Buoyed by the expansion of the packaging industry, the global printing inks market is poised to sustain a healthy compounded annual growth rate (CAGR) of 5.0% from 2014 through 2020, finds a study by Transparency Market Research (TMR). According to the TMR report titled "Printing Inks Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020," the global printing inks market had an estimated value of US$ 14.41 billion in 2013, and will reach US$ 20.17 billion by 2020.
Basis application, the printing inks market is classed into: Publication and commercial printing, packaging, and others. Of these, packaging was seen to be the largest application segment in 2013. The packaging application segment in the printing inks market is driven by the steady growth in demand for flexible packaging and other packaging materials in various industries. Packaging is estimated to remain the fastest growing segment of the global printing inks market through 2020. Within the packaging industry, scope for the use of printing inks is also reported to be expanding in tags and labels, metal cans, and flexible materials.
By process types that utilize printing inks, the report segments the printing inks market into: Lithographic, digital, flexographic, gravure, and others. As of 2013, the lithographic printing segment was seen to be predominant in the overall printing inks market, and constituted over 40% of the market share in volume terms. An analyst working on this report said, "The emergence of digital printing will be interesting to observe as this segment is set to register the fastest rate of growth in the printing inks market by process type over the forecast period. This increased demand will be brought about by a rise in digital printing, and also by more households buying printing inks for their needs."
The report also segments the global printing inks market by product type (based on composition) as: Solvent-based, oil-based, water-based, and other printing inks. Among these segments, water-based inks will show promising potential with analysts expecting this segment to be the fastest growing to 2020. Water-based inks fit well into the 'environmentally-safe' class, and they will hence experience heightened demand moving forward. Currently, the printing inks market is dominated by solvent- and oil-based inks, but these two segments will lose ground to water-based printing inks over the next five to six years.
The report also analyzes the printing inks market from the geographical standpoint and observes that in 2013, North America was the predominant region with a 30% market share in volume terms. The North America printing inks market will benefit from an upsurge in the use of commercial printing and flexible packaging over the report's forecast period. Analysts expect Asia Pacific to register the fastest rate of growth in the printing inks market to 2020, with China and India demonstrating robust demand. The market share of the APAC region in the global printing inks market is poised to expand remarkably to 2020. Elsewhere in the world too, the demand for printing inks will remain steady as Europe and the U.S. are on course to economic recovery and the RoW region is consuming higher volumes of inks for printing.
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