Significant market drivers are having profound impacts on the printing ink market as identified in the new Smithers Pira market report The Future of Global Ink Markets to 2023. Technology, changes in world population, and shifts in brand use of printed packaging and graphics, among other trends, are causing disruption in the global inks market that will be seen to 2023.

The printing ink and coatings market for publications, graphics, and packaging is substantial and diversified, comprising many distinct segments with unique dynamics. In 2018, the market will consume 3.4 million tons of inks and coatings with a value of $39.1 billion. The market is forecast to grow to 3.6 million tons and $44.7 billion by 2023—a 5.9% growth in volume and a much higher growth in value of 14.3%, according to Smithers Pira data.

The higher value growth is the result of: the broad-based technological shift from analog printing to higher-value digital printing processes; a shift to higher value inks in analog processes, such as low-migration inks and premium inks for high-speed presses; and increases in raw material prices in 2017/2018, driven by some acute raw material shortages and significant price rises in other parts of the supply chain during 2016–18.