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Future trends in the ink industry: sustainability, digitalization, and regional growth

2024-01-05

With the rise of digital technology, the use of inks in print advertising and publication printing has eroded. However, with the interplay of multiple factors, the ink industry is ushering in new growth opportunities. The growing influence of sustainable chemistry and the increasing demand for vegetable inks are expected to drive innovation and product development in the industry. Similar to the situation in the wider coatings industry, Asia is expected to grow at a faster rate, although North America and Europe are the larger regional markets.https://www.risedongsheng.com/

According to the report "Global Printing Inks Market Size, Share and Epidemic Impact Analysis (by Type, Process, Application and Region) Analysis and Forecast 2022-2032", the global printing inks market is expected to grow by 6.7% annually between 2022 and 2032. During this time, the market value will almost double, growing from $18.71 billion in 2022 to $35.93 billion in 2032.

In addition to the driving force of sustainability and Asian consumption, positive factors in the packaging industry and digital technology will further drive market growth. Digital printing offers quick turnaround and customization opportunities for print jobs.

UV-curable inks are the fastest growing because they are suitable for use in plastics, glass and metals, and are widely used in packaging and labeling. Their environmentally friendly properties make them ideal in an increasingly green world.

Offset inks remain the largest market among ink types and remain popular in areas such as books, magazines, brochures, and commercial printing. Consumer-oriented industries such as packaging, advertising, and publishing drive most of the demand in the largest regional ink market in North America. The textile industry is also considered to be the driving force in the region.

In Asia, the packaging, advertising and textile industries will become the source of more printing ink consumption, and the huge influence of the Asian electronics industry cannot be ignored. These consumption trends will be supported by the broad economic context in the region, as living standards continue to rise, GDP growth and e-commerce develops at a healthy rate.

Europe is leading in oil-based inks, but with the rise of vegetable oils as a source of modern formulations, the oil-based inks market is leading in terms of sustainability and green agenda. According to the research report "2024 Oil-based Printing Inks Global Market Report" by Business Research Company, the oil-based printing inks market size is expected to increase to $14.64 billion by 2028, with a compound annual growth rate of 4.1%.https://www.risedongsheng.com/

Factors such as sustainability, circularity, digital printing, the growth of flexible packaging, and personalized UV curing and water-based inks have all contributed to the growth of oil-based inks. Although Europe is the leading regional market, Asia has shown great interest in ink formulations for vegetable oils such as soybean oil, cottonseed oil, safflower oil, rapeseed oil, and palm oil. These vegetable oils serve as a sustainable basis for ink formulations and are a good alternative to inks from petrochemical sources.

The demand for oil-based inks in the packaging industry is driving the growth of the market due to the wide range of applications and durability of inks across a wide range of material cross-sections. Some top players are developing new high-tech alternative inks for the electronics industry and barcode printing, with the goal of saving energy and improving efficiency.

Geographically, Western Europe is the largest regional market for oil-based inks, followed by Asia-Pacific. Unfortunately, the United States lags behind in its circular chemical economy strategy, making it lagging behind in this field compared to the progress of the European Union, Japan and China.

On the other hand, the printing press cartridges market is also showing strong growth momentum. According to the forecast, the market will grow by more than 50% between 2022 and 2029, and the global market capitalization will grow from $14.10 billion to $21.48 billion. Europe is the second largest market for this market, while North America is the leading regional market, accounting for more than half of the global demand.

However, the Asia-Pacific region has been identified as the main growth markets over the next decade, with China, India and Japan in particular. The Middle East and Africa region is also expected to see impressive growth.https://www.risedongsheng.com/

It is expected that the filling of water-based ink cartridges will increase between 2022-2029, accounting for 38% of the entire market by 2029. At the same time, the demand for solvent inks will decrease, falling from 26% in 2022 to 21% in 2029. The change in other types of ink cartridges is very minor, using dry heat sublimation inks is about 25% -26%, and other types are about 14% -15%.

Overall, the ink industry is facing new opportunities and challenges driven by sustainability, digitalization, and regional growth. As technologies and markets continue to evolve, the industry will continue to grow and contribute to economic prosperity.

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