The global solvent-based inks market is moderately fragmented, and thus, there is no single player holding dominance over the market. Players in the market are developing newer products to increase their consumer base and this is intensifying the competition in the market. A key trend that has gripped the industry is the eco-friendliness of inks. As such, players have started focusing on developing solvent-based inks that have less of volatile organic compounds (VOC) content. Players are also broadening their product portfolio by developing solvent-based inks to be useful for flexographic printing, gravure printing, and digital printing. As per a new study by Transparency Market Research (TMR), the easy availability of raw materials is expected to increase the threat of new entrants. Moreover, the environmental concerns regarding VOC emissions will create a need for bio-based printing ink, giving new entrants an increased chance for entering the market.
According to the report, the global solvent-based inks market is expected to rise from US$5,415.4 mn in 2015 to US$7,915.3 mn by 2024. By geography, Asia Pacific is expected to lead and account for 40.73% of the market by 2024. The Europe market for solvent-based inks is expected to expand at a 3.66% CAGR from 2016 to 2024. By application, the packaging segment is expected to be worth US$2,980.10 mn by 2024. However, the magazines segment is expected to expand at a high CAGR from 2016 to 2024. On the basis of printing type, the lithographic segment is expected to account for 35.85% of the solvent-based inks market by 2024. By product, epoxy inks segment will lead and be worth US$2,299.39 mn by 2024.
Demand from Packaging Industry to Fuel Solvent-based Inks Market
The packaging industry is the key consumer of solvent-based inks as they are used on various substrates and surfaces and offers weather and rubbing resistance. “The growing demand for consumable goods is an important driving factor behind the growth of the packaging industry and hence the growth of the solvent-based inks market,” says a TMR analyst. The growth of the food and beverages industry is another factor driving the global solvent-based inks market. In addition to this, the demand for flexible packaging is expected to increase from the healthcare industry and this will further aid the growth of the solvent-based inks market.
Digital printing industry is flourishing over the last few years and this is benefitting the global solvent-based inks market. Digital printing is being preferred over traditional printing in advertising, photos, textiles, fine arts, desktop publishing, and architectural designs owing to the speed and flexibility they offer. This will create a heightened demand for solvent-based inks.
VOC Emissions by Solvent-based Inks to Pose Challenge
The growing environmental awareness about the harmful effects of VOC emissions will restrict the growth of the market. Many regulations have been imposed across North America and Europe restricting the emission of VOC. This is expected to increase the demand for UV-cured printing inks as the alternative to petrochemical-based inks such as solvent-based inks. The penetration of e-commerce has reduced the demand for paper based communication by increasing virtual transactions. This trend is impacting the solvent-based inks directly. Moreover, the circulation of e-magazines and e-papers will further impact the publication market. On the other hand, the development of bio-based solvents to manufacture inks will create a new growth opportunity in the market. Key players are focusing on R&D to develop inks that are harmless and this will ensure the growth of the market in the future.
This information is based on the findings of a report published by Transparency Market Research, titled “Solvent-based Inks Market - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2016 - 2024.”
The global solvent-based inks market is segmented as follows:
Solvent-based Inks Market: By Product Type
Solvent-based Inks Market: By Printing Type
Solvent-based Inks Market: By Application
Solvent-based Inks Market: By Region
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