The vendor landscape of the global flexographic printing inks market is highly fragmented and competitive and features the presence of a large pool of small-, medium-, and large-scale producers, suppliers, and retailers. In 2016, the leading four companies, namely Siegwerk Druckfarben, Sun Chemical Corp., Toyo Ink SC Holdings, and Flint Group collectively held only about 35% of the market, hinting towards the large share of the market that is held by small- and medium-scale companies.
Owing to the rising level of competition in the market, companies are putting more focus on the development of new product varieties and are putting emphasis on the geographical expansion to gain sustained growth opportunities in unexploited regional markets. Focus on the development of water-based products has also increased significantly as the demand for environment-friendly products has increased massively.
The report states that the global flexographic printing inks market will exhibit a CAGR of 5.80% from 2017 to 2025, rising from a revenue opportunity of US$6.56 bn in 2016 to US$10.91 bn by 2024. Volume-wise, the market is likely to cross 2,434.1 kilo tons 2025.
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Water-based inks to Remain Most In-Demand Product Variety
Of the key product varieties, including UV-cured inks, solvent-based inks, and water-based inks, the report states that the demand for water-based inks is presently higher and is expected to remain so over the report’s forecast period as well. Strict emission regulations across a number of regional markets and increased awareness among consumers regarding the environmental benefits of water-based inks are some factors that will work in favor of this segment.
From a geographical standpoint, the market in Asia Pacific dominated the global market in 2016, holding over 37% in it in the said year. The regional market will continue to expand at a promising pace and will emerge as one of the leading revenue generators for the global flexographic printing inks market over the report’s forecast period as well. The thriving packaging industry in the region will emerge as a key driver for the market.
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Thriving Global Packaging Industry to Reflect Positively on Market Growth
One of the key factors driving the global flexographic inks market is the mammoth expansion of the global packaging industry in the recent years. The vast rise in international imports and exports, massive expansion of the consumer goods industry, and a significant rise in demand for packaged food products have led to a vast rise in demand for a variety of packaging products in the recent years. With a promising pace of technological advancements in terms of materials and product designs, the packaging sector has also displayed a promising rise in demand for flexographic printing inks owing to regulations that require detailed product information and proper labeling on packaging across a number of industries.
Over the next few years, the global worldwide flexographic printing inks market is most likely to benefit from the increased consumption of UV-cured printing inks as well. However, rising concerns regarding the high VOC emissions from solvent-based inks could limit the growth prospects of the market to a certain extent.