According to a new market research report “Global Printing Inks Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Product (Lithographic Inks, Flexographic Inks, Gravure Inks, Digital Inks, Letterpress Inks and Other Printing Inks), by Application (Labels and Packaging, Commercial Printing, Publication and Others), by Formulation (Water-based, Solvent-based, Oil-based and Others)” published by P&S Market Research, the global printing inks market is projected to reach $23,881.9 million by 2023, growing at a CAGR of 4.7% during 2017 - 2023.
As per the research, the global printing inks market is likely to grow from $17,537.4 million in 2016 to $23.9 billion by 2023. With the increasing applications in end-use industries such as food and beverages, printing, packaging and publication industry, the global market for printing inks is expected to grow at a robust pace during the forecast period.
The steady growth in the packaging industry in the U.S., China and India is expected to augment the demand of printing inks at a significant level during the forecast period. The U.S. is expected to remain the largest market during the forecast period on account of growing penetration of eco-friendly inks comprising water-based and UV-cured printing inks, increasing demand in packaging sector backed by steady growth in consumer retail sales worldwide.
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As per the findings of research, the labels and packaging industry has been globally the largest consumer of printing inks.
Oil-based inks generate the largest revenue in the global printing inks market, in terms of formulation.
Geographically, North America has been the largest market for solar micro inverters, where the U.S. has been the largest contributor to the regional market.
China is the major market in Asia-Pacific, whereas in Europe, Germany generates highest revenue. Turkey was the largest market in the Middle East and Africa, while in Latin America, Brazil emanated the maximum demand.
The factors driving the growth of the market include growing demand from packaging industry and rising demand for UV-cured inks globally. The use of printing inks in packaging industry is expected to further rise during the forecast period on account of their increasing application in tags and labels, metal cans and flexible materials.
UV-cured printing inks offer energy-efficiency, low-heat generation, long service-life and zero ozone generation, which is expected to propel the growth of UV-cured printing inks.
The increasing shift towards e-commerce and digitalization are expected to weaken the overall demand for printing inks in the publication and commercial printing sector; however, factors such as increasing sales of inkjet printers and digital printers; rising consumption of textile inks and growing penetration of environment-friendly inks including water-based and UV-cured printing inks is expected to reduce their impact during the forecast period.
Increasing investments in Research and Development (R&D) activities create scope for market growth. The company focuses on developing new and innovative solutions to support customers in addressing upcoming trends and meet their individual requirements.
Observing such requirement, the organizations such as Nitro Quimica and Siegwerk Buedingen have invested heavily on R&D activities to enhance their product and service offerings in packaging printing.
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