Increased Demand for Ink Solvents in Packaging Industry to Drive Global Market
Widespread application of ink solvents for printing, packaging, outdoor products, bottle printing, plastic printing, and technology products is expected to drive the growth of ink solvents market. Solvents are critical to the effectiveness of many products consumers use every day: solvents in paints and coatings, in inks, personal care products, cleaning products, healthcare applications, and automotive. There are many types of solvents that are commonly used in ink that are hydrocarbons, alcohols, and scented solvents, like methyl, ethyl, pentane, hexane, heptane, mineral oil, benzene, and toluene. The rise in environment-friendly inks is the primary driver of ink solvents market growth. The expansion of the printing industry in developing countries, as well as the rapid digitalization and rise in demand for versatile, durable, and fast-drying inks for commercial printing, packaging, publications, and consumer-specific printing needs, will pave the way for the ink solvents market growth. The increased demand for bio-degradable solvents is expected to create several market possibilities.
Printing inks are widely used in the packaging sector. The increased demand for flexible packaging is driving the need for ink solvents utilised in the formulation of printing inks to help the ink flow into the substrate. During the projection period, the ink solvents market is expected to be propelled by high demand for convenient packaging in consumer goods, easy customization, cost-effectiveness, and lightweight feature. An estimated 80% of American women, or 161 million people, use cosmetics daily in the US. The average woman in the US leaves her house each day having used at least 16 facial care or cosmetics items, and she spends $200,000-$300,000 on skincare and cosmetics in her lifetime (or an estimated $250 per month). The growing use of cosmetic products, especially among women, will boost the packaging market in the coming years, thus propelling the progress of ink solvents market.
The expansion of e-commerce as a distribution channel will likely boost the market in the future because of growing internet penetration. As of 2021, the number of digital buyers stands at 2.14 billion. That equates to 27.6 percent of the world's 7.74 billion people, with e-commerce accounting for roughly 20 percent of global retail sales. Consumers are using online retail platforms to purchase various products, thus increasing the demand for packaging.
Flexographic Process Dominant with Growing Use of Innovative Packaging Materials
Flexography will account for a significant share of the global market in the forecast period and is expected to maintain this position with a positive growth rate throughout the forecast period. Flexographic printing is commonly used for plastics, metallic films, cellophane, and other smooth surfaces in various packaging applications. It's also great for large-format printing and high-quality printing. Flexographic printing is becoming more popular in food packaging applications. Expanding advertising media and textile applications is expected to generate chances for flexographic printing inks market players. The rising demand for solvent ink solutions in the flexographic printing inks industry will likely drive the ink solvents market over the forecast period.
Asia Pacific Holds the Promise to Present the Maximum Opportunity, Packaged Food Industry Remains a Major Booster
Asia Pacific is expected to lead the ink solvents market because of the region's increased adoption of ink solvents. The significant uptake of flexographic printing inks has spurred regional market expansion. With the rapid urbanization, population growth, the development of the packaging industry, and an increase in the textile and advertising applications, the rising consumption of flexographic printing inks in developing economies such as India, China, Vietnam, and Indonesia are likely to generate attractive possibilities for ink solvent producers during the forecast period. Growing disposable income and customer need for environment-friendly packaging that is easy to handle and affordable may drive demand in the region. China is a big packaging consumer because of diverse producers and the rising demand for frozen food. In China, 35,000 processing and manufacturing plants are churning out food products for the country's residents. The increased consumer expenditure on packaged foods and healthier lifestyles may drive regional product demand.
North America will continue to demonstrate profitable growth during the projection period, owing to the corrugated cardboard application, which has led to quick expansion in the ink solvents market, particularly in this region. Increased digitalization in nations such as the United States and Canada is expected to open up enormous prospects for the ink solvents market. Producers in the area are also going for eco-friendly packaging and natural products. Growing innovations in sustainable packaging are opening up new business prospects. Rising consumer knowledge of a healthy lifestyle has influenced them to switch to higher-quality packaged foods, driving product demand. In 2020, 127.92 million Americans consumed complete frozen meals. The increased consumption of frozen and packaged food in the country will increase the demand for packaging, thus driving the region’s ink solvents market.
Global Ink Solvents Market: Competitive Landscape
Companies in the market are launching new items and entering into collaborations, alliances, and partnership agreements. In April 2022, ElvaJet Onyx SB, new sublimation ink for textile printing, was introduced by Sun Chemical. ElvaJet Onyx SB meets market demands by providing a high-performance ink that is simple to use in wide-format textile printers. The ElvaJet Onyx SB addresses the market's need for longer print runs between cleaning cycles. In June 2020, INX International Ink Co. today announced the completion of its acquisition of RUCO Druckfarben, a well-known printing ink business based in Eppstein, Germany.
A few of the players in the Ink Solvents Market include BASF SE (Germany), Dow Chemical Company (U.S.), Eastman Chemical Company (U.S.), Arkema S.A. (France), Ashland Inc. (U.S.), Celanese Corporation (U.S.), Evonik Industries AG (Germany), Ineos AG (Switzerland), Omnova Solutions (U.S.), Royal Dutch Shell (Netherlands), Solvay AG (Belgium), and Vertec Biosolvents Inc. (U.S.).
Global Ink Solvents Market is Segmented as Below:
By Chemistry Type
By Product Type
Key elements included in the study: Global Ink Solvents Market
Post Sale Support, Research Updates & Offerings:
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology