Market Trends of Printing Inks Industry
This section covers the major market trends shaping the Printing Inks Market according to our research experts:
Increasing Demand from the Packaging Segment
- According to a report published by PMMI, the Association for Packaging and Processing Technologies, growth in the global packaging industry is anticipated to reach USD 42.2 billion by 2021 from USD 36.8 billion in 2016. This is due to the increasing population, growing sustainability concerns, and more spending power in developing regions are expected to increase the demand for packaging.
- Digital printing is rapidly expanding into label production and electrophotography. The packaging industry is expected to experience a significant revolution over the next decade due to the increasing application of digital printing.
- Due to the quick turnaround capability that digital printing offers, it has been very popular among various brand owners. Recent developments in digital printing, such as digital carton cutting, creasing, and other completion technologies, have increased the potential for more applications in flexible packaging, corrugated packaging, and folding cartons.
- With the advantages of the inkjet process, such as being non-contact and low cost, this process is extensively used for printing large formats on a wide range of substrates, making it suitable for packaging. It can be integrated into existing conversion lines more efficiently than toner systems.
- With the developments in the food industry and the growing population in countries like China, India, and the United States, rigid packaging has been increasing over the past few years.
- Flexible packaging is the largest packaging application segment of the overall packaging market, owing to its various advantages, such as requiring 91% lesser material than rigid packaging, and about 96% of space saving. Moreover, with an increasing focus on sustainability, traditional rigid packaging solutions are being replaced by innovative and flexible packaging solutions.
- In the food industry, flexible packaging is preferred due to its moisture absorption properties, product freshness, and temperature control, while being able to maintain the shelf life of the product. Cigarettes and associated tobacco products are the major products for the flexible packaging industry, among other products, such as bottled water.
- In the food industry, flexible packaging is preferred due to its moisture absorption properties, product freshness, and temperature control, while being able to maintain the shelf life of the product. Cigarettes and associated tobacco products are the major products for the flexible packaging industry, among other products, such as bottled water.
- Hence, the demand for printing inks from the packaging industry is expected to grow at a rapid rate during the forecast period.
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China to Dominate the Asia-Pacific Market
- The Asia-Pacific region dominated the global market share. With growing construction activities and the increasing demand for furniture
- China stands to be the world's largest manufacturing economy and exporter, due to which its packaging requirement is huge. The packaging industry in China produced 11.6 million metric tons million metric ton of packaging paper and paperboard in September 2022 and was the largest producer worldwide that year. China sees a growing trend in the use of flexible, rigid, and paper and board packaging materials. This positive momentum in the packaging industry is expected to boost the market demand for printing inks.
- Additionally, the packaging industry witnessed noticeable growth, with the increasing trend of express deliveries. the total volume of express delivery in China amounted to about 108 billion pieces in 2021.
- The textile industry in China employs millions of people and contributes significantly to the country's exports and economy. Chinese apparel cloth businesses are profitable and expanding, with the export sector experiencing day-to-day growth.
- In both the domestic and global consumer markets, the Chinese garment cloth industry is progressing in many areas, including raw material quality, industrial structure, modern high-tech machinery, label development, and the work process.
- Additionally, printing ink demand has also been increasing from the textile industry in the country. The country stands to be the largest clothing exporter in the world, holding massive production capacity, although the textile industry witnessed a slow growth in the past few years.
- Owing to all the above-mentioned factors, the market for printing inks in the region is projected to increase during the forecast period.
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