Gravure Printing Ink Market: Snapshot
The market for gravure printing inks has been gaining increased momentum across the globe On account of the high-quality image reproduction and low per-unit costs offered by gravure printing. These inks have been extensively used in the packaging sector, which is experiencing swift growth in many countries.
In the recent past, the gravure printing ink industry has faced stiff competition mainly from flexographic printing inks. The demand for flexographic printing in several countries in North America and Europe has prominently increased on account of its lower ink consumption, diminished manpower requirement, and faster changeovers. However, gravure printing inks is still considered to be the most preferred printing ink in the packaging industry.
According to Transparency Market Research, the global gravure printing ink market was valued at US$1.8 bn in 2015 and is projected to reach US$2.6 bn by 2024 at a CAGR of 3.98% therein.
Gravure Printing Inks Used Extensively in Packaging Applications
The key product types of gravure printing inks are solvent-based and water-based. Solvent-based gravure printing inks are among the most widely used gravure inks worldwide. This is primarily due to their ability to dry quickly and their ease of adaptation to various substrates. Water-based gravure printing inks, on the other hand, are gaining more momentum due to their compliance with several environmental regulations. It has been estimated that during the forecast period the global revenue of the water-based gravure printing inks segment is likely to rise at CAGR 5.0%.
Gravure printing inks find application in wall papers, food packaging, furniture laminates, wrapping paper, magazines, greeting cards, newspapers, and others. Transparency Market Research finds that gravure printing inks are used extensively in the packaging industry. In 2015, the market for packaging gravure inks was estimated at around 60%. The demand for gravure printing inks in the publication segment took a hit in 2015 owing to the growth in the online advertising and publishing industries.
Dynamics of Global Gravure Printing Inks Market Set to Change by 2024
The global market for gravure printing inks was led by Asia Pacific in 2014. However, Latin America is expected to be the dominant market in the next eight years and is anticipated to change the dynamics of the gravure printing inks market in the coming years.
Six of the eight leading manufacturers of gravure printing ink are headquartered in Asia Pacific and this has significantly bolstered the market. The major driving factors for the development of the gravure printing ink market in Asia Pacific are a growing population base, an increase consumer spending, and the rising demand for appealing packaging and sustainable printing solutions. It has been anticipated that the revenue of the gravure printing ink market in Asia Pacific will rise at a CAGR of 5.42% from 2016 to 2024.
Latin America and the Middle East and Africa are considered to be the emerging markets for gravure printing ink. The countries in these regions are in the very nascent stage of economic development but have been expanding at a rapid pace, creating numerous opportunities for the manufacturing sectors in the region.
The market for gravure printing inks is considerably mature in the developed regions of North America and Europe. However, the growing packaging industry in these regions is likely to drive the gravure printing inks market during the forecast period.
Key players in the global gravure printing ink market include Tokyo Printing Ink Mfg. Co. Ltd., Fujifilm Sericol India Private Limited, Royal Dutch Printing Ink Factories Van Son, Dainichiseika Color & Chemicals Mfg. Co., Ltd., Sun Chemical Corporation, and Flint Group.
This research study analyzes the market for gravure printing ink in terms of revenue (US$ Mn) and volume (Kilo Tons). The gravure printing ink market has been segmented on the basis of product, end use applications, and geography. The geographical segmentation includes regions, which are further divided into 20 countries-in the global gravure printing ink market. The report features a detailed regional segmentation with market growth forecasts for the years 2016−2024. 2015 has been considered as the base year and 2016 the estimated year, while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional and country-specific levels from 2016 to 2024. The report provides a broad competitive analysis of companies engaged in the development of gravure printing ink technologies for the gravure printing ink business. The report also includes key market dynamics such as the drivers, restraints, and opportunities affecting the global gravure printing ink market. These are analyzed in detail and illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive analysis of the market with the help of the Porter’s Five Forces Analysis model, which helps in understanding the factors that affect the structure and profitability of the global gravure printing ink market. These are the bargaining power of buyers, the bargaining power of suppliers, the threat of new entrants, the threat of substitutes, and the degree of competition.
The high-level analysis in the report provides detailed insights into the gravure printing ink business globally. There are currently numerous drivers for the market. The most prominent drivers include rapid growth in the packaging industry, increasing GDP in several countries, and rising demand for water-based gravure inks. Market attractiveness analysis was carried out for the gravure printing ink market on the basis of product type, application, region, and country. Market attractiveness was estimated on the basis of common parameters that directly impact the market.
On the basis of product type, the market has been segmented into solvent-based gravure printing inks and water-based gravure printing inks. By application, the gravure printing ink market has been segmented by various end-use applications, including food packaging, wallpapers, wrapping paper, furniture laminates, greeting cards, magazines, newspaper, and other applications.
In terms of geography, the market has been segmented into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. China is expected to remain the dominant market for gravure printing ink, with demand reaching 190.7 kilo tons by 2024. A zero tax agreement between ASEAN and China has created a stable position for ASEAN, which is expected to expand at a CAGR of 5.2% between 2016 and 2024.
India is one of the fastest-growing economies in the world. Favorable government regulations and the emergence of medium and small enterprises in India have contributed significantly to the gravure printing ink market.
Key players in the gravure printing ink market are Tokyo Printing Ink Mfg. Co. Ltd., Dainichiseika Color & Chemicals Mfg. Co., Ltd., Sun Chemical Corporation, Flint Group, Toyo Ink SC Holdings Co., Ltd., Lawter Inc. , Yansefu Inks and Coatings Pvt. Ltd., Siegwerk Druckfarben AG & Co. KGaA, Sakata INX Corporation, Huber Group, Zeller+Gmelin GmbH & Co. KG, ALTANA AG, Wikoff Color Corporation, SICPA Holding SA, Fujifilm Sericol India Private Limited, Royal Dutch Printing Ink Factories Van Son and T&K Toka Co., Ltd. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
Gravure Printing Market: By Product
- Solvent-based Gravure Printing Inks
- Water-based Gravure Printing Inks
Gravure printing ink Market: By Application
- Food Packaging
- Wrapping Paper
- Furniture Laminates
- Greeting Cards
Gravure printing ink Market: By Region
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America