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.
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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.
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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.
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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.
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