Global Flexographic Printing Inks Market: Snapshot
The global flexographic printing inks market has gained substantial momentum over the last few years, thanks to the phenomenal growth of the packaging industry. With the rising demand for packaged food and beverages, the need for labeling has increased and, consequentially, has fueled the uptake of flexographic printing inks in the food and beverages sectors. Apart from this, the healthcare sector is also registering a strong demand for flexible packaging, which, resultantly, is adding to the growth of the market for flexographic printing inks across the world.
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The market, although, looks flourishing at present but it may face severe challenge from the increasing concerns over the harmful effect of printing inks on the environment. Various components of printing inks, such as inorganic solvents and toxic metals (cadmium, hexavalent chromium, lead, and mercury) affect the environment adversely. In 2016, the market was worth US$6.56 bn. Rising at a CAGR of 5.80% between 2017 and 2025, it is likely to rise to US$10.91 bn by the end of 2025.
Packaging Segment to Continue Reporting High Demand for Flexographic Printing Inks
Primarily, flexographic printing inks is used in packaging and publication. Among the two, the packaging segment has been reporting a higher demand for flexographic printing inks. Researchers project the scenario to remain almost same over the next few years on the grounds of the increasing preference for packaged and labeled goods among customers.
Other applications, including publication, are likely to witness a slow-paced growth in the years to come due to the substantial growth in digitalization and high level of proliferation of e-books and e-commerce trade. Corrugated containers, tags and labels, flexible packaging, folding cartons, and metal cans are the key packaging materials, which require flexible printing inks.
Asia Pacific to Retain Lead in Global Flexographic Printing Inks Market
The worldwide market for flexographic printing inks has a strong presence across Asia pacific, the Middle East and Africa, North America, Latin America, and Europe. With a share of more than 37%, Asia Pacific has led the global market in 2016. Analysts expect this regional market to continue on top over the forthcoming years, thanks to its burgeoning consumer goods and the packaged food and beverages markets.
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The increasing investments in the packaging industry, especially in China, India, and the ASEAN nations, are also projected to boost the market for flexographic printing inks in Asia Pacific over the next few years. In the near future, a number of established international players are likely to enter into strategic alliances with local participants in this region to consolidate their market share, which will also have a lasting impact on the growth of the Asia Pacific market for flexographic printing inks.
Among others, the Latin America market for flexographic printing inks is anticipated to be driven by the increasing expenditure on advertisements, outdoor advertising, personalization, and the rise in the packaging industry. The growing usage of packaging for food and beverages and personal care products is anticipated to propel the markets in North America and Europe.
Zeller+Gmelin GmbH & Co. KG, T&K Toka Co., Ltd., Altana AG, Huber Group, INX International Ink Co., Toyo Ink SC Holdings Co. Ltd., Siegwerk Druckfarben AG & Co. KgaA, Wikoff Color Corp., Flint Group, and Sun Chemical Corp. are the key vendors of flexographic printing inks across the world.
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