The global solvent-based inks market was valued at US$ 9,179.2 Mn in 2018 and is anticipated to expand at a CAGR of 3.50% from 2019 to 2027, according to a new report titled ‘Solvent-based Inks Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,’ published by Transparency Market Research (TMR) The global solvent-based inks market is driven by advanced properties offered by solvent-based inks over water-based inks.
Rise in Demand for Solvent-based Inks in Packaging Industry to Drive Marke
Growth of the packaging industry is the primary factor boosting the global solvent-based inks market. Expansion of the transportation industry across the globe, especially in developing regions, and rise in industrialization are also augmenting the global solvent-based inks market. Solvent-based inks are used extensively in various exterior applications in the packaging industry, as these inks offer resistance to adverse weather conditions. Rapid development in the packaging industry is boosting the demand for printed materials. This, in turn, is propelling the solvent-based inks market.
Advanced Properties of Solvent-based Inks Expected to Propel Market
Solvent-based inks are used widely in printing of products that are to be used outdoors, as these inks can adhere to non-absorbent materials. Solvent-based inks possess various advantages. For instance, these inks are fade proof, water proof, and scratch resistant. These qualities enhance its usefulness in outdoor printing.
Solvent-based inks are used on a wide number of surfaces and substrates and are well-known for advanced properties such as weather resistance. Rise in demand for flexible and advanced packaging, primarily in food & beverages and health care industries, is driving the solvent-based inks market. Additionally, emergence of the digital printing industry is anticipated to augment the demand for solvent-based inks in the near future.
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Evolution of E-books and Digitization to Restrain Market
E-commerce involves trading in products and services using an intricate computer network. The global extent of the Internet and rise in virtual transactions have hampered paper-based communication. Proliferation of e-commerce, such as e-books, has substantially reduced the use of paper-based communication across the globe. Mass access to the same book, cost advantages over printed books, and availability of low-cost devices to read e-books are key factors boosting the e-book industry. These factors, in turn, are restraining the book printing industry, thereby hampering the solvent-based inks market.
Lithographic Segment Dominates Solvent-based Inks Market
Based on printing technology, the global solvent-based inks market has been classified into lithographic, gravure, flexographic, screen-printing, letterpress, and digital. In terms of value, the lithographic segment accounted for major share of the global solvent-based inks market in 2018. The segment is likely to remain highly lucrative during the forecast period, due to the rise in flexible packaging and printing of tags and labels across the globe. Lithography is extensively employed for printing books, catalogs, and posters, owing to the high quality print and fast turnaround of the technology.
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Asia Pacific Dominates Global Solvent-based Inks Market
In terms of region, the global solvent-based inks market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The solvent-based inks market in Asia Pacific is projected to expand significantly during the forecast period owing to the growth in lamination and food packaging industries in the region. Market share of Asia Pacific is expected to increase by 2027, due to large-scale production activities and plant expansions in the region.
North America and Europe cumulatively accounted for more than 50% share of the global market in 2018. Multinational corporations in North America and Europe are well-known for introducing new types of solvent-based inks through research and development activities.
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High Degree of Competition among Market Players
High degree of competition exists among players operating in the global solvent-based inks market. The solvent-based inks market is dominated by large players. Key players operating in the global market include Tokyo Printing Ink Mfg. Co. Ltd., Dainichiseika Color & Chemicals Mfg. Co., Ltd., Sun Chemical Corporation, Flint Group, and Toyo Ink SC Holdings Co., Ltd.