Printing Inks Market Definition
The printing inks market consists of sales of printing inks by entities (organizations, sole traders or partnerships) that manufacture printing and inkjet inks. Printing inks are liquids that contain pigments or dyes, which are used to produce images, text and designs. They are widely used in letterpress and lithographic printing.
Printing inks consist of a pigment or pigments of the required color mixed with oil or varnish. For example, a black ink made from carbon blacks is mixed with thick linseed oil or a similar oil, often with rosin oil to which rosin varnish is added. Inkjet inks consist of a base carrier such as water, oil or a solvent, and colorants such as dyes or pigments and small amounts of chemical additives to provide some unique characteristics.
Printing Inks Market Size
The printing inks manufacturing market consists of the sales of printing and inkjet inks by entities (organizations, sole traders or partnerships) that produce printing and inkjet inks. The global market for printing inks reached a value of nearly $33.7 billion in 2018, having increased at a compound annual growth rate (CAGR) of 1.0% since 2014, and is expected to grow at a CAGR of 3.1% to nearly $38.1 billion by 2022.
Growth in the historic period resulted from rising demand in emerging markets and technological advances. Factors that negatively affected growth in the historic period were changing regulations, and decreased demand from the paper publishing industry.
Going forward, increased demand from the packaging industry, 3D technological advances and economic growth will drive the printing inks market growth. Factors that could hinder the growth of this market in the future are shortages and price rises in raw materials, and reductions in free trade.
Printing Inks Market Drivers
The key drivers of the printing inks market include:
3D Technological Advances – With a rise in worldwide interest in 3D printing technology from consumers, researchers, and industrial production, there is expected to be a high demand for 3D printing inks. Unlike 2D inks which are intended for the fabrication of planar surfaces, 3D inks are intended for the fabrication of volumetric constructs and devices. In April 2018, researchers at Dartmouth College developed a smart ink that turns 3D-printed structures into objects that can change shape and color. The ink aims to add even more functionality to 3D printing. Similarly, in June 2018, scientists at the Georgia Institute of Technology, Atlanta, developed a novel ink, which, when combined with a new method of printing and with varying lighting, hardens with the 3D printing object.
Printing Inks Market Restraints
The key restraints on the printing inks market include:
Decrease In Demand From The Paper Publishing Industry – The demand from the traditional paper publication and commercial printing industry decreased in the historic period. In recent times, the newspaper, books, and magazines market has been going through a decline. Many people prefer to read e-papers and e-books on their smart phones and tablets, thereby negatively affecting the usage volume of printing inks in the publishing industry. Moreover, the cost of putting a newspaper online and its maintenance is minimal, and the cost of producing an additional digital copy is zero. According to a report by the Pew Research Center analysis of Alliance for Audited Media (AAM) data, weekday circulation of newspapers fell by 4% in 2014 compared to the numbers in 2013. Additionally, according to another report by the Pew Research Center, total circulation of US daily newspapers declined from 55 million in 2000 to 34 million in 2017, registering a decline of 60%.
Printing Inks Market Trends
Major trends influencing the printing inks market include:
Consolidation In The Industry – The printing inks market has recently seen a consolidation in the industry with a significant number of mergers and acquisitions. Top companies in the printing inks market are strategically acquiring and merging with start-ups and mid-sized companies to broaden their products and services range or enter emerging regions. For instance, in December 2017, T&K Toka acquired Royal Dutch Van Son Holland Ink, a global ink manufacturer with $130 million in sales in 2016. In 2017 and 2018, Siegwerk Group acquired Agfa’s UV inkjet ink division as well as Tupahue Tintas, a Brazilian flexo and gravure ink manufacturer, and Van Son Liquids B.V., a Netherlands-based producer of water-based flexo and gravure printing inks.
Rise In Thermal Inkjet Inks – Solvent-based printing ink companies are introducing thermal inkjet inks to cater to the growing demand. Thermal inkjet printing induces the ejection of the ink droplet by superheating a small portion of a solvent-based ink. Advantages of thermal inkjet printing include better performance, lower costs and ink versatility, especially in photo printing applications. For instance, the Collins Inkjet has developed a new solvent-based TIJ ink, Stratus, in August 2016. It has increased dot control, decap time, and optical density.
Recommendations In The Printing Inks Market
Recommendations – To take advantage of the opportunities, The Business Research Company recommends the printing inks companies to consider emphasizing on high resolution inks, expanding in emerging markets, focusing on expanding through collaborations, focusing on specialty inks, leveraging social media to maximize reach, focusing on bio degradable printing inks and 3D printing inks.
Printing Inks Market Segmentation
The Printing Inks market is segmented by formulation type, by product type, by end-use industries and by geography.
By Formulation Type -
The printing inks market is segmented by formulation type into
Oil-based printing inks accounted for the largest share of the printing inks market in 2018 at 39.0%. The water-based printing inks market is expected to be the fastest-growing segment going forward.
- a) Oil-Based Printing Inks
- b) Solvent-Based Printing Inks
- c) Water-Based Printing Inks
By Product Type -
The printing inks market is segmented by product type into
Offset printing inks accounted for the largest share of the printing inks market in 2018 at 40.9%. The digital printing inks market is expected to be the fastest-growing segment going forward.
- a) Offset Printing Inks
- b) Flexographic Printing Inks
- c) Rotogravure Printing Inks
- d) Digital Printing Inks
By End-Use Industries -
The printing inks market is segmented by end-use industries into
Packaging accounted for the largest share of the printing inks market in 2018 at 46.7%. This market is also expected to be the fastest-growing segment going forward.
- a) Packaging
- b) Print Media
- c) Commercial Printing
- d) Others
By Geography - The printing inks market is segmented into
Western Europe is the largest market for printing inks companies, accounting for 35.4% of the global market. It is followed by North America, Asia-Pacific, Eastern Europe, and then the other regions. Going forward, Middle East and South America will be the fastest growing regions in this market.
- o North America
- o Western Europe
- o Asia Pacific
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Printing Inks Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • DIC Corporation
- • Flint Group
- • Toyo Ink SC Holdings Co., Ltd.
- • Sakata Inx Corporation
- • Siegwerk Druckfarben AG & Co. KGaA
- • Hubergroup
- • T&K Toka Co., Ltd.
- • Tokyo Printing Ink Mfg. Co., Ltd.
- • Fujifilm North America
- • SICPA Holding SA
- • BMColor Printing Inks
- • BRANCHER Tremblay
- • Brigal, SA
- • Chemiprint
- • Chimigraf Iberica, S.L.
- • Colorgraf SpA
- • CR/T
- • Druckfarben Hellas S.A.
- • ECKART GmbH
- • Encres Dubuit
- • Ernst Diegel GmbH Creative Coatings
- • Hagraf S.A
- • Hangzhou TOKA Ink Chemical
- • Hostmann-Steinberg Tintas Graficas
- • Manders Coatings & Inks
- • Matsui Chemical
- • Michael Huber Ukraine
- • Organic Coatings
- • Pro Inks
- • Shanghai Peony Printing lnk
- • Shenzhen Coates Lorilleux Inks Chemical
- • Sun Chemical Group
- • Taiyuan Coates Lorilleux Inks Chemical
- • United Ink
- • Wikoff Color and DuPont Ink Jet
- • Worldwide Manufacturing, E.D.
- • Yip`s Ink & Chemicals
- • Zhejiang Yongzai Chemical
- • Manders Coatings & Inks