Global Inks Market: Key Highlights
- The global inks market was valued at ~US$ 15.9 Bn in 2018, and is anticipated to expand at a CAGR of ~3% from 2019 to 2027. Rise in population and urbanization is fueling global trade, and subsequently, the use of packaging. Online trade is further increasing the need for packaging. Products are also being consumed immediately, which is driving the need for food service packaging and different sizes of packaging. Inks are primarily utilized for printing on flexible and rigid materials. Thus, the preference for inks for food and beverage packaging, labels, tags, and corrugated board packaging is estimated to propel the inks market.
Key Drivers of Inks Market
- Literacy rate among the youth (aged 15 years to 24 years) is witnessing positive growth. Globally, the youth literacy rate increased from 83% to 91% over the last two decades, while the number of illiterate youth declined from 170 million to 115 million.
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Top Three Players Accounted for Major Inks Market Share in 2018
- Prominent players operating in the global inks market include Sun Chemicals, Flint Group, Toyo Ink SC Holdings Co., Ltd., Sakata INX Corporation, Siegwerk Druckfarben AG & Co. KGaA, and Huber Group.
- Sun Chemicals is a leading producer of printing inks and pigments across the globe. The company operates as a subsidiary of Japan-based DIC Corporation Group. The company operates through two business segments: Inks & Pressroom Products and Pigment Products.
- Flint Group primarily focuses on strengthening its footprint in emerging flexographic inks market. For instance, in June 2015, it launched Flint Group Africa, a joint venture with Africa-based Continental Printing Inks and Eagle Ink Systems.
- In October 2017, Siegwerk Druckfarben AG & Co. KGaA started a new production facility for inkjet inks in Annemasse, France. It produces water-based printing inks and varnishes at the Annemasse site. The new production facility is expected to help the company boost the development of inkjet inks that are used in different printing processes for various applications.