Global Packaging Inks Market is segmented By Formulation (Solvent-Based, Water-Based, Oil-Based, UV Curable, LED Curable, Others), By Type(Flexographic Inks, Lithographic Inks, Gravure Inks, Digital inks, Letterpress Inks, Jet Inks, Metal Decorative Inks, Offset Inks, Others), By Resin(Polyurethane, Acrylic, Vinyl, Polyamide, Polyketone, Nitrocellulose, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Packaging Inks Market Overview
The Global "Packaging Inks Market" is estimated to reach at a CAGR of 2.8% during the forecast period (2024-2031).
Printer ink is a type that flows easily, dries rapidly and has enough color to make printed text intelligible. It's manufactured in a similar way to paint. Colored dyes are blended well into the liquid base. Oil, such as linseed oil, soybean oil, or petroleum distillate, is commonly used as the foundation ingredient in printer ink.
Carbon black and varnish are used to make primary black ink. Dyes/compounds in colorful ink include peacock blue, yellow lake, diarylide orange, and phthalocyanine green. Further, white pigments such as titanium dioxide modify the color shading. It also contains several chemicals that help it flow smoothly and cling to the paper. Depending on the demand, packaging inks are applied to various surfaces using various printing methods.
Source: DataM Intelligence Analysis (2021)
Packaging Inks Market Dynamics
The colossal growth in the food and beverages market and the demand for packaging inks in the respective market are significant drivers for the global packaging inks market. However, the growing environmental concerns and environmental damages associated with the manufacture and use of packaging inks act as a primary market restraint.
The rising demand for packaging ink in the food and beverages packaging industry
A growth in population, urbanization, economic development, consumer knowledge of ingredients, expiration and manufacturing dates, counterfeit items all impact the food and beverages packaging sector. For instance, as per the data, Americans throw out US$161 million worth of food each year, and consumer confusion over the meaning of the dates on the labels of packaged foods is thought to contribute to around 20% of household food waste. The FDA pushes for better food labelling to clear up the uncertainty and prevent food waste. As a result, the demand for packaging inks that offer long-lasting and more transparent prints rises globally.
Further, rigid and flexible packaging are parts of the food packaging business and can be utilized in various ways depending on their intended application. Numerous substrates find application in manufacturing packaging products required for the transportation, distribution, or consumer packaging.
Since the food & beverages packaging sector is becoming increasingly technology-driven, adopting flexible packaging such as polymer films, cellulosic, paper, metallic foil and bioplastic films extends product shelf life, reduces costs, and is lightweight is expected to rise in the market. Since packaging inks help impart good printing to these flexible materials that could help customers recognize their favourite brands, the demand for printing inks further rises massively.
The prevalence of environmental concerns associated with packaging inks
As a result of changing global temperature and increasing natural calamities, the concerns associated with the environment are at their peak in modernity. Due to growing health and environmental concerns, a broad pattern is witnessed in consumer behavior towards adopting eco-friendly products. Since most non-water-based packaging inks that make up almost 70%-80% of the inks available in the market contain an extreme concentration of volatile organic compounds, increase their carbon footprints, and harm the environment and human health, customers are drastically avoiding the purchase of the respective products. The individual factor could reduce the sales and demand in the global packaging inks market, thereby acting as a significant market restraint that constricts the growth of the respective market.
COVID-19 Impact Analysis
The global packaging inks market underwent a mild slowdown in growth during the initial waves of the COVID-19 pandemic, as demand for packaging and markets for chemicals, luxury goods and packed food and beverages, among other applications, were significantly reduced. However, packaging inks witnessed a surge in demand after the revocation of lockdowns and additional restrictions in trade and supply due to the application of the respective product in packaging for food, beverage and pharmaceutical markets.
Nonetheless, Due to the threat of future lockdowns, people have developed a habit of panic-buying and bulk stocking. Many impacted countries' governments, such as India's, have requested food sector stakeholders to increase output to avoid supply-side shocks and shortages and ensure uninterrupted supply. Further, the number of consumers ordering daily essentials and fresh foods online also is expanding. As a result of these factors, the demand for packaging printing solutions such as printing inks that could help the customer identify the product's legitimacy is rising drastically in the market.
Additionally, the need for packaged food and beverages, domestic staples, healthcare and medical items is unlikely to decline significantly, and retail distribution of these products via online delivery is likely to expand. Since FMCG and pharmaceutical companies strive to retain their brand image, the demand for packaging printing solutions to ensure product authenticity, prevent counterfeiting and raise brand value is rising rapidly in the post-COVID-19 market scenario.
Water-based inks' high quality, printability, and eco-friendliness help the respective segment dominate the global packaging inks market.
Based on formulation, the global packaging inks market is segmented into solvent-based, water-based, oil-based, UV curable, LED curable, others. The water-based segment dominates the market due to the safety and sustainability offered by the products in part. Due to the advancements in resin technology, knowledge in formulations, printing processes and advanced machine designs, water-based inks nowadays offer the same print quality, more excellent ink stability and longer print life than solvent-based ink systems. As per Quimovil, a pioneer manufacturer in the printing ink market, the performance offered by water-based packaging inks is 20-30% higher than that of solvent-based inks.
