The global ink solvents market was valued at US$ 692.3 Mn in 2017 and is projected to expand at a CAGR of 5.3% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Ink Solvents Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Growth of the packaging printing industry is expected to augment the demand for ink solvents between 2018 and 2026. Expansion in the printing inks industry and rapid urbanization in developing countries are estimated to boost the global ink solvents market from 2018 to 2026.
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Growth in Printing Inks Industry to Drive Global Market
Significant growth in the printing industry in developing economies and rise in use of sustainable inks are driving the demand for ink solvents. The packaging industry in Europe and North America has expanded at a rapid pace in the last few years. This trend is projected to continue during the forecast period. Rapid digitization and increase in adoption of printing inks in the packaging sector are augmenting the ink solvents market. Furthermore, rise in demand for durable, versatile, and fast drying inks for commercial printing, publications, packaging, corrugated cardboards, and consumer specific printing needs is likely to fuel the ink solvents market during the forecast period. Need for high quality and environmentally-friendly inks in the printing industry is also estimated to propel the ink solvents market in the near future.
Bio-based Segment to Expand Significantly
The global ink solvents market has been segmented based on solvent type, type, process, and region. In terms of type, the bio-based segment held major share of the global market in 2017 owing to the high demand for low emission and cost-effective inks from various packaging and textile manufacturers. Furthermore, implementation of stringent governmental regulations pertaining to protection of the environment is boosting the demand for bio-based inks. Rise in demand for low VOC emitting inks from various end-use industries such as packaging and textile is also fueling the bio-based segment.
Ink solvents possess numerous features and functionalities that make them suitable for specialized printing needs. For instance, these solvents are used to print on rigid surfaces and polyethylene billboards. They can also be employed on metals, glass, ceramics, textiles, and other substrates. Quick drying and high ink saturation features of ink solvents boost their requirement in niche applications. This, in turn, is anticipated to drive the ink solvents market during the forecast period.
Flexography is Highly Promising End-user Segment
Based on process, the flexography segment is projected to hold major share of the global ink solvents market during the forecast period. Flexographic printing is widely used for printing plastics, metallic films, cellophane, and other smooth substrates that are required in various types of packaging. It is also well suited for wide format printing and high quality printing format. Adoption of flexographic printing is increasing in food packaging applications. Significant growth in advertising media and textile printing applications is projected to create opportunities for players operating in the flexography process. Furthermore, high demand for ink solvent solutions in the flexographic printing inks market is anticipated to propel the ink solvents market in the next few years.
Asia Pacific Market to Expand Significantly
The ink solvents market in Asia Pacific is likely to expand at a significant pace during the forecast period. Rise in consumption of flexography printing inks in developing economies such as India, China, Vietnam, and Indonesia is expected to create lucrative opportunities for manufacturers of ink solvents in the next few years owing to rapid urbanization, growth in population, expansion of the packaging industry, and rise in the number of textile and advertising applications. Additionally, increase in digitization in mature countries such as the U.S., Canada, and Germany is estimated to create immense opportunities for the solvent inks market. This is anticipated to drive the demand for ink solvents in North America and Europe in the near future.
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Key Players to Continue to Lead Global Market
The report provides profiles of leading players operating in the global ink solvents market such as LyondellBasell Industries Holdings B.V., DowDuPont Inc., Exxon Mobil Corporation, Royal Dutch Shell plc, Eastman Chemical Company, CELANESE CORPORATION, INEOS AG, Vertec Biosolvents, Sasol Limited Group, and Yip’s Chemical Holdings Limited. Several companies are expanding their product portfolio by improving existing products and developing bio-based products. They strategically enter into long-term agreements with printing contractors to increase their market share.