Bio-based Inks: Introduction
- The global bio-based inks market is anticipated to expand rapidly during the forecast period, due to growth in the packaging sector. Bio-based inks are used for printing on paperboard and cardboard as well as non-porous substrates such as plastic wraps and bags.
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Key Drivers of Bio-based Inks Market
- Growth of the food & beverages industry and expansion in the health care have boosted the demand for safe printing inks across the globe. The printing inks market is expected to benefit from high demand for bio-based inks used in printing applications, such as ink jet, gravure, and flexography. These printing inks are gaining popularity, as they are far more advantageous than traditional printing inks. Demand for bio-based inks is expected to rise in the next few years due to stringent environmental regulations pertaining to the usage of VOC inks. The market is likely to witness significant growth, owing to the bio-compatible properties of these inks, such as waste reduction, low pollutant emission, and low energy usage.
- Rise in penetration of bio-based products creates ample opportunities for the market. Growth in awareness about the harmful effects of Volatile Organic Compound (VOC) emissions in printing inks has boosted the demand for printing inks made from bio-based products. Additionally, increase in demand for bio-based products in end-use industries, such as food & beverages, printing, packaging, and publication, is expected to propel the growth of the printing inks market during the forecast period. Increase in investments in research and development activities is expected to drive the market. Market participants are focusing on developing new and innovative solutions to support customers in addressing environment-friendly requirements. These investments are likely to propel the demand for the printing inks during the forecast period.
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Packaging Application Segment to Offer Lucrative Opportunities
- Based on application, the packaging segment accounted for a major share of the global bio-based inks market in 2019. Packaging is a common application of printing inks. All types of packaging require printing inks to denote information such as date of manufacturing, logo, and design.
- The commercial printing segment also accounted for key share of the global bio-based inks market in 2019. The segment is anticipated to gain higher share during the forecast period, due to increase in sales of paperback books. Sales of paperback books are increasing owing to the rise in subscriptions of e-books. This, in turn, is driving publishing and commercial printing segments of the global bio-based inks market.
- The others segment comprises photograph reproduction, fine art, and wall covers. The segment is expected to lose share during the forecast period, due to factors such as rise in use of digitization and increase in consumption of substitute products.
Covid-19 Impact on Bio-based Inks Market
- According to the International Monetary Fund (IMF), the global economy is expected to experience the worst recession since the Great Depression (1929–1933) in the near future. The packaging industry is also likely to face some adverse impact of the coronavirus pandemic. Demand for packaging for groceries, health care products, and e-commerce transportation is anticipated to rise sharply. At the same time, demand for industrial, luxury, and some transport packaging is estimated to decline in the near future.
- Demand for packaging products for industrial, bulk, and transportation packaging is likely to rise in the near future. Demand for packaging of these types of products is closely linked to the trend in GDP and the level of industrial activity. Therefore, sharp decline related to COVID-19 is expected to lead to a reduction in demand for packaging. At the same time, several sectors such as packaging for food and pharmaceutical industries continue to see robust demand. Thus, the impact of Covid-19 pandemic is estimated to be low on the bio-based inks market in 2020 and 2021.
Asia Pacific Expected to Hold Major Share of Global Bio-based Inks Market
- Based on region, the global bio-based inks market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- In terms of demand, Asia Pacific dominated the global bio-based inks market in 2019, due to presence of a large number of manufacturers of food, beverages, and personal care products in the region. The commercial printing industry in Asia Pacific has been expanding rapidly.
- Europe also held vital share of the global bio-based Inks market in 2019. Europe also has a strong rigid packaging industry. Food & beverages and personal care industries in the region have reached the saturation stage. Several countries in Europe are witnessing high per capita consumption of packaged products. Growth of the packaging sector in the region is propelling the demand for inks, as inks are mostly employed to print product details onto packaging.
- Increase in adoption of next-generation packaging in North America is one of the key trends in the packaging industry in the region. Growth of the packaging industry in the region is boosting the demand for bio-based inks in North America.
- On September 10, 2019, Sun Chemical launched food packaging offset inkset, SunPak FSP, which is based on renewable bio-based materials. The new bio-based ink consists of 77% of the total organic carbon and with just 23% being fossil carbon, of which the majority relates to pigments.
- In September 2018, Siegwerk Company launched new water-based ink set that incorporates natural resins. The UniXYL range is designed for use with paperboard products on flexo presses. The resin used in it also comes from the forestry sector, as it is derived from lignocellulosic biomass; while the use of an aqueous chemistry minimizes the release of volatile organic compounds (VOCs). The inks is fully compliant with existing legislation (Swiss Ordinance) and industry standards for food contact printing.
- In November 2017, the Flint Group launched a new in-mold label BIO Process Inks, Novastar, for metallized paper and non-absorbent substrates
Key Players in Market
Key players operating in the bio-based inks market include:
- DIC Corporation
- Flint Group
- Toyo Inks SC Holdings Co., Ltd
- Sakata INX
- Siegwerk Druckfarben AG & Co. KGaA
- Huber Group
- T&K TOKA CO., LTD.
- ALTANA AG
- TOKYO PRINTING INK MFG Co Ltd
- Wikoff Color Corporation
- Royal Dutch Printing Inks Factories Van Son
- Dainichiseika Color & Chemicals Mfg.Co.,Ltd
Global Bio-based Inks Market: Research Scope
Global Bio-based Inks Market, by Process
Global Bio-based Inks Market, by Formulation Type
Global Bio-based Inks Market, by Application
- Commercial Printing
Global Bio-based Inks Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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