FLEXOGRAPHIC PRINTING INKS MARKET ANALYSIS

Global Flexographic Printing Inks market was valued at US$ 10.0 Bn in 2022, exhibiting a CAGR of 6.13 % in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 16.1 Bn by 2030. The printing of packaging materials like cardboard boxes, packaged foods, corrugated cardboard, catalogs, paper bags & plastic bags, and newspapers mostly uses flexographic inks, commonly referred to as flexo printing inks. The popularity of flexographic printing is a result of its efficiency, affordability, and environmental friendliness. The three primary types of flexographic inks are water-based, UV-curable, and solvent-based. Coated and uncoated paper products as well as non-porous substrates including metalized and paper foils and plastic films are printed using flexographic inks. However, the use of inorganic solutions and hazardous metals, such as hexavalent chromium, cadmium, mercury, and lead, in printing inks has a negative impact on the environment, which restricts industry growth.

Global Flexographic Printing Inks Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 outbreak has majorly impacted the global flexographic printing inks market, owing to the strict lockdown and stringent regulations, followed by the government, and thus there was a decrease in demand for flexographic printing inks. Moreover, the production process of the flexographic printing inks is disrupted due to social distancing and a lack of manpower. Measures such as nationwide lockdowns owing to Coronavirus (COVID-19) pandemic have led to panic buying flexographic printing inks products This is expected to boost the growth of the global flexographic printing inks market for the timeframe of 2023-2030.

Global Flexographic Printing Inks Market - Growth Drivers

• Growing need for high-speed printing processes

Flexographic inks have superior drying properties that enhance the printing rate is expected to propel the market growth of flexographic inks. The demand for flexographic inks is also gaining importance on the account of the growing need for high-speed printing processes. Thus, the growing need for high-performance printing inks is projected to foster the market growth of flexographic inks in the near future.

• Rise in demand for flexible packaging from the pharmaceutical industry

High demand for flexible packaging from the pharmaceutical industry is predominantly accelerating the market growth of flexographic inks. Flexible packaging is used in the packaging of drugs and medical devices. The growing geriatric population is driving demand for healthcare facilities, thereby expanding the pharmaceutical industry. Hence, growth in the pharmaceutical industry is propelling demand for flexible packaging which in turn augments the market growth of flexographic inks

Global Flexographic Printing Inks Market - Restraints

• Strict rules and regulations on volatile organic compounds (VOC)

Strict rules and regulations on VOCs is expected to hinder the market growth of flexographic inks. A typical flexographic ink composition contains nearly 20% polymers, 60% solvent, 15% organic colorants, and 5% additives. The solvent present in the flexographic inks emits toxic fumes of VOCs during the drying process which are harmful to the environment.

Figure 1. Global Flexographic Printing Inks Market, By Product Type Segment, 2022

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• The advent of alternative printing techniques

The advent of alternative printing techniques is expected to hamper the market growth of flexographic inks. Also, the flexographic ink market is at a mature phase across the developed region such as North America and Europe due to which the market is witnessing steady growth. This is expected to restrict the market growth.

Market Opportunities

• The growing use of UV-cured inks flexography printing

The growing use of UV-cured ink flexography printing as they do not contain any volatile compounds is projected to serve major growth opportunities to the market of flexographic ink. They have various advantages and are highly preferred over conventional printing. UV-cured inks are also gaining momentum on the account of the growing demand for VOC-free printing inks this in turn is propelling the market growth of flexographic ink.

Figure 2. Global Battery Management System Market, By Region, 2022

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• Rapid urbanization coupled with the increasing population 

Rapid urbanization coupled with the increasing population is expected to provide lucrative opportunities. A rise in food & beverage packaging due to the growing demand for food is also expected to foster market growth. Moreover, the increasing popularity of aesthetic packaging is also projected to bolster the market growth of flexographic ink over the forecast period.

Market Trends

• Product innovation by major players

Product innovation by major players is a major trend in the market of flexographic ink. For instance, 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.

• Growing upper-middle populations across the developing region

Improving the standard of living coupled with the growing upper-middle populations across the developing region has propelled the growth of the various end user industries, this is, in turn, expected to foster market growth. According to the United Nations, 68% of the world population is projected to live in urban areas by 2050. Thus, growth in the urban population is anticipated to propel the market growth over the forecast period.

