The global screen printing inks market was valued at US$ 674.9 Mn in 2017 and is anticipated to expand at a CAGR of 4.5% from 2018 to 2026, according to a new report titled ‘Screen Printing Inks Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global screen printing inks market is primarily driven by strong growth of the packaging industry.
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Growth of Packaging Industry to Drive Market
Packaging adds a unique value to any product and distinguishes it from other similar products. Flexible packaging comprises bags, pouches, and films that can be wrapped around a product. These are used in food items, beverages, pharmaceuticals, cosmetics, and personal care products. Packaging is a major end-user of UV-cured screen printing inks. Demand for UV-cured screen printing inks in the packaging industry has been increasing over the last few years. These inks witness high demand in flexographic, sheet-fed, and screen printing. The global packaging industry is estimated to be valued at around US$ 1,000 Bn by 2024. This would significantly augment the global demand for water-borne screen printing inks in the next few years. These trends are projected to fuel the global screen printing inks market in the near future.
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Increasing Preference for Online Reading and Growth of E-commerce Industry
E-commerce involves trading in products and services by using intricate computer networks. Penetration of Internet across the globe has substantially reduced paper-based communication through increase in virtual transactions. Among prominent, growing areas of e-commerce are e-books, event tickets, sporting goods, toys, hotel reservations, and airline reservations. Rising trend of e-books is anticipated to promote growth of the printing inks industry. This, in turn, impacts the demand for solvent-based inks. Additionally, significant circulation of e-newspapers and e-magazines in developing economies of Asia Pacific is anticipated to boost the publication sector in the region in the near future. This, eventually, is expected to restrain the demand for solvent-based inks in the next few years. Factors driving the demand for e-books include mass access, cost benefits over printed books, and availability of low-cost reading devices. This factor is restraining the demand for printed books and, in turn, the demand for water-borne screen printing inks.
High VOC Emissions Associated with Solvent-based Inks
Printing inks are primarily used with solvents as base materials. Solvent-based inks are widely used in wide-format coding and formatting applications. Solvent-based inks consist of inorganic solvents and toxic metals such as cadmium, hexavalent chromium, lead, and mercury. Thus, use of these inks can lead to various health hazards if these substances come in direct contact with edibles. The number of safety regulations has been increased in order to avoid adverse health consequences resulting from intake of toxic substances. This is likely to hamper the global screen printing inks market in the next few years. Packaging materials used in food and consumer packaging applications are in direct contact with end-customers. Hence, stringent environmental regulations are associated with screen printing inks used in packaging. Environmental regulations imposed on printing inks pose a restraint to the demand for solvent-based screen printing inks.
Label & Packaging Segment to Dominate Global Screen Printing Inks Market
Labels on various packaged products primarily utilize solvent-based inks. They offer information and usage instructions for the product, especially in food packaging. Labels are required to last for long duration. Thus, they need to be printed with the help of thick printing materials that use solvents. Packaging is a key segment of the screen printing inks market. Rise in the demand for flexible packaging in the food & beverages sector is expected to boost the demand for water-borne screen printing inks in the next few years. The packaging application segment comprises printing on several products such as flexible packages, corrugated containers, tags and labels, folding cartons, and metal cans.
Asia Pacific Dominates Global Screen Printing Inks Market
Based on region, the global screen printing inks market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific led the global market in 2017. According to leading manufacturers of screen printing inks based in Asia Pacific, the demand for screen printing inks in the region has been increasing, especially in packaging and automotive sectors. Furthermore, the market in India, Mexico, and Brazil is expanding at a substantial pace due to the rising demand for screen printing inks for use in automotive component printing. Asia Pacific is expected to remain an attractive market for screen printing inks during the forecast period. International players have increased their focus on Asia Pacific, owing to large-scale production of automobiles and growth of the packaging industry in countries such as India, Vietnam, and Singapore.
Demand for screen printing inks in Latin America and Middle East & Africa is anticipated to increase at a rapid pace during the forecast period. In terms of value, the market in these regions is estimated to expand significantly between 2018 and 2026, owing to rise in the consumption of screen printing inks for automotive component printing.
High Degree of Competition among Market Players
High degree of competition exists among players operating in the global screen printing inks market. The market is dominated by large players and it is moderately consolidated. These key players include Marabu GmbH & Co. KG, Flint Group, Huber Group, Sun Chemicals, Fujifilm Specialty Ink Systems Ltd., Toyo Ink Co., Ltd., Siegwerk Druckfarben AG & Co. KGaA, Kolorcure, Grafco, and Nazdar Ink Technologies.
