The global packaging printing inks market was estimated to reach USD 8.1 billion in 2017 and is forecasted to grow at a CAGR of 5.8% from 2018 to 2026.
Packaging ink is one of the largest application segments for the global printing inks. Packaging printing inks are applied on different substrates via different printing processes depending on the requirement. Some of these major substrates include plastics, metal, and paper.
The global packaging printing is mainly driven by the rapid growth of the packaging industry. Packaging industry growth is an outcome of number of trends depending on different geographical regions. Investments in construction & housing, growing urbanization, flourishing cosmetics & healthcare sectors, and the development of retail chains are some of the crucial drivers for the global packaging printing ink market.
Increase in the personal income and the living standard of consumers in the developing as well as in some emerging nations has fueled consumption across a wide array of consumer products that require packaging. Different trends in the packaging industry such as the Internet of Things (IOT), 3D printing, and consumer parcel shipping business concerning the dimensional weight pricing have also played vital role in the growth packaging printing inks market.
Packaging industry is very dynamic, influencing directly or indirectly all other industries and significantly underpins the packaging printing inks industry. The packaging printing ink processes differ with different regions of the world. For instance, flexographic is the leading packaging printing ink process in North America whereas gravure is the dominant process in the Asia Pacific region.
Material advancements and technological trends have not just become advancements in the packaging industry but also hold the same significance in the packaging printing inks market.
Technological advancements resulted in the developments of water-based inks that are an environmental solution to its solvent-based counterparts. Several regulatory agencies such as Environmental Protection Agency (EPA) have imposed stringent regulations on the use of packaging printing inks with high level of volatile compounds by its end-users.
North America Packaging Printing Inks Market by Printing Process, 2017-2026
Packaging inks are applied to different substrates; among which plastics are the largest segment and flexible plastics is the fastest growing. This is on account of large number of consumer commodities and advanced packaging in pharmaceuticals and food & beverage industry. Other types of substrates include metal, paper, and rubber.
On the basis of processes, packaging printing inks market is segmented into gravure, flexographic, digital, offset, and others. Depending on the requirement and substrate different types of processes are used. For instance, flexographic is mainly used on plastics, cellophanes, and metals.
Asia Pacific and North America are the popular regional markets for the packaging printing inks market. China, Japan, India, and Southeast Asian countries have mainly driven the demand in Asia Pacific with steadily growing trends concerning packaging inks in the food & beverage industry.
North America has also witnessed significant growth in the packaging printing inks market due to its tremendously growing packaging industry. This region is an economically developed market and includes many trends impacting the packaging industry such as accompanying rise in demand for smaller and convenience packaging products among the consumers. Eastern Europe is also a crucial market for the packaging industry and has substantial consumption of the packaging inks.
North America Packaging Printing Inks market by End-Use, 2017 - 2026 (USD Million)
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The global packaging printing inks market comprises of large multinational and domestic companies. The industry is fragmented and highly competitive in tandem with the high degree of integration across the manufacturing and distribution stage.
Some of the key packaging printing inks market players include PPG Industries, Inc., AkzoNobel NV, Flint Group, Valspar Corporation, Sun Chemical Corporation, Siegwerk Druckfarben AG & Co., ALTANA, Sakata, Toyo Ink, Nippon Paints, Arkema, ColorMatrix, and others.