Water-Based Inks Market: Overview
In 2021, the market for water-based ink was valued at $11.6 billion and was expected to expand at a CAGR of 3.9 percent. Due to the market's high potential and consistent growth, the global water-based inks market has grown increasingly competitive and price-sensitive. Hazardous waste production is reduced with the use of water-based inks. Water-based inks are anticipated to rise significantly due to the rising demand for environmentally friendly inks in developing nations like Asia and North America. The main drawback of water-based inks is how slowly they dry and how slowly they print. Water-based inks can only be used in extremely alkaline environments because they dissolve in alkaline solutions and have a high surface energy that prevents them from wetting and printing smoothly on difficult surfaces. The market for water-based inks is hampered by the problems described above. However, ongoing innovations in water-based inks, such as the creation of pH-stable inks and advancements in the resins used in ink formulation, present prospective market growth prospects. UV-cured printing inks offer significant advantages over Water-based Inks, making them a preferable replacement for conventional inks. They are utilized in various printing methods, including inkjet, gravure, and flexography. Since UV-cured inks dry more quickly, they don't contain volatile organic compounds (VOC). During the anticipated period, the market for water-based inks will be constrained by the factors mentioned above. Growth in the packaging industry is also one of the growth factors for the market. China's packaging sector was the world's top packaging paper and paperboard manufacturer in 2020, producing 70.3 million metric tonnes of it. The usage of flexible, rigid, and paper and board packaging materials is on the rise in China. The market demand for printing inks is anticipated to increase due to this good momentum in the packaging sector. The Bureau of Indian Standards has created specifications for many water-based Letterpress Black Book IS 5046 printing ink; General Printing Ink IS 2105, Halftone IS 7771, Newsprint Ink Black IS 8744, and Offset Ink Black General IS 6830 Purpose are the inks.
Water-Based Inks Market: COVID-19 Impact
The pandemic's onset has impacted industrial operations as manufacturing hubs have stopped due to lockdowns and quarantines enacted by governments worldwide. However, the market saw a demand for its products due to the requirement for massive quantities of vaccinations to be preserved globally to combat the pandemic's scope. The Centers for Disease Control and Prevention (CDC) in the United States advise using pharmaceuticals, freezers, or refrigerators specially made for storing vaccinations. The recommended storage temperatures for vaccinations were 2°C to 8°C for refrigerators and -50°C to -15°C for freezers. As a result, the market was kept alive by the necessity to store and distribute effective medicines and vaccines.
Water-Based Inks Market: Drivers
Quickly Expanding Flexible Packaging to Drive Market Growth
Water is the primary solvent used during the production of water-based inks. However, the inks may also contain other co-solvents. These co-solvents cut down on the heat and time needed to cure ink film on fabric. Due to their color, flow characteristics, pleasing surface appearance, performance, and gloss, water-based inks are widely used. The market for water-based inks is growing due to all these advantages.
Additionally, due to the quick development of technology, water-based ink products have lower inflammability ratings and are simpler to clean. In addition, water-based inks are being driven by the explosive demand for distinctive printing inks and the quick expansion of flexible packaging. The rapid adoption of water-based inks aids in cutting down on hazardous waste production. Therefore, the global market for water-based inks is expected to increase significantly throughout the forecast period due to rising environmental and safety concerns.
Online shopping's Growth and Packaged Food Industry's Expansion Driving Market Growth
The packing of e-commerce products is done with water-based inks; therefore, as the e-commerce sector expands, so will the demand for these inks. E-commerce is a widely chosen retail format in the current global market, particularly among young consumers who prefer to shop online using their smartphones. The necessity for e-commerce packaging has increased due to the rapid global expansion of m- and e-commerce. To meet customer expectations, vendors operating in the regional market are aligning their operations with the current market demands and incorporating more innovation and higher-quality packaging into their products. The e-commerce packaging market is anticipated to increase and substantially impact the market in the future.
Water-Based Inks Market: Restraints
Slow Speed of Drying and Printing to Hamper Market Growth
However, water-based inks have several advantages that have led to widespread use across many industries. Due to the high surface energy of water molecules, the use of water-based inks in alkaline conditions is severely limited. These inks cannot get smoothly wet and print on challenging surfaces. Furthermore, due to the high surface energy of the water component, water-based inks cannot get smoothly wet and print on complicated substrates. These are the main reasons why the market for water-based inks isn't growing as quickly as it should. The market for water-based inks cannot expand as quickly as it would otherwise.
