Flexographic inks are mostly used in the printing of packaging material such as paper bags & plastic bags, cardboard boxes, corrugated cardboard, packaged foods, catalogs, and newspapers. They are environmentally friendly and cost-effective printing solutions. Flexographic inks are classified into UV curable, water-based, and solvent-based.
The global flexographic printing inks market was estimated to be valued more than US$ 8.5 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.5% during the forecast period (2020 to 2027).
Growth in the packaging industry is primarily fueling the market of the flexographic inks. Flexographic inks add value to the product and differentiate it from other similar products. Moreover, it plays an important role in branding and improving the company's image. This printing inks are widely used for the printing of the foods, pharmaceuticals, and cosmetics & personal care products. Thus, growth in the packaging industry is expected to augment the market growth of the flexographic inks.
The growing popularity of water-based flexographic inks due to its eco-friendly nature is expected to bring potential market opportunities over the forecast period. Water-based flexographic inks contain glycol and water as its major constituent which makes it eco-friendly. Due to this manufacturer are increasing investment on expanding the production of water-based inks solution For instance, in November 2019, global print giant HP has announced plans to invest US$ 200 million in developing new water-based print solutions and innovations, with the aim of improving the entire product lifecycle in the corrugated and textile print sectors.
The volatile price of raw materials used in the manufacturing of flexographic inks is expected to hamper the market growth over the forecast period. Additives, polymers, and colorants are used as key raw materials and these are derived from crude oil. Hence, fluctuation in the crude oil price due to economic factors affect the overall price of the raw materials, thereby hindering the market growth.
On the basis of application, packaging dominated the global flexographic printing inks market in 2019 with around 88% of market share in terms of revenue, followed by others.
Digitalization around the globe is a major trend that is expanding the e-commerce market. This is expected to foster the market growth of the flexographic ink. According to the India Brand Equity Foundation, the e-commerce revenue is expected to jump from US$ 39 billion in 2017 to US$ 120 billion in 2020, growing at an annual rate of 51 percent, the highest in the world.
Merger and acquisition among major players is a major trend in the market and this is expected to augment the market growth of flexographic inks. For instance, in October 2017, Druckfarben AG & Co. KGaA, an international supplier of printing inks for packaging applications and labels, has signed a contract to purchase Van Son Liquids B.V. The company has manufactured high-quality water-based flexo and gravure printing inks for more than 25 years.
Global Flexographic Printing Inks Market - Impact of Coronavirus (Covid-19) Pandemic
Many packaging solution and service providers have shifted their offerings, and are producing packaging solutions specific for pharmaceutical with an aim to meet the surge in sudden demand in healthcare sector. This is expected to boost the demand of flexographic printing inks market in packaging industry for next few years till end quarter of 2022.
Key players are operating in the global flexographic printing inks market are Flint Group, Sun Chemical Corporation, ALTANA AG, Siegwerk Druckfarben AG & Co. KGaA, INX International Corporation, Wikoff Color Corporation, T&K TOKA Co., Ltd, Zeller+Gmelin GmbH & Co. KG, TOYO Ink Group, and RUCO Druckfarben A.M. Ramp & Co GmbH
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