The global flexographic printing inks market was estimated to be valued more than $13.5 billion in terms of revenue by 2027 end and is predicted to grow at a CAGR of 5.5% during the forecast period 2020 to 2027, according to Coherent Market Insights.
Growth in the packaging industry is primarily fueling the flexographic inks market. The market research company found that flexographic inks add value to the product and differentiate it from other similar products. Moreover, the company found that it plays an important role in branding and improving the company's image. These printing inks are widely used for the printing of the foods, pharmaceuticals, and cosmetics and personal care products. Thus, growth in the packaging industry is expected to augment the market growth of the flexographic inks.
The growing popularity of water-based flexographic inks due to its eco-friendly nature is expected to bring potential market opportunities over the forecast period. Water-based flexographic inks contain glycol and water as its major constituent. Due to this, manufacturers are increasing investment on expanding the production of water-based inks solutions. For instance, in November 2019, global print giant HP announced plans to invest $200 million in developing new water-based print solutions and innovations, with the aim of improving the entire product lifecycle in the corrugated and textile print sectors.
As per Coherent Market Insights, the volatile price of raw materials used in the manufacturing of flexographic inks is expected to hamper the market growth over the forecast period. Additives, polymers and colorants are used as key raw materials and these are derived from crude oil. Hence, fluctuation in the crude oil price due to economic factors affect the overall price of the raw materials, thereby hindering the market growth.
On the basis of application, packaging dominated the global flexographic printing inks market in 2019 with around 88% of market share in terms of revenue, followed by others.
Digitalization around the globe is a major trend that is expanding the e-commerce market. This is expected to foster the market growth of flexographic inks. According to the India Brand Equity Foundation, the e-commerce revenue is expected to jump from $39 billion in 2017 to $120 billion in 2020, growing at an annual rate of 51%, the highest in the world.
Merger and acquisition among major players is a trend in the market, and this is expected to augment the market growth of flexographic inks. For instance, in October 2017, Druckfarben AG & Co. KGaA, an international supplier of printing inks for packaging applications and labels, signed a contract to purchase Van Son Liquids B.V. The company has manufactured water-based flexo and gravure printing inks for more than 25 years.
Global Flexographic Printing Inks Market - Impact of Coronavirus (Covid-19) Pandemic
Many packaging solution and service providers have shifted their offerings and are producing packaging solutions specific for pharmaceutical with an aim to meet the surge in sudden demand in healthcare sector. This is expected to boost the demand of flexographic printing inks in the packaging industry for the next few years until the end quarter of 2022.
Key players operating in the global flexographic printing inks market are, according to the report, Flint Group, Sun Chemical Corporation, ALTANA AG, Siegwerk Druckfarben AG & Co. KGaA, INX International Corporation, Wikoff Color Corporation, T&K TOKA Co., Ltd, Zeller+Gmelin GmbH & Co. KG, TOYO Ink Group, and RUCO Druckfarben A.M. Ramp & Co GmbH
Few Recent Developments
In August 2019, Sun Chemical launched SolarVerse, a new range of UV flexo base concentrates, at Labelexpo in Belgium. The range includes a range of standard and resistant pigments that cover a broad color range. The technology is intended to increase ink system flexibility and to be easily dispensed through a standard UV flexo dispenser.
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