfarben, and Toyo Ink SC Holdings, collectively held nearly 35% of the overall market in 2016.
The leading companies are making constant efforts towards technological innovations in order to achieve high-quality products at low processing costs. Over the coming years, the market is likely to witness intense competition between participants, looking to expand their businesses, states the research report.
As per the report’s estimations, the global market for flexographic printing inks is likely to expand at a CAGR of 5.80% during the period from 2017 to 2025. The opportunity in this market is likely to rise from US$6.56 bn in 2016 to US$10.91 bn by the end of the period of the forecast. In terms of volume, the market is anticipated to cross 2,434.1 kilo tons mark by 2025. The demand for flexographic printing inks is higher in packaging than other applications and the trend is likely to remain so over the next few years, notes the study.
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UV-cured Inks to Surpass Water-based inks in Terms of Demand
According to the research report, water-based inks, UV-cured inks, and solvent-based inks are the key products available in the global market for flexographic printing inks. Currently, the demand for water-based inks has been higher than other flexographic printing inks. However, the demand of UV-cured inks is likely to increase substantially during the forecast period.
Asia pacific, the Middle East and Africa, North America, Latin America, and Europe have been considered as the prime regional markets for flexographic printing inks in this research study. Asia Pacific led the overall market with a share of more than 37% in 2016 and is projected to retain its position over the period of the forecast, thanks to the significant rise in its consumer goods and the packaged food and beverages industries.
In the near future, the Asia Pacific market for flexographic printing inks is also expected to gain from the rising investments in the packaging industry, specifically in India, China, and the ASEAN nations. With a number of prominent international players making efforts to enter into this regional market via strategic alliances with local participants, the Asia Pacific market for flexographic printing inks is anticipated to witness exceptional growth over the next few years, reports the research study.
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Rise in Packaging Industry to Reflect Positively on Global Flexographic Printing Inks Market
“The exceptional growth in the global packaging industry is the main factor behind the rise on the flexographic printing inks market across the world,” says the author of this report. The recent shift of consumers towards packaged and duly labeled food and beverages and other products has prompted companies involved in the business of food and beverage products and consumer goods to uptake flexographic printing inks for the labeling of their products. This, as a result, is reflecting greatly on the growth of this market.
Over the coming years, the worldwide flexographic printing inks market is expected to gain substantially from the rise in the consumer spending and the augmenting demand for UV-cured printing inks. However, the increasing concerns over the High VOC emissions associated with solvent-based inks may obstruct this market from expanding steadily over the forecast period, states the report.