The global water-based inks market was valued at US$ 5,107.1 Mn in 2018 and is anticipated to expand at a CAGR of 6.45% from 2019 to 2027, according to a new research report titled ‘Water-based Inks Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,’ published by Transparency Market Research (TMR) The global water-based inks market is driven by the rise in demand for water-based inks in packaging and publications sectors across the globe. In terms of demand, Asia Pacific accounts for a dominant share of the global water-based inks market.
Rise in Demand for Water-based Inks in Packaging Industry to Boost Market
Packaging adds a unique value to any product. It allows the customers to distinguish a particular product from other similar products. Flexible packaging such as bags, pouches, and films can be used to wrap products such as food, beverages, pharmaceuticals, cosmetics, and personal care. The global packaging industry is estimated to be valued at US$ 1,000 Bn by 2020. This, in turn, is fueling the demand for water-based inks across the globe in the next few years.
Increase in Demand for UV-cured Inks in Various Printing Processes to Hamper Market
Increase in environmental restrictions in developed economies across Europe and North America is boosting the need for VOC-free printing inks. UV-cured printing inks are a superior alternative to traditional inks. UV-cured inks are used in various printing processes such as gravure, inkjet, and flexography, as they offer several advantages over the conventional inks. UV-cured inks do not contain VOCs. Their drying process is quicker, as they are treated using a UV light. This is likely restrain the water-based inks market during the forecast period.
Acrylic Resin Segment to Dominate Global Water-based Inks Market
In terms of resin type, the water-based inks market has been divided into acrylic, polyester, maleic, and others. Acrylic was a highly attractive segment of the global water-based inks market in 2018 and the trend is estimated to continue during the forecast period due to suitability of acrylic resins in various applications.
Flexography Technology Segment is Expand at a Rapidly Pace
Flexography printing technology was a highly lucrative segment of the global water-based inks market in 2018. Flexography printing technology is one of the extensively used printing processes. This technology is used to print various substrates such as paper, plastic, and paperboard. Market share of the flexography technology segment is projected to increase during the forecast period due to its ability to print of a wide variety of substrates and usage of eco-friendly printing inks such as water-based printing inks. Growth of flexible packaging and tags & labels printing industries is likely to drive the segment in the next few years.
Packaging Segment to Lead Market
The packaging segment accounted for a major share of the global water-based inks market in 2018. Rise in the demand for flexible packaging in the food & beverages sector due to its less weight and esthetic appeal, is expected to fuel the demand for packaging in the next few years. This, in turn, is anticipated to drive the global water-based inks market in the near future. The packaging segment comprises flexible packages, corrugated containers, tags, labels, folding cartons, and metal cans.
Asia Pacific Dominates Global Water-based Inks Market
Based on region, the global water-based inks market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of volume and value, Asia Pacific was a leading region of the global market in 2018. The market in the region is anticipated to expand at a rapid pace during the forecast period owing to growth of packaging and newspaper industries and presence of major manufacturers of water-based inks in the region. This, in turn, fuels the demand for water-based inks in different applications such as corrugated packaging and folding cartons. Furthermore, growth of the advertisement sector and rise in investment in the marketing of food & beverages are expected to boost the market during the forecast period. Europe and North America are significant consumers of water-based inks. The water-based inks market in Latin America is projected to expand at a moderate pace during the forecast period, as demand for water-based inks in these regions is anticipated to rise in the next few years owing. Expansion of the market is attributed to the growth in the packaging industry.
High Degree of Competition among Players
Key players operating in the global water-based inks market are Sun Chemical Corporation, Flint Group, Siegwerk Druckfarben AG & Co. KGaA, Toyo Ink SC Holdings Co., Ltd., Huber Group, Wikoff Color Corporation, Doneck Euroflex S.A., Sebek Inks, Dolphin Inks, BCM Inks, and Chimigraf.