North America Printing Inks Market: Introduction
In terms of value, the printing inks market in North America is anticipated to expand at a CAGR of ~3% from 2020 to 2030. Constant growth in the food & beverages industry in North America has augmented the demand for printing inks in the packaging segment of the market in the region. The food & beverages industry is the leading end user of printing inks for packaging and labeling of consumer goods in North America. Printing inks are employed in a wide range of applications. Demand for bio-based printing inks is estimated to rise in North America in the near future, as these inks do not contain hazardous chemicals. Soy oil-based printing inks are utilized in lithographic, flexographic, and gravure printing in North America. Furthermore, inks manufactured by using soy oil allow ink pigments to penetrate the substrate completely, thereby exhibiting better color vibrancy in the print. This, in turn, drives the demand for bio-based printing inks in the region.
Environmental Regulations on Printing Inks to Hamper Market
Rise in environment-related concerns associated with printing inks is expected to hamper the market in North America in the near future. The number of safety regulations has increased in the region in order to avoid adverse health consequences resulting from intake of toxic substances. This factor is estimated to adversely affect the printing inks market in the region in the next few years. The trend of e-Commerce and e-books is growing at a significant rate across the globe. This trend is creating a negative impact on the publication & commercial printing industry in North America. Substantial decrease in paper-based communication channels is projected to restrain the printing inks market in the region during the forecast period.
COVID-19 has adversely impacted the global economy. The epidemic that originated in China is spreading at an alarming pace in countries in North America, especially the U.S. According to The National Association of Printing Ink Manufacturers (NAPIM), the COVID-19 outbreak has adversely affected the supply of raw materials used in the manufacture of printing inks. Industrial shutdown in the U.S. has not only negatively affected the production of printing inks, but has also hampered the sales of end-use products in the country. This is likely to negatively impact the demand for printing inks in various end-use industries in North America in the next few years.
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Oil-based Products to Dominate North America Printing Inks Market
In terms of product, the printing inks market in North America has been divided into solvent-based, water-based, oil-based, and UV cured. Of these, the oil-based segment dominated the printing inks market in the region in terms of revenue in 2019. The UV cured segment is expected to be highly lucrative from 2020 to 2030.
The solvent-based segment held considerable share of the printing inks market in North America in 2019. The demand for solvent-based and oil-based printing inks is expected to mature in North America by 2030. This, in turn, is anticipated to propel the adoption of innovative technologies such as UV cured inks in the region.
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Digital Printing Segment to Offer Lucrative Opportunities
In terms of application, the printing inks market in North America has been classified into flexographic printing, gravure printing, lithographic & offset lithographic printing, digital printing, screen printing, and specialty printing. Of these, the lithographic & offset lithographic printing segment dominated the printing inks market in the region in terms of revenue in 2019. The digital printing segment is expected to be highly lucrative from 2020 to 2030. Digital printing can be used on a wide range of substrates. Rise in sale of printers for residential and office use in North America has been driving the digital printing segment in the region.
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Packaging to be Dominant End Use Segment of North America Printing Inks Market
Based on end use, the printing inks market in North America has been segregated into packaging, publication & commercial printing, textiles, metal cans, and others. The packaging segment held a major share of the printing inks market in North America in 2019. It is anticipated to continue its dominance in the market from 2020 to 2030. Printing inks, which are derived from renewable sources, are employed primarily in packaging of consumer goods such as food and beverages. This, in turn, is driving the packaging segment of the market in North America.
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U.S. to be Lucrative Country in North America Printing Inks Market
Based on country, the printing inks market in North America has been classified into the U.S. and Canada. The printing inks market in the U.S. is projected to expand at a CAGR of more than 2.5% during the forecast period. The demand for printing inks in the U.S. is driven by technological developments in the country. The U.S. is focusing on optimizing the efficiency of raw materials and energy. The usage of biodegradable raw materials has been rising in the manufacture of printing inks in the country. The implementation of stringent regulations related to VOC emissions is hampering the demand for traditional printing products such as oil and solvent-based printing inks in North America.
Competition Landscape
Key ink manufacturers dominated the printing inks market in North America in 2019. The U.S. has been a lucrative country of the North America printing inks market in the past few years. Leading players have taken initiatives to expand their presence through acquisitions, expansion of production capacity, and strategic partnerships. In July 2018, Sun Chemical acquired Cathay Industries Group’s high-purity iron oxide pigments business located in Valparaiso, Indiana, the U.S. The acquisition is estimated to help the company enhance its position in the U.S.
In September 2018, Wikoff Color Corporation signed an agreement to acquire the assets of Cleveland-based Braden Sutphin Ink Company in order to expand its footprint in North America. In September 2019, Siegwerk Druckfarben AG & Co. KGaA inaugurated a new ink lab at Clemson University’s Sonoco Institute in South Carolina, the U.S.
Key manufacturers operating in the printing inks market in North America are Sun Chemical Corporation, Siegwerk Druckfarben AG & Co. KGaA, Electronics for Imaging, Inc., Flint Group, Wikoff Color Corporation, Toyo Ink America, LLC, INX International Ink Co., Central Ink Corporation, Huber Group US, Inc., The Dow Chemical Company, FUJIFILM Corporation, and Nazdar Ink Technologies.
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