How will Rising Demand for Packaged Products Stimulate Growth in APAC Printing Inks Market

Printing inks can be defined as pastes or liquids, containing pigments or dyes, which are majorly used for coloring a surface, in order to produce a design, text or image. Owing to the increasing consumption of packaged food items and growing demand for bio-based products, the Asia-Pacific printing inks market is expected to reach $7,000.2 million in revenue by 2023, from $5,344.1 million in 2017. It is also predicted to register a 4.6% CAGR during the forecast period (2018–2023).

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Due to the rising awareness about the hazardous effects of volatile organic compound (VOC) emissions and growing concerns over the presence of heavy metals in printing inks, those made from bio-based products are set to witness a surge in usage, in the coming years. Moreover, these inks easily separate from paper, thus resulting in a better recyclability of paper. This is expected to cause a massive upswing in the market, by driving the demand for bio-based products.

The APAC printing inks market, on the basis of product, is categorized into gravure inks, digital inks, flexographic inks, letterpress inks, lithographic inks, and others, wherein the others category includes fluorescent inks, magnetic inks, and metallic inks. Amongst these, flexographic inks, on account of their ability to support multiple colors as well as be used with both oil-based and water-based inks, are expected to register the fastest growth during the forecast period, with a CAGR of 5.7%.

Based on application, the APAC printing inks market is divided into commercial printing, publication, labels and packaging, and others, which includes apparel printing and decorative printing. Out of the different market categories, labels and packaging occupied more than 40.0% market share in 2017. The main factor which contributed toward its commanding market position was the high number of packaging applications in the e-commerce industry. These application areas are predicted to widen, thereby increasing the demand for printing inks during the forecast period.

The key trend being witnessed in the APAC printing inks market is the ballooning investments directed toward the expansion of the production capacity in the region, which have resulted in the setting up of new printing ink production plants. Further, a drastic shift toward flexographic inks from traditional products is also being witnessed. Flexographic inks provide innumerable advantages, such as fast printing process, plethora of color options, and the ability to print on non-absorbent substances, which is why the preference for these is surging.

In the APAC region, countries such as India, China, and Indonesia, on account of large-scale industrialization and commercialization, have emerged as some of the biggest markets for printing inks, in the last few years. Owing to the increasing urbanization and growing literacy rate, China recorded the largest share, amongst all the countries, in the APAC printing inks market, in 2017. Due to the rapidly rising demand for packaging and paper media, China is predicted to maintain its lead in the market till 2023.

Thus, the rising incorporation of bio-based products in a variety of applications, burgeoning manufacturing sector, and increasing sale of packaged products will lead to a flourishing market in the coming years.