The global lithography inks market was valued at US$ 8.4 Bn in 2017 and is projected to expand at a CAGR of 5.3% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Lithography Inks Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’
Growth of the packaging industry is expected to augment the demand for lithography inks between 2018 and 2026. Increase in commercial printing and rapid urbanization in emerging countries are estimated to boost the global lithography inks market from 2018 to 2026.
Rise in Demand for Lithography Inks in Packaging Industry to Drive Global Market
Significant growth in the packaging industry in developing economies and rise in use of high quality printing inks are augmenting the adoption of lithography inks. The packaging industry in Asia Pacific has expanded at a rapid pace in the last few years. This trend is expected to continue during the forecast period.
Rapid industrialization and expansion in the packaging industry in developing countries are driving the lithography inks market. The packaging industry is a major consumer of printing inks. Growth in the food & beverages sector and increase in demand for flexible packaging in the health care sector are estimated to propel the demand for lithography inks in the next few years.
Solvent-based Segment Dominates Lithography Inks Market
The global lithography inks market has been segmented based on ink type, application, and region. In terms of ink type, the water-based segment is projected to expand at a substantial pace during the forecast period owing to the high demand for low emission and cost effective inks from various packaging and textile manufacturers. Furthermore, implementation of stringent governmental regulations pertaining to the environment are driving the demand for water-based inks.
The solvent-based segment held major share of the global market in 2017, as these offer high productivity and superior printing throughput. Solvent-based inks possess numerous features and functionalities. Therefore, these are suitable for specialized printing needs. Quick drying and high ink saturation features of solvent-based inks increase their requirement in niche applications. This, in turn, is driving the solvent-based inks segment. However, ink manufacturers are focusing on bio-based ink products owing to the presence of stringent government regulations and rise in demand for low VOC emitting inks.
Commercial Printing is Highly Promising Application Segment
Based on application, the commercial printing segment is projected to expand at a significant pace during the forecast period. Lithography inks are widely used in commercial printing applications such as advertising and promotional activities.
Their adoption is increasing in packaging applications owing to their superior properties. Significant rise in commercial printing and packaging print applications is likely to create opportunities for players operating in the lithography inks market. Furthermore, textile and metal printing segments are anticipated to offer immense opportunities for manufacturers of lithography inks in the next few years.
Market in Asia Pacific to Expand Significantly
The lithography inks market in Asia Pacific is expected to expand at a significant pace during the forecast period. Rise in consumption of solvent-based inks in developing economies such as India, China, Vietnam, and Indonesia is expected to create lucrative opportunities for lithography ink manufacturers in the next few years owing to rapid urbanization, growth in population, expansion of the packaging industry, and rise in the number of commercial printing applications.
Additionally, increase in industrialization in mature countries such as the U.S., Canada, and Germany is anticipated to boost the lithography inks market in these countries during the forecast period.
Key Players to Continue to Lead Global Market
The report provides profiles of leading players operating in the global lithography inks market. These include INX International Ink Co., Flint Group, Toyo Ink Co., Ltd., DIC Corporation, Cabot Corporation, Siegwerk Druckfarben AG & Co. KgaA, FUJIFILM Holdings America Corporation, HuberGroup, Tokyo Printing Ink Mfg. Co., Ltd., T&K Toka Co., Ltd., and Wikoff Color Corporation.
Several companies operating in the global lithography inks market engage in the expansion of lithography inks portfolio by improving existing products and developing new products with superior features. They strategically enter into long-term agreements with commercial printing, packaging, and publication contractors to increase their market share.