Southeast Asia Ink Resins Market
Southeast Asia Ink Resins Market (Type: Modified Rosin, Hydrocarbon Resin, Modified Cellulose, Acrylic, Polyamide, and Polyurethane; Printing Ink: Water-based, Solvent-based, UV-cured, and Oil-based; Printing Process: Flexography, Lithography, Gravure, Digital, and Others; and Application: Packaging, Publishing, Commercial Printing, and Others) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
- Chemicals & Materials
- 139 Pages
Soaring Demand for Printing Inks from FMCG Sector to Propel Southeast Asia Ink Resins Market
Over the past couple of decades, due to the growing awareness pertaining to the catastrophic effects of various industrial processes on the environment has played an important role in influencing the operations across the printing industry. While the printing industry adjusts to the new regulatory landscape, the packaging industry is expected to follow a similar path and integrate sustainable and environment-friendly solutions. Printing inks have evolved over the past couple of decades in terms of new formulas and concepts in tune with the evolving requirement of end users. The Southeast Asia ink resins market is set to witness consistent innovations and developments during the forecast period, due to the evolving regulatory landscape and growing demand from the printing sector.
Technological advancements are expected to have a crucial role in the development of new resin technologies particularly related to the food industry. The packaging industry has gained considerable spotlight over the past decade due to fluctuating consumer trends. However, the growing emphasis on enhancing the quality of food products, focus on improving consumer safety, and environment protection norms are some of the factors that have influenced the product development operations across the Southeast Asia ink resins market. Research and development activities are likely to gain considerable momentum across the ink resins market in Southeast Asia – a factor that is expected to provide a massive boost to the production of high printing ink formulations. The growth of the Southeast Asia ink resins market is expected to primarily depend on the growth of the printing industry.
The advent of new printing techniques, the growing use of safe printing formulations, frequent demand for innovative printing inks manufactured using raw materials and other ingredients that comply with the regulatory guidelines, and exponential growth in the demand for flexible packaging solutions are some of the leading factors that are projected to drive the Southeast Asia ink resins market during the assessment period. At the back of these factors, the Southeast Asia ink resins market is expected to attain a market value of ~US$ 700 Mn by the end of 2030.
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Growing Demand for Sustainable, Eco-friendly, and Safe Printing Solutions
The significant growth in the demand for sustainable and safe printings solutions is expected to drive innovations in the Southeast Asia ink resins market. As modern-day consumers are increasingly opting for “green” products, green packaging is a raging trend that is set to garner immense traction over the assessment period. At present, participants operating in the ink resins market are expected to comply with the various regulatory guidelines and standards and focus on the production of bio-renewable ink resins. The demand for water-based, oil-based, and solvent-based printing inks has experienced considerable growth particularly from the food packaging sector across the Southeast Asian region. The growing demand for different variants of printing inks is expected to provide an impetus to the adoption of ink resins during the forecast period.
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Evolving Regulatory Landscape and Supply Chain Challenges amid COVID-19
Governments of different nations across the Southeast Asian region have laid down guidelines pertaining to the use of printing inks in food packaging applications. For instance, in August 2019, the Bureau of Indian Standards (BIS) released the draft of the new standards for printing inks for applications related to food packaging, which states a complete ban on the usage of toluene and other plasticizers. The exponential growth in the demand for fast-moving consumer goods across Southeast Asia has generated considerable demand for label and packaging printing. Although most international brands that have a presence in this region utilize premium or added value labels, domestic companies are increasingly swaying toward cost-efficient alternatives. However, in recent years, several domestic brands are switching to pressure-sensitive print and shrink sleeves across the food & beverages sector due to which, the demand for ink resins is on the rise.
