Solvent-based Inks Market: Snapshot
The solvent-based inks market is primarily dependent on the growth of the packaging industry. A rapidly developing packaging industry is expected to drive the market for solvent-based inks owing to their usage on a wide range of substrates and surfaces and their properties of weather-resistance. This makes solvent-based inks indispensable for use on packages of various kinds.
The market for bio-based printing inks is expected to expand in the near future as they are environment-friendly and do not contain any hazardous chemicals. Key players operating in the overall printing inks market, such as Sun Chemical, Toyo Ink group, and Huber Group, have been developing inks based on natural raw materials such as soy. Presently, bio-based printing inks made from rice bran oil, sugars, dextrin, and polysaccharides are being tested for printing abilities.
Considering this ongoing trend, the solvent-based inks market is expected to witness a radical change in the next few years. The global solvent-based inks market was valued at US$5.42 bn in 2015 and is projected to reach US$7.92 bn by 2024, at a CAGR of 4.4% therein. In terms of volume, the market is expected to register a CAGR of 2.9% from 2016 to 2024.
Flexographic Printing Rivals Lithographic Printing in Demand
By type of product, the solvent-based inks market comprises vinyl inks, vinyl-acrylic inks, epoxy inks, polyurethanic inks, and cellulose inks. Vinyl inks are considered to be one of the most widely used solvent-based inks across the globe due to their fast-drying properties and their ease in adaptation to various substrates. However, cellulose inks are likely to gain more traction during the forecast period due to their compliance with several environmental regulations and bio-based solvents. This segment is projected to rise at a CAGR of 4.8% during the forecast period.
In terms of printing processes, lithographic and flexographic printing processes hold a significant share in the market, together accounting for an estimated 65% in 2016. The demand for gravure printing has witnessed only moderate growth in 2015 mainly due to the cannibalization of gravure ink by flexographic and digital printing.
By application, solvent-based inks are extensively used in the packaging industry. In 2016, the market share for packaging solvent inks was pegged at 36.40%. The publication segment, on the other hand, which includes newspapers, magazines, books and catalogs, is likely to witness restrained growth due to the rise of online advertising and publishing.
APAC to Retain Lead in Global Solvent-based Inks Market
The global market for solvent-based inks has been led by Asia Pacific, fueled by a rapidly growing population, an increase in consumer spending, and the rising demand for appealing packaging and sustainable printing solutions. Six of the eight largest global ink manufacturers of solvent-based inks are headquartered in Asia Pacific and this gives the APAC solvent-based inks market a major boost. Transparency Market Research predicts that the revenue generated by the solvent-based inks market in Asia Pacific will increase at a 4.8% CAGR from 2016 to 2024.
Latin America and the Middle East and Africa are considered to be emerging markets for solvent-based inks. Countries in these regions are in a nascent state of economic development but rapid growth in these economies are likely to create numerous opportunities for players in the regions.
Key players in the solvent-based inks industry include Tokyo Printing Ink Mfg. Co. Ltd., Dainichiseika Color & Chemicals Mfg. Co., Ltd., Fujifilm Sericol India Private Limited, Royal Dutch Printing Ink Factories Van Son, Sun Chemical Corporation, Flint Group, Toyo Ink SC Holdings Co., Ltd., and Lawter Inc.
This research study analyzes the market for solvent-based inks in terms of revenue (US$ Mn) and volume (kilo tons). The solvent-based inks market has been segmented on the basis of product, printing type, end use applications, and geography. The report features a detailed regional segmentation with market growth forecasts for the 2016−2024 period. For the research, 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 solvent-based inks technologies for the solvent-based inks business. The report also includes key market dynamics such as the drivers, restraints, and opportunities affecting the global solvent-based inks market. These market dynamics are analyzed in detail and are 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 five major forces that affect the structure and profitability of the global solvent-based inks market. The forces analyzed 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 solvent-based inks business globally. There are currently several drivers for the market. The most prominent drivers include rapid growth in the packaging industry along with growth in the digital printing industry. Market attractiveness analysis was carried out for the solvent-based inks market on the basis of product type, printing type, application, region, and country. Market attractiveness was estimated on the basis of common parameters that directly impact the market.
On the basis of printing type, the market has been segmented into lithographic, gravure, flexographic, screen-printing, letterpress, and digital. On the basis of product type, the market has been segmented into vinyl inks, vinyl-acrylic inks, epoxy inks, polyurethanic inks, and cellulose inks. By application, the solvent-based inks market has been segmented by various end-use applications, including packaging, advertising, tags & labels, books & catalog, office stationery, 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 solvent-based inks, with demand reaching 275.7 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 3.2% between 2016 and 2024.
India is one of the fastest-growing economies in the world. Favorable government regulations and emergence of medium and small enterprises in India have contributed significantly to the solvent-based inks market.
Key players in the solvent-based inks 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.
Solvent-based Inks Market: By Printing Type
Solvent-based Inks Market: By Product Type
- Vinyl Inks
- Vinyl-Acrylic Inks
- Epoxy Inks
- Polyurethanic Inks
- Cellulose Inks
Solvent-based Inks Market: By Application
- Books & Catalogue
- Tags & Labels
- Office Stationery
Solvent-based Inks 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