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Printing inks have become an indispensable part of everyday life. They are used for the purpose of printing in various sectors. Printing inks are pigments that are blended with oil or varnish to achieve the desired effect. The introduction of several new products, solutions, and services have also encouraged the growth of the North America printing inks market in recent years. According to the research report the North America printing inks market is expected to be worth US$8.7 bn by 2024 as compared to US$5.3 bn in 2015. During the forecast years of 2016 and 2024, the overall market is expected to expand at a CAGR of 5.70%.
Printing inks are predominantly used in thin films and on a variety of substrates such as metal sheets, paper, paper boards, and others. These inks are also used for purposes such as protecting the surfaces, decorative purposes, and largely for communicative functions as well. Printing inks are made from additives, pigments, solvents, resins, and colorants, while the colorants are made from dyes, toners, pigments, or combinations of all of these materials.
Oil-based Printing Inks to Enjoy Lion’s Share in Overall Market during Forecast Period
Due to growing concerns about the environmental pollution, the North America printing inks market is focusing on making bio-based printing inks. The demand for printing inks is directly dependent on the prices of crude oil. Thus, the persistent volatility of crude oil prices across the globe has had a significant impact on the printing inks market of North America. The overall market is also being positively impacted by the growing demand for UV-cured ink, rising population base, and increasing consumer spending on various types of products. Out of the various types of products, analysts anticipate that the oil-based printing segment is expected to hold a dominant position in the overall market due to its extensive use in commercial areas as well as for publication purposes. As of 2015, the oil-based printing inks segment held a lion’s share of 39.9% in the North America printing inks market in 2015.
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Offset Printing to Show Continued Growth Rate thanks to Consumer Preference
In terms of application, the North America printing inks market will be segmented into flexographic printing, gravure printing, digital printing, offset printing, specialty printing, and screen printing. The report suggests that offset printing held a dominant share of 41.2% in 2015 in the overall market, which was closely followed by flexographic printing. The growing preference for offset printing due to advantages such as high and consistent image quality that it offers. On the other hand, lithography is extensively used printing processes by several individual companies as compared to other application processes.
On the basis of end users, the market is segmented into metal cans, publication and commercial printing, textiles, packaging, and others such as decorative printing. In 2015, the packaging segment held a share of 46.5% share in the North America printing inks market. The printing segment is expected to show its dominance over the forecast period, predict analysts.
The leading players operating in the North America printing inks market are Siegwerk Druckfarben AG & Co. KgaA, INX International Ink Co., Flint Group, Sun Chemical Corporation, Wikoff Color Corporation, Toyo Ink America, LLC, American Ink and Coatings, DuPont, Huber Group, Electronics For Imaging, Inc., Sanchez SA de CV, Quad Graphics Inc., and FUJIFILM Corporation.
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