Market Trends of UV Cured Printing Inks Industry
Packaging to Dominate the Market
- UV-cured printing inks are used for high-quality prints on a range of substrates. The inks are cured using ultraviolet radiation, which results in a high-quality and durable print.
- With the changing consumer preferences, the packaging industry faced numerous challenges. However, the packaging industry will see immense opportunity by adopting various upgraded technologies, like digital printing. 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.
- Siegwerk, a manufacturer of printing inks for packaging applications, labels, and catalogs, was the first to offer LED UV printing inks for food and pharmaceutical packaging.
- The packaging industry is crucial, adding value to various manufacturing sectors, including food and beverage, pharmaceutical, retail, and others. Increased consumer spending on packaged goods, mainly in food and beverage, is the major factor for market growth.
- The increasing demand for packaged food and pharmaceutical products in growing economies, such as China, India, and other countries, is expected to drive the studied market's growth.
- China includes the second-largest packaging industry in the world. The country is expected to witness consistent growth during the forecast period, owing to the rise of customized packaging in the food segment, like microwave, snack, and frozen foods, along with increasing exports. The use of packaging is expected to increase in the coming years.
- Packaging is the fifth largest sector in India's economy. It is one of the highest growth sectors in the country, with a CAGR of 22% to 25%, according to the Packaging Industry Association of India (PIAI). The Indian food processing industry contributes 32% of the country's overall food market.
- According to the Flexible Packaging Association, flexible packaging is mainly used for food, which accounts for more than 60% of the total market. Since it could incorporate new solutions for various packaging issues, the flexible packaging industry is experiencing robust growth.
- As per IBEF, India is an emerging key exporter of packaging materials globally. The packaging materials export from India grew at a CAGR of 9.9% to USD 1,119 million in 2021-22.
- Hence, based on the aspects above, the packaging segment is expected to grow during the forecast period.
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Europe to Dominate the Market
- The demand for packaging is significant in Europe, which is majorly driven by the increasing demand from the digital printing market and the flexible packaging industry. The flexible packaging market in Europe is driven by high demand from food and beverage, pharmaceuticals and medicals, retail bags, and other non-food-related products industries.
- The changing trends in consumer behavior and manufacturers' easier convenience benefitted the flexible packaging market to grow faster in the region, further benefitting the UV-cured printing ink market.
- According to Food Drink Europe, the region's food and drinks industry is the leading manufacturing industry in the region. The region includes a share of 9.2% of value-added in the European Union's manufacturing industry.
- The EU Packaging and Packaging Waste Directive (PPWD) sets plastic packaging recycling targets of 50% (2025) and 55% (2030). In 2022, the Commission increased the reuse and use of recycled plastic, requiring all packaging to be economically recyclable by 2030. With the increased focus on recyclable packaging, the demand for UV-cured printing inks is also expected to rise in Europe.
- Based on the factors mentioned above, the UV-cured printing ink market is expected to grow during the forecast period in Europe.
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