The global ink market reached a value of US$ 19.6 Billion in 2018. Ink has been around for centuries and plays a vital role in most aspects of human life. It can be in the form of a liquid or a paste and is primarily produced from materials like solvents, dyes, pigments, resins, lubricants, solubilizers, fluorescents and surfactants. It can be divided into two broad classes – printing and writing inks. Over the past few years, printing ink has witnessed a higher growth in demand as it is utilized for printing books, posters magazines, newspapers, calendars, journals and photographs. According to IMARC Group, the ink market is further projected to reach a value of US$ 23.7 Billion by 2024, growing at a CAGR of 3.2% during 2019-2024
The growth in the packaging industry represents the leading growth-inducing factor for the market as ink is widely used in the packaging of various products. Since packaging plays a pivotal role in attracting consumers, product manufacturers are investing in elaborative and unique packing solutions. In addition to this, due to stringent government regulations, it has become mandatory for the manufacturers of cosmetics, personal care products, food and beverages to include details like product price, quantity, ingredients, and date of manufacturing and expiry on the packaging. Moreover, on account of inflating income levels, easy availability of products and growing internet penetration, the e-commerce industry is flourishing at a robust rate, in turn, driving the demand for printing ink. However, with the digitalization of media, there has been a shift from print advertising to electronic channels in recent years. Despite a decline in its market growth, print advertising holds a significant share in the advertising industry as a large part of the consumers still subscribe to periodicals such as journals, newspapers and magazines.
Breakup by Product Type:
At present, lithographic ink accounts for the majority of the total market share owing to its affordability and superior quality.
Breakup by Ink Type:
Based on ink types, oil-based inks currently dominate the market, holding the biggest share.
Breakup by Application:
On the basis of applications, the label and packaging segment represents the largest application area. This can be accredited to the flourishing e-commerce, and food and beverage industries, especially in developing economies.
On a geographical front, Asia Pacific enjoys the leading position in the global ink market on account of the growing population and escalating disposable incomes of the consumers.
The competitive landscape of the market has been analyzed along with detailed profiles of the major players operating in the ink industry.
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