Wilmington, Delaware, United States, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The solvent-based inks market was estimated to have acquired US$ 6.9 billion in 2021. It is anticipated to register a 3.9% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 10.2 billion.
The key element driving the market for solvent-based inks is the expanding packaging industry. The packaging industry is a significant consumer of solvent-based inks, and its growth, driven by e-commerce and changing consumer preferences, fuels the demand for these inks for flexible packaging, labels, and corrugated boxes.
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The demand for solvent-based inks is also being driven by industrialization in emerging markets. Emerging economies are witnessing rapid industrialization, driving demand for printed materials like banners, signage, and labels, which rely on solvent-based inks due to their durability and weather resistance.
Solvent-based inks find applications in various industries, including automotive, electronics, and textiles, for printing on diverse substrates such as plastics, metals, and fabrics. Solvent-based inks are known for their resistance to fading and water, making them ideal for outdoor advertising, billboards, vehicle graphics, and other applications that require long-lasting prints.
Global Solvent-based Inks Market: Key Players
A few number of dominant worldwide firms hold the majority of the market share in the solvent-based inks industry. The market's major companies are concentrating on diversifying their product lines. The big players' primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services.
The following companies are well-known participants in the global solvent-based inks market:
- Tokyo Printing Ink Mfg. Co., Ltd.
- Dainichiseika Color & Chemicals Mfg. Co., Ltd.
- Sun Chemical Corporation
- Flint Group
- Toyo Ink SC Holdings Co., Ltd.
- Lawter Inc.
- Yansefu Inks and Coatings Pvt. Ltd.
- Siegwerk Druckfarben AG & Co. KGaA
- Sakata INX Corporation
- Huber Group
- Zeller+Gmelin GmbH & Co. KG
- ALTANA AG
- Wikoff Color Corporation
- SICPA Holding SA
- Fujifilm Sericol India Private Limited
- Royal Dutch Printing Ink Factories Van Son
- T&K TOKA CO. LTD
Key developments in the global solvent-based inks market are:
- In 2023, Sun Chemical announced the launch of its new SunPak® solvent-based inks for packaging applications. SunPak inks are designed to provide high-quality printing and excellent performance on a variety of packaging materials.
- In 2023, Flint Group announced the expansion of its solvent-based inks portfolio with the launch of its new NovaJet® inks for digital printing applications. NovaJet inks are designed to provide high-quality printing and excellent performance on a variety of digital printing substrates.
- In 2022, BASF announced the launch of its new AcroJet® solvent-based inks for inkjet printing applications. AcroJet inks are designed to provide high-quality printing and excellent performance on a variety of inkjet printing substrates.
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Key Findings of the Market Report
- By printing type, the vinyl inks segment of solvent-based inks market held a major share of 29.0% of the solvent-based inks market in 2021.
- Vinyl inks are highly versatile and can be used on a wide range of substrates, including vinyl films, PVC, banners, decals, and other flexible materials. TheAas versatility makes them suitable for various applications, such as signage, banners, vehicle wraps, and promotional materials.
- Based on application, packaging was the largest application segment of the solvent-based inks market and held 37.9% share in 2021.
Market Trends For Solvent-based Inks
- The increasing need for labels and branding materials, especially in the food, beverage, and pharmaceutical sectors, supports the growth of solvent-based inks. The inks offer excellent print quality and visual appeal.
- The textile industry in Asia Pacific is a significant consumer of solvent-based inks for fabric printing, including apparel, home textiles, and fashion accessories.
- Solvent-based inks in the region often comply with regulatory requirements, ensuring product safety, and meeting quality standards.
Market for Solvent-based Inks: Regional Outlook
Various reasons are propelling the growth of the solvent-based inks market in different regions. These are:
Asia Pacific
- Asia Pacific held 41.9% share of the solvent-based inks market in 2021. The region is experiencing robust growth in the packaging industry, driven by increasing consumer demand, urbanization, and e-commerce. Solvent-based inks are extensively used in flexible packaging, labels, and corrugated boxes, benefiting from this expansion.
- Flexible packaging is a dominant trend in the food and beverage industry due to its convenience and sustainability. Solvent-based inks are widely used for printing on flexible packaging materials, catering to the region's changing consumption patterns.
North America
- North America is expected to grow at CAGR of 3.3%, during the forecast period. North America has a well-established and growing packaging industry, driven by the demand for convenient and sustainable packaging solutions. Solvent-based inks are widely used for labeling and printing on packaging materials, including corrugated boxes, flexible packaging, and labels.
- North America has a robust manufacturing sector, particularly in industries like automotive, electronics, and industrial manufacturing. Solvent-based inks are utilized for product marking, coding, and labeling in these sectors.
Global Solvent-based Inks Market Segmentation
- Printing Type
- Lithographic
- Gravure
- Flexographic
- Screen-printing
- Letterpress
- Digital
- Product Type
- Vinyl Inks
- Vinyl-Acrylic Inks
- Epoxy Inks
- Polyurethanic Inks
- Cellulose Inks
- Application
- Packaging
- Books & Catalogue
- Advertising
- Tags & Labels
- Office Stationery
- Magazines
- News Paper
Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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