Why is Worldwide Demand for UV-cured Printing Inks Surging?

The surging requirement of printing inks in several end-use industries, such as advertising, labeling, and packaging, is fueling their sales across the world. With the increasing gross domestic product (GDP) of many countries, surging disposable income of people, mushrooming population of young individuals, and rapidly changing lifestyles of people, the demand for packaged products is soaring, which is, in turn, driving the expansion of the packaging industry. This is subsequently fueling the requirement for printing inks.

The adoption of printing inks in the packaging industry is predicted to soar in the coming years, primarily because of their growing requirement in labels and tags, flexible materials, and metal cans. Besides, the rising demand for ultra violet (UV)-cured printing inks is also propelling their sales across the world. These printing inks provide low heat generation, zero ozone generation, long service life, and energy efficiency. Moreover, these printing inks are environment-friendly. 

Organizations, such as Co. KGaA and Siegwek Druckfarben AG are increasingly focusing on producing innovative and environment-friendly printing inks, such as UV-cured inks and water-based inks in order to achieve short production time and optimal efficiency. Furthermore, the growing public awareness about the benefits of using flexible printing products in directories, periodicals, inserts, catalogs, and magazines is also driving the expansion of the global printing inks market.

Globally, the sales of printing inks were observed to be the highest in North America in the years gone by. In this region, the demand for these inks was the highest in the U.S. during the last few years. On the other hand, in the Asia-Pacific (APAC) region, the sales of these inks were the highest in China, while Germany dominated the European printing inks market in the past years. Additionally, in Latin America, Brazil witnessed the highest demand for these inks, while Turkey registered the highest sales of these inks in Middle East and Africa during the past few years. 

Hence, it can be said without any hesitation that the demand for printing inks will surge sharply in the coming years, mainly because of their growing requirement in various end use industries, such as packaging and advertising.

Rising Packaged Food Consumption in APAC Fueling Printing Ink Sales

Printing inks are pastes or liquids that are used to color a surface to produce text, a design, or an image. These inks contain dyes or pigments that are widely used to color newspapers, cardboard, ceramic tiles, and books and magazines.  The dyes or pigments of these inks are mixed with water, oil, or solvents to form liquids or pastes. Such inks are used in the labeling and packaging, publication, and commercial printing applications all over the world.

The surging consumption of packaged food items, on account of the changing lifestyle and increasing work pressure, will steer the APAC printing inks market at a CAGR of 4.6% during forecast period. According to P&S Intelligence, the market has the potential to reach $7,000.2 million by 2023 from $5,344.1 million in 2017. Moreover, the escalating gross domestic product (GDP) of APAC nations, soaring disposable income of people, and booming youth population will fuel the consumption of packaged food items, which is a key application area for printing inks.

Apart from this, the flourishing packaging industry of APAC for other products will also boost the consumption of printing inks in the coming years. Just like food and beverage, packaging has become an integral part of the consumer goods and healthcare industries, as these sectors need accurate labeling to ensure the sale of authentic final products to end users. With the rising need for food products, healthcare items, and consumer goods, primarily on account of the mounting disposable income, the consumption printing inks will amplify in the foreseeable future.

In recent years, Indonesia, China, and India have emerged as the leading consumers in the APAC printing inks market owing to the rapid commercialization and industrialization in these nations. Moreover, the improving lifestyle of the people of these countries will augment the need for printing inks due to the rising consumption of packaged food products and consumables. Among APAC nations, China consumes the highest quantity of such inks due to the burgeoning demand for packaging and paper media and escalating literacy rate in the country.

Thus, the rising uptake of packaged food items and growing packaging sector in APAC will boost the consumption of printing inks in the region.

Source: www.psmarketresearch.com