The market for gravure printing inks has been gaining increased momentum across the globe On account of the high-quality image reproduction and low per-unit costs offered by gravure printing.
Albany, NY -- (SBWIRE) -- 03/06/2017 -- Gravure Printing Ink Market: Snapshot
The market for gravure printing inks has been gaining increased momentum across the globe On account of the high-quality image reproduction and low per-unit costs offered by gravure printing. These inks have been extensively used in the packaging sector, which is experiencing swift growth in many countries.
In the recent past, the gravure printing ink industry has faced stiff competition mainly from flexographic printing inks. The demand for flexographic printing in several countries in North America and Europe has prominently increased on account of its lower ink consumption, diminished manpower requirement, and faster changeovers. However, gravure printing inks is still considered to be the most preferred printing ink in the packaging industry.
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According to Transparency Market Research, the global gravure printing ink market was valued at US$1.8 bn in 2015 and is projected to reach US$2.6 bn by 2024 at a CAGR of 3.98% therein.
Gravure Printing Inks Used Extensively in Packaging Applications
The key product types of gravure printing inks are solvent-based and water-based. Solvent-based gravure printing inks are among the most widely used gravure inks worldwide. This is primarily due to their ability to dry quickly and their ease of adaptation to various substrates. Water-based gravure printing inks, on the other hand, are gaining more momentum due to their compliance with several environmental regulations. It has been estimated that during the forecast period the global revenue of the water-based gravure printing inks segment is likely to rise at CAGR 5.0%.
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Gravure printing inks find application in wall papers, food packaging, furniture laminates, wrapping paper, magazines, greeting cards, newspapers, and others. Transparency Market Research finds that gravure printing inks are used extensively in the packaging industry. In 2015, the market for packaging gravure inks was estimated at around 60%. The demand for gravure printing inks in the publication segment took a hit in 2015 owing to the growth in the online advertising and publishing industries.
Dynamics of Global Gravure Printing Inks Market Set to Change by 2024
The global market for gravure printing inks was led by Asia Pacific in 2014. However, Latin America is expected to be the dominant market in the next eight years and is anticipated to change the dynamics of the gravure printing inks market in the coming years.
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Six of the eight leading manufacturers of gravure printing ink are headquartered in Asia Pacific and this has significantly bolstered the market. The major driving factors for the development of the gravure printing ink market in Asia Pacific are a growing population base, an increase consumer spending, and the rising demand for appealing packaging and sustainable printing solutions. It has been anticipated that the revenue of the gravure printing ink market in Asia Pacific will rise at a CAGR of 5.42% from 2016 to 2024.
Latin America and the Middle East and Africa are considered to be the emerging markets for gravure printing ink. The countries in these regions are in the very nascent stage of economic development but have been expanding at a rapid pace, creating numerous opportunities for the manufacturing sectors in the region.
The market for gravure printing inks is considerably mature in the developed regions of North America and Europe. However, the growing packaging industry in these regions is likely to drive the gravure printing inks market during the forecast period.
Key players in the global gravure printing ink market include Tokyo Printing Ink Mfg. Co. Ltd., Fujifilm Sericol India Private Limited, Royal Dutch Printing Ink Factories Van Son, Dainichiseika Color & Chemicals Mfg. Co., Ltd., Sun Chemical Corporation, and Flint Group.
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