Flexographic Ink Market by Technology (Water, Solvent, and UV Based), Resin Type (Nitrocellulose, Polyamides, Polyurethane, Acrylic), Application (Corrugated Cardboards, Flexible Packaging, Tags & Labels, Folding Cartons) – Global Forecast to 2022
[137 Pages Report] The flexographic ink market is projected to grow from USD 3.27 Billion in 2017 to USD 4.16 Billion by 2022, at a CAGR of 4.89% during the forecast period. In this study, 2016 has been considered as the base year to estimate the size of the flexographic ink market. The base year considered for this study is 2016 and the forecast period is from 2017 to 2022.
In 2017, the Flexographic Ink market in the by technology, the water-based flexographic ink segment accounted for more than 50% share, in terms of volume, of the overall flexographic ink market in 2016. The water-based flexographic inks find applications in printing paper, corrugated cardboards, textiles, foils, plastics, and food packaging, as they offer advantages, such as less flammability, low VOC emissions, and stable viscosity during printing.
The corrugated cardboard segment is the largest application segment of the flexographic ink market in terms of volume. The strong growth of this application segment is mainly due to the rising demand for packaging of healthcare products, cigarettes, frozen foods, and dry foods.
Market Dynamics
Driver
Growing demand for printing ink from packaging industry
The demand for flexographic printing ink from packaging industry is increasing with the rising interest of packaging manufactures to develop attractive packaging. This leads to an increased demand for printing inks. According to the World Packaging Organization, the annual turnover of the packaging industry is estimated to be at around USD 500 billion in 2016.
The strong growth of the packaging industry is due to high demand from end-user industry, enabling product presentation & differentiation, competitive rivalry, and enhancement of the shelf-life of the product. The Packaging Industry which is main consumer of printing ink has witnessed a growth of approximately 12.5% annually. Rising demand for printing inks in packaging application products, such as tags and labels, flexible packaging, and folding cartons, is estimated to drive the global printing ink market.
Restraint
Mature market in developed countries
Packaging industry in developed economies such as North America, Europe and Japan is at mature phase of the market life cycle. There is minor scope for development in this region. Manufacturers tend to shift their production units in developing region as compared to developed economies to take advantage of untapped market.
According to industry experts, flexographic ink market in developed countries has saturated, and growing at lower growth rate as compared to other developing regions such as Asia-pacific and South America. The printing ink manufacturers are responding to the global competitive challenges by establishing production units in the developing countries, where the production cost very low.
The market for flexographic ink has been witnessing slow growth in the mature regions of the world is due to number of factors such as maximum penetration of packaging industry, reduced advertising in the traditional media due to the rise of electronic publishing, and growing demand of internet. This has been hampering the growth of flexographic ink market in developed countries.
Challenge
The balancing act: Lower cost and improve performance of flexographic ink
Flexographic ink manufacturers want to lower the cost of their production but need the same performance. The main expectation of ink manufacturers from resin suppliers are stable price support, better quality supply, sufficient quantity offer, and technical discussion/exchange.
Managing the ups and downs of raw material prices by flexographic ink manufacturers takes significant resources, which could be better spent on developing new opportunities with ink manufacturers.
The main challenges in the ink industry are to satisfy different quality requirements from each customer and to assist each customer; and finding the best ways to handle high raw material costs in a competitive resin market environment.
APAC is expected to grow at the highest CAGR during the forecast period.
Asia-Pacific is the fastest-growing flexographic ink market, registering a CAGR of 5.77%, in terms of volume, between 2017 and 2022. Presence of some of the fast-growing economies such as China, India, South Korea and rising demand for convenient packaging solutions are some of the factors responsible for the growth of flexographic ink Market in Asia-Pacific region. Rapidly increasing e-commerce market in the region also helped to grow flexible ink market in the Asia-Pacific. According to internet retailer, e-commerce growth in Asia-Pacific was USD 142.42 billion in 2014 and surged to USD 220 billion in 2015. This strong growth is driven by increased GDP, increasing standard of living, increased per capita income, rising upper middle-class populations. All these online orders require the flexible packaging to support the shipment.
Scope of the Report
|
Report Metric |
Details |
| Market size available for years | 2015–2022 |
| Base year considered | 2016 |
| Forecast period | 2017–2022 |
| Forecast units | Million (USD) |
| Segments covered | Flexographic Ink Market by Technology (Water, Solvent, and UV Based), Resin Type (Nitrocellulose, Polyamides, Polyurethane, Acrylic), Application (Corrugated Cardboards, Flexible Packaging, Tags & Labels, Folding Cartons) |
| Geographies covered | North America, Europe, APAC, MEA, and South America |
| Companies covered | DIC Corporation (Japan), Siegwerk Druckfarben AG & Co. KGaA (Germany), Toyo Ink SC Holdings Co., Ltd. (Japan), Sakata Inx Corporation (Japan), Flint Group (Luxembourg), T&K Toka Co. Ltd. (Japan), The Braden Sutphin Ink Company (US), Alden & Ott Printing Inks Company (US), Nazdar Company Inc. (US), and Color Resolutions International (US) |
Scope of the Report
:
This research report categorizes the flexographic ink market on the basis of resin type, technology, application, and region.
Flexographic ink market, by Resin Type:
- Polyurethanes
- Acrylic
- Polyamides
- Nitrocellulose
- Others
Flexographic ink market, by Technology:
- Water-based
- Solvent-based
- UV-curable
Flexographic ink market, by Application:
- Flexible Packaging
- Rigid Packaging
- Corrugated Cardboards
- Folding Cartons
- Tags & labels
- Paper printing
Flexographic ink market, by Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- South America
Key Market Players
The major players in the Flexographic Ink market are DIC Corporation (Japan), Siegwerk Druckfarben AG & Co. KGaA (Germany), Toyo Ink SC Holdings Co., Ltd. (Japan), Sakata Inx Corporation (Japan), Flint Group (Luxembourg), T&K Toka Co. Ltd. (Japan), The Braden Sutphin Ink Company (US), Alden & Ott Printing Inks Company (US), Nazdar Company Inc. (US), and Color Resolutions International (US).
Major strategies identified in the global market include the following:
- Expansions
- New product launches
- Acquisitions
- Agreements
Recent Developments
- In April 2016, Siegwerk launched the first LED UV flexographic inks which found application in food and pharmaceutical packaging applications.
- In March 2015, Toyo Ink SC Holdings Co., Ltd. has merged two of its own wholly-owned subsidiaries Toyo Ink Chemicals Taiwan Co., Ltd. and Toyo Ink Taiwan Co., Ltd. into a single operating entity.
- In February 2015, Toyo Ink SC Holdings Co., Ltd. has established the wholly-owned subsidiary Toyo Ink Turkey Kimya Sanayi A.ª. in Istanbul, Turkey. It started functioning from January 12, 2015. It incurred paid-in capital of USD 1.74 million.
Key Questions Addressed by the Report
- Who are the major market players in the Flexographic Ink market?
- What are the regional growth trends and the largest revenue-generating regions for the Flexographic Ink market?
- Which are the significant regions for different industries that are projected to witness remarkable growth for the Flexographic Ink market?
- What are the major types of Flexographic Ink that are projected to gain maximum market revenue and share during the forecast period?
- Which is the major application where Flexographic Ink are used that will be accounting for the majority of the revenue over the forecast period?
