Flexographic inks are a critical component of flexible packaging owing to their suitability to a wide range of substrate. This versatility also makes them quite popular in the printing universe. One of the industries that is set to fuel market on a higher growth trajectory is the packaging industry.
Considered as one of the most prominent marketing tools, the industry is seeing an upward rise, especially owing to increase in demand from the food and beverages industry. And, thus one sees growth stories and manufacturing information and so much more on packaging today than ever before. The move is mainly aimed at attracting the millennial consumer who is woke and more aware of what he is consuming and demands the same from the product manufacturer.
It is also worth noting here that flexible packaging uses minimum material and delivers to the T in terms of protectiveness as it combines the best of all worlds – plastic, aluminum foil, film and paper. Besides, it can take the shape of any type of packaging – from pouches to liners and bags, overwraps. As this makes the packaging attractive, the demand for flexographic inks increases in sync.
Longer workdays and stressful lifestyles are leading people to opt for convenient dietary habits such as processed and packaged food. The demand is attributable to the fact that not only are these easy-to-eat or read-to-cook but also have a longer shelf life. This, again is a positive contributor to growth in the global flexographic inks market.
As per a recent Transparency Market Research report, the global flexographic inks market is set to chart a CAGR (Compound Annual Growth Rate) of 4.1% over the forecast period of 2019 - 2026, pulling the market worth up by a significant value.
Asia Pacific Region to Grow at a Stellar CAGR over the Forecast Period
Owing to a large consumer base, Asia Pacific (APAC) region is garnering attention from major players in the global flexographic inks market. Besides, as the economies in the region demonstrate an impressive performance, disposable incomes rise, pulling up consumption levels for goods. Besides, while the region was traditionally oriented towards a join-family set up, it is gradually moving towards nuclear families, dual income – where both adults in a nuclear family earn their bread and butter, demand for packaged and processed food is increasing. It is a natural outcome of urbanization and westernization.
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Global Flexographic Inks Market to Remain a Fragmented Landscape over the Forecast Period
The market landscape is fragmented owing to numerous players, both small and large, marking the playfield. This also makes the market quite competitive. Some of the most prominent names flanking the universe include DIC Corporation (Japan), Siegwerk Druckfarben AG & Co. KGaA (Germany), Sakata Inx (Japan), Toyo Ink S.C. Holdings Co. Ltd. (Japan), Flint Group (Luxembourg), and T&K Toka (Japan), among others.
The market has been segmented as follows:
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