The COVID-19 pandemic continues to hinder the growth of several key industrial sectors across the world and the storyline is similar in Southeast Asia. Government lockdowns coupled with trade and transportation restrictions have created multiple bottlenecks across the supply chain for ink resins. Apart from the declining demand from the food printing sector, the industrial lockdown in China in the first couple of months of 2020 is likely to hinder the growth of the Southeast Asia ink resins market, as sourcing of raw materials from China proved to be a challenge. While the demand for ink resins from the domestic market is likely to decline in 2020, market players should ideally focus on formulating growth strategies for the post COVID-19 era.
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The Southeast Asia ink resins market is expected to grow at a CAGR of ~6% during the forecast period. The market growth will primarily depend on the growing applications of printing inks across the food & beverages sector. In addition, the growing popularity of flexible packaging solutions is another leading factor that is expected to set the tone for the growth of the ink resins market in Southeast Asia. Manufacturers should focus on introducing products that comply with the standards and focus on expanding their market share by tapping into opportunities for label printing in other industrial sectors.
Southeast Asia Ink Resins Market: Overview
- Ink resins possess characteristics such as viscosity, strong pigment adhesion, high solid content, gloss, and improvement of pigment wetting
- Commonly used resins include alkyds, coumarone-indene resin, fumaric resin, gum, maleic resin, nylon, phenolic resin, polyethylene, polypropylene, polyvinyl acetate, polyvinyl alcohol, polyvinyl chloride, polyvinyl chloride acetate, and shellac
- Indonesia held a major share of the ink resins market in Southeast Asia in 2019. The ink resins market in the country is anticipated to expand at a rapid pace during the forecast period.
Key Growth Drivers of Southeast Asia Ink Resins Market
- Rise in environmental concerns has compelled several countries in Southeast Asia to adopt sustainable solutions such as bio-based solvents for printing applications. The usage of bio-based inks, such as soy inks, is gaining momentum, especially in the publishing industry, owing to their low cost and environment-friendly properties. This is expected to boost the ink resins market in the region during the forecast period.
- Increase in literacy levels is estimated to boost the print media industry in Southeast Asia. Newspaper publishing constituted around 6% of the industry in 2019. Magazine publishing held 7.5% share of the print media industry in Southeast Asia in 2019, while book publishing accounted for 4% share in the same year. Newspapers, books, and others segments are expected to expand at a rapid pace in the near future. This is anticipated to augment the ink resins market in Southeast Asia in the near future.
Major Challenges for Southeast Asia Ink Resins Market
- The number of safety regulations has increased in order to avoid adverse health consequences resulting from the intake of toxic substances. This is likely to hamper the inks market in Southeast Asia, thereby negatively affecting the ink resins market in the region during the forecast period.
Lucrative Opportunities for Southeast Asia Ink Resins Market
- Manufacturers of ink resins in Southeast Asia can collaborate closely with printing ink manufacturers in the region to understand the precise requirements of the latter and manufacture ink resins accordingly
- Resins are selected depending upon several considerations such as application, type of ink technology, and system on which printing is to be carried out. Collaborations can help manufacturers of printing inks develop printing inks tailored for specific printing processes such as lithography, flexography, gravure, and digital printing or applications such as packaging, publishing, and commercial printing.
Indonesia Led Southeast Asia Ink Resins Market in 2019
- Indonesia dominated the ink resins market in Southeast Asia in 2019, owing to advancements in technology and growth of ink production in the country. This is anticipated to drive the ink resins market in the region during the forecast period.
- Singapore consumes a large quantity of printing inks, but it manufactures a limited quantity of these inks. Thailand is likely to remain a highly attractive country of the ink resins market in Southeast Asia during the forecast period, as it is a major producer of printing inks and a key country for packaging.
- International players have increased their focus on Southeast Asia. Attractiveness of the region is expected to increase during the forecast period, owing to the rise in usage of packaging and commercial printing; and growth of the packaging sector in countries such as Malaysia, Thailand, Indonesia, and Vietnam.