Segment information:

By Product Type segment, the global Flexographic Printing Inks market is categorized into water-based inks, solvent-based inks, and UV-curved inks. The water-based inks segment held the largest market share in 2022 and is further projected to grow at the highest CAGR during the forecast period owing to rising the demand for stringent environment regulations and sustainable packaging solutions. In addition, the popularity of water-based flexographic printing inks is growing due to their low volatile organic compound emissions and environmental friendliness. Moreover, they also provide excellent print quality and are simple to clean. These inks are utilized in several applications, including corrugated boxes, labels, and food packaging. Due to the rising need for eco-friendly packaging products, the water-based inks segment is expected to expand significantly over the forecast period.  

In addition, the UV-curved inks segment holds the second largest share after the water-based inks segment in 2022. Due to their quick cycles, exceptional adhesion, and longevity. Furthermore, they are regarded as eco-friendly as they do not release volatile organic compounds.

Global Flexographic Printing Inks Market– Recent Developments

• On June 30, 2022, INX International Ink Co. with innovative ink products, brought performance, efficiency, and sustainability to the shrink sleeve market. Shrink sleeves are becoming more popular in the packaging industry, and INX International Ink Co. is continuing to meet consumer demand with cutting-edge new ink products. A dynamic UV and LED dual cure flexographic ink system termed INXFlex Contour is the most recent innovation, and it is intended to help brand owners create standout shrink sleeve label solutions. Global company INX International Ink Co. produces high-performance printing inks and coatings for packaging, commercial, and digital print applications.
• On August 18, 2020, Flint Group presented an improvement in flexographic printing quality. Only six process colors, cyan, magenta, yellow, black, green, and violet—were used for the print job, which was completed using the Flint Group's FlexiPrint MV, a cutting-edge NC-based ink system for high-performance surface print and lamination work. The ink series provides enhanced color strength and precise hues to facilitate multi-color process work of the highest caliber and fixed palette. Flint Group develops, manufactures, and markets a wide range of printing supplies and machinery.
• On September 16, 2021, Flint Group Packaging inks introduces ONECode Universal Bases in Europe to provide Flexible Packaging with maximum print flexibility and efficiency. Flint Group develops, manufactures, and markets a wide range of printing supplies and machinery.
• On March 31, 2023, INK International Ink. co. announced that it has finished a deal to invest in Gooten, a technology and fulfillment firm with a U.S. base in New York. This agreement will allow INX to advance its digital printing strategy while also assisting Gooten in expanding its print-on-demand manufacturing network and capabilities globally. Global company INX International Ink Co. produces high-performance printing inks and coatings for packaging, commercial, and digital print applications

Global Flexographic Printing Inks Market– Regional Insights

Asia Pacific held the largest revenue share of 38% in the Global Flexographic Printing Inks market in 2022 and is expected to maintain its dominance over the forecast period. Furthermore, Asia Pacific region is projected to be the fastest-growing region in the global Flexographic Printing Inks market during the forecast period. Due to the rise in demand from the packaging industry in nations like China and India, the Asia Pacific region is anticipated to lead the market for flexographic ink during the forecast period. Moreover, the packaging sector makes extensive use of flexographic inks. In the packaging sector, quality, care for detail, and aesthetics are crucial since they draw customers.

For instance, according to the Plastics Industry Association of India, India's packaging sector is the fifth-largest in the world and is expanding at a rate of roughly 22-25% annually. Due to highly skilled labor and low labor costs, food packaging and processing prices might be 40% lower than in Europe. The market for flexographic inks is projected to expand as a result of the country’s rising need for food packaging, processed food, and food delivery services. The aforementioned elements, together with government assistance, are causing the demand for flexographic ink in the Asia Pacific region to rise during the projected period.

Global Flexographic Printing Inks Market – Key Players

Major players operating in the global Flexographic Printing Inks market include 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

*Definition: Flexographic inks are printing inks used in the printing of coated & uncoated paper materials, metalized foils, and plastic films. It is produced from raw materials such as carbon black, mineral oils, resins, and solvents. It is mainly used in the printing of packaging materials and offers excellent printing quality.