What is Current Trend in Asia-Pacific (APAC) Printing Inks Market?
Around 4.3 billion, or 60% of the global population,
is concentrated in Asia-Pacific (APAC), says the United Nation Population Fund
(UNFPA). This number is increasing rapidly, especially in China, India, South
Korea, Japan, and Thailand. With population boom, the demand for food and
beverages, pharmaceutical products, electronic gadgets, and everything else is
surging. This is why the requirement for various packaging materials and
products is consistently high at manufacturing plants. Now, an important aspect
of packaging is the labels, which carry the product information, such as the manufacturing
and expiry dates, batch number, ingredients, net quantity or weight, and price.
Get a sample report of the market analysis: https://www.psmarketresearch.com/market-analysis/apac-printing-inks-market/report-sample
Hence, with the increasing demand for packaging, the APAC
printing inks market is expected to grow from $5,344.1 million in 2017, to $7,000.2
million by 2023, at a CAGR of 4.6% during 2018–2023 (forecast period). This is
also why among commercial printing, labels and packaging, and publication,
labels and packaging has witness the heaviest consumption of printing inks. A
key trend in the packaging niche these days is the usage of flexible packaging,
majorly for processed food and beverages and pharmaceutical items. Such
packaging includes pouches, bags, liners, paper, film, plastic, and aluminum
foil, the shape of which can be readily change.
With the increasing popularity of this technique, the
consumption of flexographic inks is rising faster than lithographic, gravure,
digital, letterpress, fluorescent, magnetic, and metallic inks. This is because
flexographic inks offer a large number of advantages over other materials, such
as the ability to print in a wider range of colors and convenience of being
used as oil-based as well as water-based formulations. Additionally, with these
inks, the printing process becomes faster and non-absorbent material can be
printed on. Oil is already the most popular formulation of these inks, which
also includes solvent and water formulations, thereby further resulting in the
preference for the flexography variants.
China is currently the largest APAC printing inks market, owing to its heavy usage of such materials, with the growth in the
paper media and packaging sectors. Further, with the increasing literacy rate
and urbanization levels, the demand for printing inks is rising further in the
country. Another reason, perhaps the most important one, behind the high demand
for such materials in China is the fact that it is the most-populated country
in the APAC region, which naturally leads to a high requirement for various
products.
In the coming years, the demand for packing solutions,
and, in turn, inks, is expected to surge considerably in Indonesia and India,
apart from China. This would be a result of the increasing number of people
from rural areas making their way to cities in search of employment and a
better life. The World Bank says that compared to 17.924% in 1960, 34.03%
people in India were city dwellers in 2018. Echoing this finding, Ministry of
Housing and Urban Affairs estimates the level of urbanization in Delhi at
97.5%.
Therefore, as more people move to the cities and their
disposable income increases, so will the requirement for packaged products,
which would drive the consumption of printing inks in APAC.
