Several factors are currently pushing the global waterborne ink market ahead in terms of growth in demand as well as production volumes. One of the leading drivers for the market is the increasing stringency of government regulations pertaining to protective environmental regulations. Waterborne inks are low in VOC content and are therefore considered a superior product to conventional printing inks. Growing demand for printing inks from the packaging industry is also another leading driver for the global waterborne ink market, along with a rise in the flexographic printing. However, the global waterborne ink market is currently being restricted by the growing demand for UV-cured inks, a direct competitor. The overall effect of reduced demand for printing inks due to the growing use of e-books and digital media is also heavily affecting the global waterborne ink market’s demand growth.
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The global waterborne ink market was valued at US$2.3 bn in 2015. After expanding at a CAGR of 6.5% within a forecast period from 2016 to 2024, the market’s revenue is projected to reach US$ 4.1 bn in 2024.
Demand from Packaging Industry to Propel Global Waterborne Ink Market
Packaging was the leading application segment of the waterborne ink market for 2015. A growth in demand for flexible packaging in the food and beverages industry is currently a prime factor of growth for the global waterborne ink market. Waterborne ink printing allows for low weight and improved aesthetics in packaging and is expected to boost the demand for it in the coming years. Publication majorly comprises printing of texts or any visual content on traditional medium of information dispersion such as books, newspaper, magazines, and public domain catalogs.
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Flyers and brochures - used in commercial printing as a mode of advertisement – are mostly circulated as newspaper inserts and handouts for publicity in a small region. The flyers and brochures segment is also expected to offer growth opportunities over the coming years. Additionally, the packaging industry has also been expanding consistently and is projected to continue doing so during the forecast period, driven by its recently hiked use in marketing packaged foods. This, in turn, is likely to boost the global waterborne ink market for the foreseeable future.
North America Leads in Waterborne Inks Consumption
North America took the top share in the global waterborne ink market for 2015, in terms of volume consumed, and is expected to continue leading the market till 2024, followed by Europe and Asia Pacific. The packaging industries of India, China, and ASEAN countries are expected to be the key forces augmenting the global waterborne ink market over the coming years. North America and Europe are still likely to hold top share in the global waterborne ink market’s demand volume, despite their relatively sluggish economic growth. Rising environmental concerns are a key factor for the proliferation of waterborne inks in developed economies and have encouraged several nations to take up sustainable and eco-friendly printing solutions. The MEA region is expected to remain steady in its demand for waterborne ink over the forecast period, attributed to a consistent growth rate in its packing sector.
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Major manufacturers operating in the waterborne ink market for 2015, included Flint Group, Sun Chemical Corporation, Toyo Ink SC Holdings Co., Ltd., Siegwerk Druckfarben AG & Co. KGaA, and Huber Group.
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