Flexographic printing process involves dyestuff as colorants for printing applications. Growing preferences among consumer for flexible & colorful packaging and technological advancements in printing techniques coupled with high quality printing inks with low VOC content is expected to boost growth of the flexographic printing inks market. Major players in the market focus on new product development and integrating new technologies in existing product portfolio to meet rising demand of its customer base. For instance, on May 01, 2017, Sun Chemical introduced new high performance UV Flexo Inks during Label Summit in Latin America 2017.
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UV-cured inks market is projected to witness the highest growth during 2017-2025. According to the stats provided by Coherent Market Insights, the UV cured inks market is expected to witness a CAGR of 6.1% in terms of value. Favorable government regulations, owing to rising safety standards of packaged food is in turn surging demand for UV cured inks. UV cured inks also find wide application in various end-use industries such as pharmaceuticals, consumer goods, printing and publication due to its high durability, zero volatile organic compound, and superior adhesion properties.
The global flexographic printing inks market size was valued at US$ 6.57 Billion (revenue) and 1,611.4 Kilo Tons (volume) in 2016 and is expected to expand at a CAGR of 5.6% in terms of revenue and 4.4% in terms of volume during 2017 – 2025.
Rapid industrialization in emerging economies such as China, India and Brazil is projected to increase trade activities across the region, which in turn driving demand for flexible packaging. Also, growth of the food and beverages sector is expected to exponentially drive growth in demand for flexible packaging and in turn fuel growth of the flexographic printing inks market over the forecast period, as these packaging finds wide applications in packaging and promoting brand. Cosmetics and pharmaceuticals industries are major end users of flexible packaging due to low VOC content and environment friendly. For instance, on April 01, 2007, the Environmental Protection Department of Hong Kong, amended the VOC regulation to control the in-house air pollution and planned to reduce the amount of VOC in air up to 55% by 2010. Also, The Canadian Environmental Protection Act, 1999 (CEPA 1999) was enforced to protect the environment and health in Canada by setting VOC concentration limits for 53 categories of architectural coatings.
Asia Pacific, followed by Europe and North America, respectively accounted for major share in the global flexographic printing inks market both in terms of revenue and volume in 2016 and are projected to retain their dominance in the market over the forecast period. In 2016, Asia Pacific held a share of 39.2% in terms of volume, followed by Europe (25.4%). The growing demand for corrugated container in Asia Pacific due to extensive use in packaging of goods such as cosmetics, food products, beverages, hazardous chemicals, pharmaceuticals and other materials in turn creates a highly favorable environment for growth of the global flexographic printing inks market. These packaging finds large applications due to its light weight, high durability, high strength, cost effectiveness, appealing aesthetic value and recyclability. Moreover, growing e-commerce and retail sector around the world is also expected to fuel the demand for corrugated container, which in turn is increasing the global flexographic printing inks market in the following years. According to a study conducted by Coherent Market Insights, the global corrugated container market is expected to witness a CAGR of 5.0% from 2017 to 2025 which is expected to fuel growth of the global flexographic printing inks market.
Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends which are expected to shape the industry in the near future. For instance,
2016, Flint Group acquired Printec Industries Inc, located in Marietta, Georgia, U.S.
2015, Flint Group acquired Xeikon a leading digital solutions provider to the packaging and commercial printing markets
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Major players in the global flexographic printing inks market include Flint Group, Siegwerk Druckfarben AG & Co., Huber Group, Sun Chemical Corporation, Wikoff Color Corporation, Zeller+Gmelin GmbH & Co. KG., INX International Ink Co, Toyo Ink SC Holdings Co, ALTANA AG and XSYS Print Solutions (Shanghai) Ltd. among others.