Additionally, the lower concentration of volatile organic compounds in water-based ink systems reduces the pollution potential of the respective product and the carbon footprint in the manufacture of the individual product. Quimovil argues that water-based ink systems could reduce the carbon footprint by 30-40% compared to solvent-based inks. Further, the emission of volatile organic compounds by water-based inks is 95% less than that of solvent-based inks.
The added health and environmental advantages offered by water-based packaging ink systems and their enhanced performance attract numerous customers from all end-user markets and enhance the demand and sales of the respective segment. As a result, water-based dominates the formulation segment of the global packaging inks market.
Source: DataM Intelligence Analysis (2021)
Packaging Inks Market Geographical Share
The Asia-Pacific region dominates the global packaging inks market due to increasing disposable income and e-commerce, particularly in countries such as China and India.
The need for packaging inks is predicted to surge in the Asia Pacific due to the region's strong economic growth and concomitant population growth. Inks for paper media and packaging are in high demand in the Asia Pacific region, particularly in quickly emerging nations like India, China and Vietnam, which are extreme growth areas for printing.
Two major factors that attribute to the growth of the respective market in the region are the following:
Increasing economic conditions, a growing rate of urbanization and the growing disposable income of the region's households are expected to raise the demand for printed packaging. The region's market needs for food and beverages, cosmetics and specialized printed packaging products for these markets have increased as a result of the region's increasing middle class. As a result, the printing & packaging industry in Asia-Pacific is expected to grow significantly over the forecast period. As the printing market is incomplete and useless without inks, the respective growth in the printing industry would conclusively boost the market demand and sales of packaging inks in the Asia-Pacific.
Printing inks are used in the packaging of e-commerce products. Hence an increase in the e-commerce business will lead to a rise in printing ink demand. In the Asia Pacific area, e-commerce is the most popular retail format, particularly among young buyers who prefer to shop online using their smartphones. E-commerce and m-commerce have grown in popularity across the Asia-Pacific, which has increased the demand for e-commerce packaging. To satisfy client expectations, vendors operating in the Asia Pacific regional market align their companies with current market demands and bring higher innovation and improved quality in their product packaging. The printing inks market in the Asia-Pacific is likely to see considerable revenue growth as the e-commerce packaging industry expands.
Source: DataM Intelligence Analysis (2021)
Packaging Inks Market Companies and Competitive Landscape
The packaging inks market is competitive with the presence of local and global companies. Some of the key players which are contributing to the growth of the market include DIC CORPORATION, SAKATA INX CORPORATION, Flint Group, TOYO INK SC HOLDINGS CO., LTD., Siegwerk Druckfarben AG & Co. KGaA, TOKYO PRINTING INK MFG CO., LTD, SICPA HOLDING SA, T&K TOKA Corporation, Kao Collins Corporation, hubergroup Deutschland GmbH among others.
The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the growth of the packaging inks market globally.
For instance, In July 2020, SAKATA INX CORPORATION worked on industrial inkjet projects globally with Global Inkjet Systems (GIS). Due to the partnership, SAKATA INX will have access to large end-users and significant OEMs, while GIS will deliver complete workflow solutions for industrial inkjet applications. As a result of this collaboration, the organization will provide digital printing solutions to its customers.
Toyo Ink SC Holdings Co., Ltd.:
Overview: Toyo Ink SC Holdings Co., Ltd is one of the leading manufacturers of organic pigments, resins, adhesives, flexographic ins, gravure ins, among many others. The company was founded in 1896 and was incorporated in 1907. The company is publicly traded and is registered in the Tokyo exchange. The company currently employs around 8,157 people and generated around US$ 277,866.78 million as capital in 2020.
Product Portfolio: The company has a product portfolio of electrical coating insulation that includes:
- Gravure Inks: Food and another product packaging, building and decorating materials, and industrial members are all examples of sectors employed by the product. The product line offers inks that are water-based and solvent-free, focusing on safety and security and being environmentally conscious.
Key Development: In February 2021, Toyo Printing Inks, Inc., a subsidiary of TOYO INK SC HOLDINGS CO., LTD., announced the debut of the LP-9000 Toyo Life Premium Food LO/LM line of sheetfed offset inks with low odor and low migration properties. Printed packages for food, cosmetics, pharmaceuticals, and other delicate applications are ideal for the LP-9000 LO/LM product. It's been designed specifically for printing on non-food-contact surfaces of paper and cardboard. As a result, the company has provided customers with new food packaging solutions based on modern technology.
Why Purchase the Report?
- Visualize the composition of the packaging inks market segmentation by formula, type, resin, substrate, application and region, highlighting the key commercial assets and players.
- Identify commercial opportunities in the packaging inks market by analyzing trends and co-development deals.
- Excel data sheet with thousands of packaging inks market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global packaging inks market report would provide access to an approx. 77 market data tables,95 figures, and 180 pages.
Target Audience 2024
- Packaging Inks Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Suppliers/Distributors