- Packaging is estimated to be a highly attractive segment of the ink resins market in Southeast Asia during the forecast period. Printing inks are used in all types of packaging. Hence, consumption of ink resins is high in the packaging segment. Furthermore, all products require packaging, especially due to the rise in awareness about benefits of packaging.
Solvent-based Printing Inks to Dominate Southeast Asia Ink Resins Market
- Based on printing ink, solvent-based is projected to be a highly attractive segment of the ink resins market in Southeast Asia during the forecast period, primarily due to the ease of use, high availability, and low price of these inks. However, consumers are increasingly shifting from solvent-based inks toward eco-friendly alternatives such as water-based and UV-cured inks.
- Adoption of eco-friendly printing inks, such as water-based and UV-cured inks, is likely to rise at a rapid rate in Southeast Asia during the forecast period. High consumption of ink resins in these printing inks is expected to create lucrative opportunities for ink resin manufacturers in the region during the forecast period.
High Usage of Ink Resins in Packaging
- Based on application, the packaging segment accounted for a dominant share of the ink resins market in Southeast Asia in 2019. Packaging is a common application of printing inks. The use of ink resins in packaging applications is anticipated to increase in the region during the forecast period. Printing inks are used to denote information such as date of manufacturing, logo, and design in packaging applications.
- The packaging industry in Southeast Asia is estimated to expand significantly during the forecast period. This, in turn, is projected to increase the consumption of ink resins in the region in the near future.
- Market share of the commercial printing segment is likely to rise during the forecast period, due to significant growth of the printing media industry in Southeast Asia. The commercial printing sector was a key consumer of ink resins in Southeast Asia in 2019.
Technological Advancements and R&D Activities in Southeast Asia Ink Resins Market
- Key players operating in the ink resins market in Southeast Asia include
- DIC Graphics (Thailand) Co., Ltd.
- BASF SE
- The Dow Chemical Company
- DSM Coating Resins B.V.
- Evonik Industries AG
- Lawter Inc.
- Resins and Plastics Limited.
- These companies are engaged in technology advancements and extensive research to lower the production cost of ink resins and gain higher share of the market in the region.
Southeast Asia Ink Resins Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the ink resins market in Southeast Asia in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for future growth of the ink resins market in Southeast Asia, to identify growth opportunities for market stakeholders. The report also provides insightful information about how the ink resins market in Southeast Asia would expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the ink resins market in Southeast Asia, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the ink resins market in Southeast Asia during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the ink resins market in Southeast Asia and estimates statistics related to growth of the market in terms of value (US$ Mn) and volume (Kilo Tons).
This study covers a detailed segmentation of the ink resins market in Southeast Asia, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the ink resins market in Southeast Asia, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Southeast Asia Ink Resins Market
The report provides detailed information about the ink resins market in Southeast Asia based on comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark, so as to help them design successful strategies and make target-driven decisions.
- Which type and application segment of the ink resins market in Southeast Asia would emerge as a major revenue generator for the market during the forecast period?
- How are key market players successfully earning revenues out of advantages of ink resins?
- What would be the Y-o-Y growth trend of the ink resins market in Southeast Asia between 2020 and 2030?
- What are the winning imperatives of leading players operating in the ink resins market in Southeast Asia?
- Which printing ink segment is expected to create lucrative opportunities for the ink resins market in Southeast Asia during the forecast period?
- Which are leading companies operating in the ink resins market in Southeast Asia?
Research Methodology – Southeast Asia Ink Resins Market
The research methodology adopted by analysts for compiling the ink resins market in Southeast Asia report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the ink resins market in Southeast Asia.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on the data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the ink resins market in Southeast Asia.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the ink resins market in Southeast Asia.
Southeast Asia Ink Resins Market – Segmentation
TMR’s research study assesses the ink resins market in Southeast Asia in terms of type, printing ink, printing process, application, and country & sub-region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects for the ink resins market in Southeast Asia.
Others (including Offset Printing and Screen Printing)
Others (including Writing)
Country & Sub-region
Rest of Southeast Asia