The global gravure printing inks market depicts the presence of a highly fragmented vendor landscape, says Transparency Market Research on the basis of a recently published report. Such diversity is mainly present owing to innumerable small, mid, and large-scale players working in the market. The number of players is expected to increase in the near future in this sector. This is envisaged to further intensify the competition during the next few years.
Most players in this market are focusing on improving product quality, expanding product portfolio, as well as achieving extensive geographical reach. These three key strategies are foretold to make several businesses players open up new avenues for revenue generation. Flint Group, Sun Chemical Group, Sakata INX, Huber Group, Siegwerk Druckfarben AG & Co. KGaA, and Toyo Ink Mfg. Co. Ltd., are key players operating in the global gravure printing inks market.
From a statistical perspective, experts peg the global gravure printing inks market to gain revenue worth US$2.6 bn by the end of 2024. This is a decent growth considering an initial revenue valuation of US$1.8 bn registered by the market in 2015. Thus growth is prophesized to occur at a steady CAGR of 3.98% during the forecast period ranging from 2016 to 2024.
Extensive Advancements Occurring In Packaging Industry Stokes Growth
A rapidly expanding packaging industry that demands a continuous supply of quality inks for labeling purposes is primarily driving the gravure printing inks market. This is mainly due to the expansion of ecommerce and other platforms. In these domains, material for packaging products forms a crucial component of the respective businesses for shipping goods. Printing inks also are required in other sectors that demand labeling the names of products and other details. With rapidly increasing globalization and associated demand of different products, the demand for gravure printing inks has tremendously increased. Paperboard packaging is another factor that has immensely contributed towards an extensive use of gravure printing inks. This factor is making the relevant market expand at a mammoth pace too.
Fluctuation in Raw Material Availability Stunts Growth
However, many businesses are preferring the use of flexographic inks as an alternative to gravure printing inks due to the higher efficiency of the former. This is notably restraining the global gravure printing inks market. Moreover, supply of these inks in remote and underdeveloped regions might be costly due to fluctuation in availability of raw materials. Such volatility also is affecting growth in the global gravure printing inks market. In addition, with a decline recorded in the publishing industry, the demand for published products too hinders progress in the global gravure printing inks market. Nonetheless, several players are expected to come up with innovative gravure ink products to maintain their lucrativeness quotient. This is anticipated to reduce effects of most restraints affecting the global gravure printing inks market.
Key Takeaways:
A rapidly expanding packaging industry that demands a continuous supply of quality inks for labeling purposes is primarily driving the gravure printing inks market.
Most players in this market are focusing on improving product quality, expanding product portfolio, as well as achieving extensive geographical reach.
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