Inks Market: Manufacturers Need to Focus on Production of Environment-benign Ink
Digitalization has been transmuting the way people approach printing materials, and several reports show that it is not a favorable approach for the global inks market. According to a report published by Transparency Market Research (TMR), the growth of the inks market is anticipated to remain sluggish during the forecast period, as masses are seen adopting digital inks and media over the water and solvent-based ones.
Also, the negative impact of solvent based inks posed by high VOC emissions has led to legislation on the permissible limits of these inks, which could instigate a shift of end users from solvent-based inks to other forms; however, digital ink will remain highly preferable. On the contrary, the demand for inks from traditional applications such as tattooing is projected to remain steady, which could dwindle the impact of critical challenges that have been limiting the growth of the inks market.
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Manufacturers Move the Needle towards Development of UV-curable Inks
Analysts of TMR’s study on the inks market find that, partnerships with the market players in the packaging industry can turn into a growth-hack strategy, given the high-value share contributed by this industry. According to our research, in 2019, the global packaging industry will invest ~US$ 6.4 Bn in the inks market for printing labels. However, some manufacturers may show reluctance toward adoption, given the strict scrutiny of central authorities towards unsustainable packaging products.
To continue gaining revenue from the packaging industry, players in the inks market are seen extending their R&D activities beyond their current approach of production towards the development of VOC-free inks. Besides this, the governments of numerous countries are also participating in the development of an environment-friendly inks landscape. For instance, the European Union (EU) has announced increased funding for the Ecopaint Bio-based Formulations (ECOBIOFOR) project, which works for the development of sustainable paints, coatings, and inks, and offers green solutions to end-use industries.
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Currently, the development of UV-curable inks has been aiding inks market players in aligning with environmental norms, and offers high productivity in a stipulated time with a significant reduction in pollution, energy consumption, and waste. Since UV-curing inks contain no solvents that can evaporate, no environmental pollutants are emitted, which makes them ideal for use in the packaging industry.
Inks Market: New Entrants Playing by the Environmental Book to Outperform their Global Counterparts
The inks market lacks the dominance of a single player that could push the envelope of the entire industry; however, diversified players from small-, medium-, and large-scale businesses collectively account for propelling the steady movement of the inks market.
Market majors – Sun Chemicals, Flint Group, Toyo Ink SC Holdings Co., Ltd., and Sakata INX Corporation – hold ~54% of the market share, and their streamlined supply and distribution networks project their leap in regions with high demand for inks. These players are also spectated making high investments in R&D activities to stay relevant in the evolving inks market.
Since arriving at the price-point of inks decided by market players could become a pain-point for end users, new entrants leverage sales opportunities by diversifying their portfolios with low-cost products. As these players lack a global distribution chain, they tend to produce less-VOC-emitting or VOC-free inks to establish their brand and compete with global players.