Thanks to the ongoing expansion of the packaged materials industry, North America is witnessing a tremendous surge in the demand for UV cure printing inks since past few years. The recent rise in the printing of packaged materials will further boost the market for UV cure printing inks in this region over the forthcoming years. According to researchers, the opportunity in the North America market for UV cure printing inks is expected to increase from US$362.9 mn in 2015 to US$865.9 mn by 2024, expanding at a CAGR of 10.30% during the period from 2016 to 2024.
Offset Printing to Report Strong Demand
Gravure printing, flexographic printing, offset printing, screen printing, and digital printing are the main application areas of UV cure printing inks. Among these, offset printing reported a greater demand for these inks in 2015 with a share of 38% and is likely to remain leading throughout the forecast period.
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On the other hand, the digital printing segment is expected to maintain high attractiveness among UV cure printing ink vendors over the forthcoming years due to the shifting preference of consumers towards digital printing. Similarly, the flexographic printing segment is projected to register a healthy rise in the demand for UV cure printing inks due to their extensive usage in highly lucrative end users, such as the packaging and the publication and commercial printing sectors.
Upswing in Demand for Publication and Commercial Printing to Ensure Dominance of U.S.
The U.S. and Canada are the key domestic markets for UV cure printing inks in North America. Among the two, the U.S. has surfaced as the leading contributor to the overall market in terms of revenue and is expected to remain dominant throughout the forecast period. With the imminent upswing in the demand for publication and commercial printing in a number of industries, the U.S. market for UV cure printing inks ins likely to cross US$678.5 mn by the end of the forecast period.
Although Canada exhibited healthy growth in the demand for UV cure printing inks in the recent past, the surging trend of e-commerce and e-books is projected to limit the demand for publication and commercial printing in Canada, which eventually, will decrease the sales of UV cure printing inks in this nation and reflect negatively on the overall growth of this domestic market over the forecast period. As per analysts, the market for UV cure printing inks in Canada will reach a volume of only 41.7 kilo tons by the end of 2024.
North America UV Cure Printing Inks Market: Competitive Landscape
The North America market for UV cure printing inks demonstrates a moderately fragmented competitive landscape with domestic participants holding a large share in the overall market. FUJIFILM Corp., Flint Group, Nazdar, E. I. du Pont de Nemours and Co., Toyo Ink America LLC, Sun Chemical Corp., Wikoff Color Corp., Huber Group, Electronics For Imaging Inc., Siegwerk Druckfarben AG & Co. KGaA, Marabu North America, and INX International Ink Co. are some of the leading players operating in this market.
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