Albany, NY -- (SBWIRE) -- 06/13/2018 -- Macro-economic headwinds in the past few years have had a negative impact on the revenues of some of the lead players in the global gravure printing inks market. Together, these top players, namely Flint Group, Sun Chemical Group, Sakata INX, Huber Group, Siegwerk Druckfarben AG & Co. KGaA, and Toyo Ink Mfg. Co. Ltd. held almost 75.0% market share in 2015. A report by Transparency Market Research predicts that the vendors will likely grow at a moderate pace in the next couple of years on account of persisting hurdles.
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However, our report finds that the players are making various efforts to buck the headwinds. One of them is the increasing focus on research and development activities to create more sophisticated gravure printing inks. They are also going the inorganic route to expand their positions. The launch of Zipcure, an energy-saving UV ink, by Toyo Printing Ink and the acquisition of Sun Chemical by Druckfarben Hellas are two examples in this directions.
After exhaustive research, our report finds that the global gravure printing ink market will rise at a tepid 3.98% CAGR between 2016 and 2024 to become worth US$2.6 bn by 2024 from US$1.8 bn in 2015. Volume-wise, the market is expected to clock a CAGR of 3.4%.
Product-wise, gravure printing inks market can be broadly segmented into solvent-based gravure printing inks and water-based gravure printing inks. Of the two, the solvent-based gravure printing ink segment pulled in a revenue of over US$1.0 bn in 2015 to account for a dominant share.
Geography-wise again, the key segments of the market for gravure printing inks are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, of them, leads the market but will lose a significant proportion of its share going forward owing to the rapid rise of the market in Latin America. In 2015, Asia Pacific accounted for 40.0% of the global revenue.
Packaging Industry at Forefront of Driving Demand
The packaging industry is the principal driver of demand in the global gravure printing inks market. With rising GDP across many developing nations on account of rapid industrialization, the packaging industry, in particular, has received a major boost and gravure printing is mainly preferred for packaging because of its ability to print on thin films such as polyester, OPP, nylon, and PE. This has boosted demand for gravure printing inks to a great extent.
Before the rise and popularity of e-books and e-papers, the publication industry was another key driver of demand for gravure printing inks.
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Flexographic Printing Deals Blow to Demand
Dealing a blow to the market for gravure printing inks is the surging uptake of flexographic printing which is rapidly supplanting conventional gravure printing because of its lower requirement for manpower, faster changeovers, and lesser consumption of ink. In fact, Europe and North America are at the forefront of adoption of gravure printing inks. Asia Pacific is emerging as another key player on account of the large size of its population whose spending capacity is increasing impressively because of improving economies in the region. As a result most players are seen betting big on it.
This review is based on the findings of a TMR report, titled, "Gravure Printing Inks Market (Product - Solvent-based Gravure Printing Inks, Water-based Gravure Printing Inks; Application - Food Packaging, Wallpapers, Wrapping Paper, Furniture Laminates, Greeting Cards, Magazines, Newspaper) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.