Flexographic Printing Inks Market is slated to exhibit a remarkable growth rate over the coming seven years, owing to increasing product demand from the lucrative food packaging sector. Changing business trends to acquire a stronger consumer base by ensuring attractive packaging will influence the industry share notably. According to Global Market Insights, Inc., “Worldwide Flexographic Printing Inks market is predicted to surpass a revenue share of USD 11 billion by 2024.”
Folding cartons, flexible packaging, tags & labels, and corrugated containers are some of the prominent application areas of flexographic printing inks industry. The flexible packaging application will exhibit a CAGR of more than 4% over the coming years of 2016 to 2024, owing to its significant usage in the pharmaceutical, food & beverage, cosmetic, and retail sectors.
U.S. Flexographic Printing Inks Market size, by product, 2015 & 2024 (KT)
Based on the products, flexographic printing inks market is primarily divided into solvent-based, water-based, and UV curved. UV curved products will register the highest annual growth rate of 6% over the period of 2016 to 2024. This growth rate can be credited to its growing adoption across the globe pertaining to its rapid printing capability. In addition, UV curved flexographic printing inks provide the benefits of rub resistance, color consistency, chemical resistance, and brightness.
Water-based flexographic printing inks industry collected a maximum revenue share in 2015 and is projected to record considerable growth rate over the coming seven years, owing to its increasing usage for newspaper printing, cardboard printing, and paper printing. Strict government legislations regarding the limitations on VOC based inks will also favor the water-based flexographic printing inks market growth.
Regionally, Europe flexographic printing inks industry is expected to register an annual growth rate of more than 4.5% over the period of 2016 to 2024. Large consumer and manufacturing base in this region will stimulate the market growth. Germany and France will be the prominent revenue contributors of Europe flexographic inks industry.
Asia Pacific dominated the regional landscape by accounting for 35% of the global flexographic printing inks market share in 2015, and is predicted to exhibit noticeable growth rate over the coming years. The growth can be attributed to the growing trend of flex-based advertisements to attract more customers. In addition, many of the consumer-based industries such as food & beverages, cosmetics, and pharmaceuticals are using flexographic printing technology for the packaging of products, which will also influence flexographic printing inks industry size significantly.
The presence of numerous packaged food industries will stimulate North America flexographic printing inks market value over the coming timeframe. U.S. will contribute considerably toward the regional share.
Considering the stringent norms implemented by FDA regarding VOC content, most of the industry giants are investing heavily in R&D activities to develop eco-friendly products over the coming years. Business expansion and novel product development are the prime growth strategies adopted by the market players to increase the consumer base across the globe. The noteworthy industry participants in flexographic printing inks market are Ruco Druckfarben/A.M. Ramp & Co. GmbH, T & K TOKA CO., LTD., TOYO Ink Group, Wikoff Color Corporation, Zeller+Gmelin GmbH & Co. KG, Siegwerk Druckfarben AG & Co. KGaA, INX International Corporation, XSYS Print Solutions (Shanghai) Co., Ltd., ALTANA AG, Taiyuan Coates Lorilleux Chemicals Ltd., Sun Chemical Corporation, Tercel Ink Group, Flint Group, Jiangmen Toyo Ink Co. Ltd., and Zhongshan DIC Colour Co., Ltd.