Flexographic Printing Inks Market size was over USD 10 billion in 2017 and will witness a CAGR more than 4.5% between 2018 and 2024.
Sellbyville, DE -- (SBWIRE) -- 10/23/2018 -- GMI presents a most up-to-date research on "Flexographic Printing Inks Market"– Global Industry Analysis, Size, Share, By Product (Water-based, Solvent-based, UV-cured), By Application (Flexible Packaging, Corrugated Containers, Folding Cartons, Tags & Labels, Others) By Application (Plumbing, Wires & Cables, Automotive, Medical, Chemical Industry) Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, Saudi Arabia, UAE) and Forecast 2017 – 2024".
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Rapidly rising demand for flexible packaging is sure to augment the flexographic printing inks industry in the expected timeframe. The flexographic inks have an extensive application in the packaging of products from various industries such as cosmetics, textile, food and beverage etc. Owing to the increasing competitiveness the product manufacturers make the packaging innovative and attractive to get the consumer attention which in turn boost the flexographic inks market by 2025.
The growing use of glass printing for luxury packaging purposes would also propel the industry size. For instance, the Pollard Group of UK have invested over USD 170,000 for the installation of bespoke magnet and ribbon loop inserting machine, that is used for luxury packaging. Heavy investments in the packaging industry will boost the flexographic printing market in the projected timespan.
Innovation of UV cured flexographic printing inks will boost the industry size due to its quick drying feature without any fatality to health or environment. The UV cured inks registered over 14% of the overall flexographic inks market share in the projected timeperiod. It involves a high intensity UV radiation for inks drying process. This efficiently offers quick drying and thus improves the printing rate which in turn is driving the flexographic inks market in the expected timeframe.
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Applications in folding cartons will account for over 15% of the total flexographic inks industry till 2024. The growing number of e-commerce websites are flourishing the demand for folding cartons for packaging their products and for the ease of conveyance. Several instances of product return have been witnessed in these e-commerce websites due to the lack of proper packaging. Innovative packaging methods are introduced to propel their businesses and directly augmenting the flexographic printing inks industry in the coming years.
North America flexographic inks industry revenue was over USD 3 billion in 2017 in the estimated timespan. North America consists of various major players that are technologically advanced in their printing products that create innovative and safe printing inks which have a greater printing rate without any fatality to the health or environment at minimum prices. Moreover, boosting pharmaceuticals industry in the region generates a large demand for packaging products due to high medicine demand and assisting government standards which in turn will drive the total flexographic printing inks industry share in the near future.
Rising concerns regarding emission of volatile organic compound (VOC) and toxic metals present in some inks of printing solutions have compelled the government agencies to shift towards bio-friendly substitutes and have also resulted in being a hindrance to the growing flexographic ink market in the coming years. Nevertheless, the rising demand for UV cured flexographic printing inks is another assuring factor that will uplift the flexographic inks market in the near future. Its quick drying property helps increasing the printing rate without any fatality to the health will result in expanding the flexographic printing inks market in the coming years.
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Solvent-based inks are projected to grow at a CAGR over 4% by 2024. These inks possess excellent quick drying capability, elevated printing rate, abrasion resistance and durability. Moreover, due to its quick dryness, it has a huge popularity in the ink market. However, due to the toxic nature of this ink and the rising environmental & safety concerns, FDA may lower the usage of these inks impeding the Flexographic Printing Inks Market size.
The key flexographic printing inks market participants accounting for the total industry size include Zeller+Gmelin, TOYO Ink, XSYS Print Solutions, INX International, Zhongshan DIC Colour, Sun Chemical, Flint Group, ALTANA AG, TOKA, RUCO, Wikoff Color, Tercel Ink, Taiyuan Coates and Jiangmen Toyo.