The growing demand from packaging, publication and commercial printing alongside formulation as per the needs of consumers is driving the market. Increasing consumer-specific demands to provide eco-friendly solutions is boosting the printing inks market. The latest technological advancements in the form of digital printing and ink-jet products are burgeoning the market.
Increasing concerns regarding the emission of toxic metals and volatile organic compounds present in some inks have resulted in government compelling agencies to opt for eco-friendly materials which have assisted in the expansion of the market. The rising need for printing inks in metal cans and labels is expected to positively influence the market.
The market is classified into product, process, and application.
Water-based inks are expected to lead the market growth owing to its efficiency in various applications such as cardboard, paper, and textiles. For printing on foils and plastics, water-based printing inks are used. It also offers to recycle. Advancements in water-based ink technology in the form of developed novel additives are expected to bolster the market. Due to the rapid evolution of the digital printing market, UV-cured inks is expected to show notable growth as well.
Based on process, flexography, gravure, and lithography are expected to show exponential growth. Currently, lithography holds a majority of the total market share. Lithography offers superior image quality on smooth surfaces at low costs. Gravure is more expensive when compared to others but it is a high-speed process and is primarily used to produce fine details. The expansion of the packaging industry has led to an increasing demand for digital and flexographic solutions. Flexography offers flexible packaging whereas digital solutions are used for textile printing.
Based on application, packaging and labels is the fastest-growing segment. Rising consumer preferences for better food packaging is driving the market. The rise in online retailing and the growth of e-commerce are two integral factors aiding the proliferation of packaging and labels industry. Additionally, a rise in disposable income has played an important role in the expansion of the market. Moreover, publication and commercial printing are expected to witness notable growth owing to the rapid expanse of digitalization. The rise of printing on electronics is considered as a lucrative opportunity for the manufacturers thus helping the market grow significantly.
Asia-Pacific is the global leader of the market. The presence of an ample number of established players in countries like Japan and China is remarkably boosting the market growth. Furthermore, a rise of end-user application in emerging economies like India and China is significantly contributing towards the market growth. Moreover, North America is expected to show significant growth owing to the easy availability of resin and rapid expansion of e-commerce.