Seattle, Wa. – The Global Flexographic Printing Inks Market was valued at US$ 6.23 billion in 2016, according to a new report published by Coherent Market Insights. The global flexographic printing inks market has gained traction during the last five years, due to shifting consumer trend towards convenience and packed food. Packaging is also used as a primary tool for marketing and brand promotion, which attracts the attention and interest of buyers. This is projected to draw massive demand for flexographic printing inks. Increasing concerns over the high VOC emissions associated with solvent0-based ink may hinder this market from growing in the following years. This in turn, is fueling growth in demand for UV-cured printing inks due to zero VOC emissions. Also, the market leading manufacturers of this market involve in new product development to meet the rising demand of customer. For instance, in May 01, 2017, Sun Chemical---Introduce new high performance UV Flexo Inks during Label Summit in Latin America 2017.
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Among product types, the water-based inks segment accounted for the maximum share in flexographic printing inks market in 2016, followed by solvent-based inks segment. This growth is attributed to the wide application of these inks in paper, newspaper, and cardboard printings. Increasing number of stringent regulations being imposed by the government and growing consumer awareness towards adopting low VOC inks in packaging of cosmetics and food, is expected to fuel growth of the water-based inks segment. For instance, The Canadian Environmental Protection Act, 1999 (CEPA 1999) enforces environmental and health protection in Canada, by setting VOC concentration limits for 53 categories of architectural coatings.
Key takeaways of the market:
- Asia-Pacific is projected to be the largest region in global Flexographic Printing Inks market. It accounted for around 38.5% of overall Flexographic Printing Inks market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries in China, India, and ASEAN countries. The growing food & packaging end-use industries, rising e-commerce, growing demand for low VOC content inks are some of the key drivers for the growth of Flexographic Printing Inks in the Asia-Pacific region.
- The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in discretionary income along with increasing in retail sector is expected to create lucrative growth opportunities for the players in this region.
- Flexible packaging industry is one of the key industries for the use of Flexographic Printing Inks. Rapid growth of food & beverage and retail industry in Asia-Pacific and North America is expected to enhance the growth of Flexographic Printing Inks in the forecast period. According to India Brand Equity Foundation (IBEF) is a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, the India’s retail market is projected to reach US$ 1 trillion by 2020 from US$ 600 billion in 2015, due to rising income, urbanization and attitudinal shifts across the region.
- Flint Group, Siegwerk Druckfarben AG & Co., Huber Group, Sun Chemical Corporation, Wikoff Color Corporation, Zeller+Gmelin GmbH & Co. KG., INX International Ink Co, Toyo Ink SC Holdings Co, ALTANA AG and XSYS Print Solutions (Shanghai) Ltd are few of the key players in global Flexographic Printing Inks market.
- There are various organic and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. For instance,
- 2016, Flint Group---acquires Printec Industries Inc, located in Marietta, Georgia, USA.
- 2015, Flint Group---acquires Xeikon a leading digital solutions provider to the packaging and commercial printing markets.