Albany, NY -- (SBWIRE) -- 01/05/2018 -- The global gravure printing inks market is immensely fragmented, finds Transparency Market Research, and the top six companies cumulatively accounted for a share of over 75% in 2015. The production and market revenue of these players – Sun Chemical Group, Flint Group, Toyo Ink Mfg. Co. Ltd., Sakata INX, Siegwerk Druckfarben AG & Co. KGaA, and Huber Group – have been adversely impacted due to various economic and technological developments in the past few years. However, TMR predicts that these vendors are likely to witness moderate growth during the forecast period.
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Increasing their focus on R&D activities, expansion toward digital printing inks, and inorganic expansions are some of the leading strategies adopted by players in the gravure printing inks market. Toyo Printing Ink's launch of Zipcure, an energy-saving UV ink, and Sun Chemical's acquisition of Druckfarben Hellas are recent examples of these strategies.
The opportunity presented by the global gravure printing ink market is expected to be worth US$2.6 bn by 2024, states TMR, rising from US$1.8 bn in 2015 at a 3.98% CAGR therein. In terms of volume, the market is expected to register a CAGR of 3.4% from 2016 to 2024.
Demand for Gravure Printing Inks Soars in Packaging Industry
On the basis of product type, solvent-based gravure printing ink led the overall market with a revenue of just over US$1.0 bn in 2015. However, water-based inks are anticipated to witness an accelerated growth of 5.0% during the forecast period. By application, the packaging industry led the gravure printing inks market in 2015 on account of rising industrialization in several developing nations. The publication industry, on the other hand, is witnessing a significant slump owing to the surging demand for e-books and e-papers.
Geographically, Asia Pacific is the leading producer of gravure printing inks and in 2015, the region held almost 40% of the global revenue. The market is estimated to register a modest growth of 3.98% during the forecast period. "Although Asia Pacific presently leads the overall gravure printing inks market, it is estimated to lose its dominant position to Latin America in the next eight years," the lead analyst predicts. This will significantly change the dynamics of the global gravure printing inks market.
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Surge in GDP of Developing Countries Acts as Growth Booster
"Over recent years, there has been a considerable improvement in the GDP of many developing countries and this has resulted in a major industrial revolution. The packaging and publication industries have received an impetus following this revolution and as a result, the demand for various raw materials has soared," the TMR analyst states. Gravure printing is the most preferred printing process in the packaging industry owing to its ability to print on thin films such as OPP, polyester, PE, and nylon. This has led to a considerable rise in the demand for gravure printing inks.
Growth of e-Commerce a Major Roadblock
The growing application of flexographic printing has emerged as a major threat to the growth of the global gravure printing inks market. Flexographic printing is past replacing conventional gravure printing owing to its lower requirement for manpower, reduced ink consumption, and faster changeovers. "Several countries in North America and Europe have been witnessing this transition in the recent past and this is negatively impacting the market in these regions," the author observes.