Demand for Environment-friendly Printing Inks on Rise Due to Stringent Regulatory Landscape
The soaring demand for printing inks from the packaging, publication, and textiles industries, among others, continues to scale new heights. With significant advancements in technology and research, an array of printing inks are available in the current market, including solvent-based, oil-based, UV cured, and water-based inks to name a few. While traditional applications of printing ink such as intaglio, flexographic, screen printing, etc., are projected to aid market growth, the advent of new applications of printing inks, including digital printing, screen printing, and specialty printing are expected to provide an
impetus to the growth of the North America printing inks market during the forecast period.
Although the demand for printing inks from the commercial offset printing sector has declined over the past couple of years, the ascending demand from the packaging industry is expected to drive the North America printing inks market in the upcoming years. While brands operating in the current market landscape are focusing on the development and production of new printing inks, the evolving nature of the regulatory landscape is projected to play a key role in influencing operations. Environment and human safety concerns pertaining to the use of printing ink in different end-use industries are set to impact the operating models and product development activities within the North America printing inks market. At the back of these factors and research, the North America printing inks market is expected to attain a market value of ~US$ 6 Bn by the end of 2030.
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Packaging Sector Leans toward Eco-friendly Printing Inks
The packaging sector is projected to provide abundant lucrative opportunities for market players operating in the North America printing inks market. However, with evolving demands of retailers, food brands, consumers, and new-age printers, printing ink manufacturers are required to tune their products in line with the ongoing trends and demand. The regulatory landscape circling around the use of printing inks is primarily pinned on improving consumer food safety. Although market players operating in the current market landscape are focusing on tracking consumer trends, packaging trends are also required to be closely monitored. Food companies and participants in the supply chain are projected to ensure product freshness and safety and comply with regulations.
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The soaring emphasis on food safety has played an important role in influencing operations across the packaging sector. At present, across the food and cosmetic sector, it is imperative for manufacturers to operate in tandem with their printing partners to ensure that adhesives, substrates, and printing inks are well suited for the application. In recent years, environment-friendly inks made from bio-renewable materials have gained notable attention and the trend is set to continue through the entirety of the assessment period. The demand for eco-friendly inks is on the rise, as food brands can fulfill the required environment safety standards. Printing ink companies are increasingly working in tune with converters to launch innovative solutions.
Brands Focus on Expanding Portfolio, New Innovations on Horizon
Brands operating in the current North America printing inks market are increasingly focusing on launching new products to break through the neck and neck competition. While the focus on launching new products is expected to gain momentum during the forecast period, complying with regulatory standards is critical. Several brands are likely to expand their product portfolio to gain an advantage in the current market landscape. For instance, in July 2019, Epson America launched a new line of inks and printers– a move that is likely to further consolidate its position in the North America printing inks market. In addition, several brands are also expected to diversify their product portfolio and focus on product development.
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Supply Chain Issues on Rise as COVID-19 Pandemic Affects Printing Sector
The onset of the COVID-19 pandemic has crippled the supply chains of major industries worldwide including the printing sector. As governments across the world continue to combat the novel COVID-19 pandemic by enforcing lockdowns and curfews, supply chain challenges are expected to dent the expansion of the North America printing inks market, particularly in 2020. As conferences and exhibitions wherein brands focus on launching new products stand to be canceled, several companies are projected to focus on marketing their products on digital platforms. Companies are also expected to diversify their products and seek different ways to assist the government in combating the COVID-19 pandemic. For instance, Inkjet, Inc. is currently producing hand sanitizers that are high in demand across the U.S.
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