Water-Based Inks Market: Segment Overview
Flexible Packaging to Dominate Market due to Rising Demand For Corrugated Packaging In Food & Beverage Sector
Due to the rising demand for water-based inks in corrugated packaging in the food & beverage sector, the flexible packaging segment had a significant market share for these inks. Flexible packaging's capacity to assume the shape of a pouch, bag, liner, or overwrap, for example, will provide industry participants lucrative prospects. Companies in the food, beverage and personal care industries want packaging that enhances the value and marketability of their products. The popularity of lighter packaging will also help flexible packaging products grow over the anticipated timeframe. The way that consumers engage with packages is evolving. Traditional rigid packaging is being replaced by creative, flexible packaging as the importance of sustainability grows. Flexible packaging has become a feasible and affordable alternative in response to growing market demands for consumer-friendly products and improved product protection. Flexible packaging not only helps online firms revitalize their packaging to improve the e-commerce experience but also plays a crucial part in lowering beverage and product waste. When perusing the variety in the vending machines, it becomes clear how common flexible packaging is in the beverage industry. Most products are single-use, portable, and wrapped in flexible films. Over the forecast period, these elements will fuel market expansion.
With Increased Expanding Advertising Requirements Of Businesses, Acrylic Category Dominated Market
The acrylic segment of the water-based inks industry has the biggest market share due to the water resistance, high gloss, and great press and shelf-life stability of these resins. Soft-film ink polymers with exceptional resistance to pH stability, ice water crinkles, and high adhesion are available from acrylic resins. Because of this, they are utilized in printing. The primary drivers of the printing industry's expansion are the expanding advertising requirements of businesses worldwide and rapid technological development. Printer adoption is rising due to printers' improved efficiency and cost-effectiveness for printing in mass. Another important factor that promotes growth is the widespread usage of premium printed packaging for branding and advertising. Another element boosting the market's expansion is the consistent desire for real, hardcover books.
Water-Based Inks Market: Regional Landscape
Asia Pacific to Dominate Market due to Increase in Foreign Direct Investment
APAC dominates the market for water-based inks. The economy of APAC is mostly driven by the economic dynamics of nations like China and India, although the current situation is changing due to an increase in foreign direct investment for the growth of South East Asia's economy. Due to the region's enormous potential population and factors driving market expansion, like rising personal discretionary income and increased internet penetration, South East Asian countries are experiencing rapid growth in the packaging and consumer products industries. Furthermore, consumer products market distribution plays a significant part in a company's success because it directly affects market demand and supply and income. The global reach of consumer goods companies has expanded due to the increasing use of the internet and e-commerce. The advantages of e-commerce have benefited both consumers and businesses in terms of pricing and the wide variety of options available.
Furthermore, the online distribution channel has drawn in new clients. Beyond the disease's transmission and containment attempts, the coronavirus pandemic has had far-reaching effects. Concerns have changed from supply-side manufacturing problems to diminished business as the virus has expanded globally. In addition to having a significant impact on the coronavirus pandemic, the current epidemic has had far-reaching effects beyond the spread of the illness and containment measures. Concerns have changed from supply-side manufacturing problems to diminished business as the virus has expanded globally. The market will have slower growth in 2020 due to this aspect.
Global Water-Based Inks Market: Competitive Landscape
In July 2021, A new generation of environmentally friendly water-based inks for paper and board applications was introduced by Siegwerk, a supplier of printing inks and coatings for packaging applications and labels. The new product line is made using natural and renewable ingredients to reduce the number of microplastics that can be discovered in inks. It offers an environmentally friendly alternative to conventional inks without affecting the ability of paper and board packaging to be recycled. Moreover, in October 2019, HP committed $200 million over five years to developing sustainable ink technologies for digitally printing on corrugated packaging and textiles, marking a significant investment in the next generation of water-based ink.
Few of the players in the Water-Based Inks Market include Flint Group (Luxembourg), Siegwerk Druckfarben AG & Co. KGaA (Germany), DIC Corporation (Japan), Sakata Inx (Japan), T&K Toka (Japan), Toyo Ink S.C. Holdings (Japan), and others.
Regional Classification of the Global Water-Based Inks Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Water-Based Inks Market
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