Flexographic inks are mostly used in the printing of packaging materials such as paper bags & plastic bags, cardboard boxes, corrugated cardboard, packaged foods, catalogs, and newspapers. They are environmentally friendly and cost-effective printing solutions. Flexographic inks are classified into UV-curable, water-based, and solvent-based.
The global Flexographic Printing Inks Market was estimated to be valued at more than US$ 10.0 billion in terms of revenue in 2022 and is predicted to grow at a CAGR of 6.13 % during the forecast period (2023 to 2030).
Drivers
Growth in the packaging industry is primarily fueling the market of flexographic inks. Flexographic inks add value to the product and differentiate it from other similar products. Moreover, it plays an important role in branding and improving the company's image. This printing ink is widely used for the printing of foods, pharmaceuticals, and cosmetics & personal care products. Thus, growth in the packaging industry is expected to augment the market growth of flexographic inks.
Market Opportunities
The growing popularity of water-based flexographic inks due to their eco-friendly nature is expected to bring potential market opportunities over the forecast period. Water-based flexographic inks contain glycol and water as their major constituent which makes them eco-friendly. Due to this manufacturers are increasing investment in expanding the production of water-based inks solution For instance, in November 2019, global print giant HP announced plans to invest US$ 200 million in developing new water-based print solutions and innovations, to improve the entire product lifecycle in the corrugated and textile print sectors.
Market Restraints
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 affects the overall price of the raw materials, thereby hindering the market growth.
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Key Takeaways
On the basis of application, packaging segment dominated the global flexographic printing inks market in 2022 with around 88% of the market share in terms of revenue, followed by others.
Market Trends
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 ink. According to the India Brand Equity Foundation, e-commerce revenue is expected to jump from US$ 39 billion in 2022 to US$ 120 billion in 2020, growing at an annual rate of 51 percent, the highest in the world.
Mergers and acquisitions among major players is a major 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, has signed a contract to purchase Van Son Liquids B.V. The company has manufactured high-quality water-based flexo and gravure printing inks for more than 25 years.
Global Flexographic Printing Inks Market - Impact of Coronavirus (COVID-19) Pandemic
The breakout of the COVID-19 pandemic has impacted all industries. There is disruption in the supply chain of raw materials that are required for the production of . According to World Health Organization, this pandemic disrupted regular economy throughout the globe. The market players of the flexographic printing inks has stopped their production due to strict lockdown and social distancing. After the COVID-19, there is increase in the production of flexographic printing inks, owing to rising demand for flexographic printing inks in pharamceuticals industry.
Competitive Section
Key players operating in the global flexographic printing inks market are 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. Sun Chemical produces a variety of pigments and colour materials for architectural, automotive, and industrial coatings, as well as for use in plastics, cosmetics, and printing inks.
- On May 24, 2022, Siegwerka announced a new line of NC inks made in a production plant that is entirely automated. Currently, the first series of flexible packaging printing inks produced at this facility is the next generation of Siegwerk NC inks. A new generation of water-based inks for flexographic printing in flexible packaging applications is now being offered by Siegwerk. Advanced manufacturing equipment is used for producing these inks at the business's headquarters in Germany. One of the top manufacturers of printing inks and coatings for labels and packaging applications worldwide is Siegwerk.
