Soaring Demand for Printing Inks from FMCG Sector to Propel Southeast Asia Ink Resins Market
Over the past couple of decades, due to the growing awareness pertaining to the catastrophic effects of various industrial processes on the environment has played an important role in influencing the operations across the printing industry. While the printing industry adjusts to the new regulatory landscape, the packaging industry is expected to follow a similar path and integrate sustainable and environment-friendly solutions. Printing inks have evolved over the past couple of decades in terms of new formulas and concepts in tune with the evolving requirement of end users. The Southeast Asia ink resins market is set to witness consistent innovations and developments during the forecast period, due to the evolving regulatory landscape and growing demand from the printing sector.
Technological advancements are expected to have a crucial role in the development of new resin technologies particularly related to the food industry. The packaging industry has gained considerable spotlight over the past decade due to fluctuating consumer trends. However, the growing emphasis on enhancing the quality of food products, focus on improving consumer safety, and environment protection norms are some of the factors that have influenced the product development operations across the Southeast Asia ink resins market. Research and development activities are likely to gain considerable momentum across the ink resins market in Southeast Asia – a factor that is expected to provide a massive boost to the production of high printing ink formulations. The growth of the Southeast Asia ink resins market is expected to primarily depend on the growth of the printing industry.
The advent of new printing techniques, the growing use of safe printing formulations, frequent demand for innovative printing inks manufactured using raw materials and other ingredients that comply with the regulatory guidelines, and exponential growth in the demand for flexible packaging solutions are some of the leading factors that are projected to drive the Southeast Asia ink resins market during the assessment period. At the back of these factors, the Southeast Asia ink resins market is expected to attain a market value of ~US$ 700 Mn by the end of 2030.
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Growing Demand for Sustainable, Eco-friendly, and Safe Printing Solutions
The significant growth in the demand for sustainable and safe printings solutions is expected to drive innovations in the Southeast Asia ink resins market. As modern-day consumers are increasingly opting for “green” products, green packaging is a raging trend that is set to garner immense traction over the assessment period. At present, participants operating in the ink resins market are expected to comply with the various regulatory guidelines and standards and focus on the production of bio-renewable ink resins. The demand for water-based, oil-based, and solvent-based printing inks has experienced considerable growth particularly from the food packaging sector across the Southeast Asian region. The growing demand for different variants of printing inks is expected to provide an impetus to the adoption of ink resins during the forecast period.
Evolving Regulatory Landscape and Supply Chain Challenges amid COVID-19
Governments of different nations across the Southeast Asian region have laid down guidelines pertaining to the use of printing inks in food packaging applications. For instance, in August 2019, the Bureau of Indian Standards (BIS) released the draft of the new standards for printing inks for applications related to food packaging, which states a complete ban on the usage of toluene and other plasticizers. The exponential growth in the demand for fast-moving consumer goods across Southeast Asia has generated considerable demand for label and packaging printing. Although most international brands that have a presence in this region utilize premium or added value labels, domestic companies are increasingly swaying toward cost-efficient alternatives. However, in recent years, several domestic brands are switching to pressure-sensitive print and shrink sleeves across the food & beverages sector due to which, the demand for ink resins is on the rise.