Packaging Inks Market
The global packaging inks market size was valued at USD 8.64 billion in 2023. The market is expected to expand from USD 9.44 billion in 2024 to USD 17.59 billion by 2032, exhibiting a CAGR of 8.1% over the study period.
Packaging inks are a necessary aspect of product packaging, which have a crucial role in the branding, information communication, and aesthetic appeal of a product. The rising demand for sustainable packaging solutions is augmenting the market expansion.
List of Key Players Mentioned in the Report:
- Arkema S.A. (France)
- Akzo Nobel N.V. (Netherlands)
- Flint Group (S.)
- Siegwerk Druckfarben AG & Co. KGaA (Germany)
- Sun Chemical (U.S.)
- Interstate Inks (Lebanon)
- Altana AG (Germany)
- Sakata Inx (India) Private Limited (India)
- INX International Ink Co. (U.S.)
- Chemicoat (India)
- Toyo Ink Co., Ltd. (Japan)
Fortune Business Insights™ provides this information in its research report, titled “Packaging Inks Market”.
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Segmentation:
Suitability of Solvent based Products for Usage on Various Substrates to Foster Segment Growth
On the basis of type, the market is divided into water based, solvent based, and others. The solvent based segment captured the highest packaging inks market share in 2023 on account of usage of organic solvents which allows them in rapidly drying through evaporation. This factor makes them suitable for deployment on different substrates, such as films, papers, foils, and flexible plastic.
Rapidly Growing Packaging Industry to Spur Flexographic Segment Expansion
In terms of printing method, the market is categorized into gravure, flexographic, and others. The flexographic segment is poised to lead during the study period, which can be credited to rapidly growing packaging industry, specifically flexible packaging. This is owing to rising demand in sectors, including consumer goods, pharmaceuticals, and food and beverages.
Food & Beverages Segment Led Fueled by Expanding Population
With respect to application, the market is segregated into pharmaceuticals, cosmetics & personal care, food & beverages, and others. The food & beverages segment occupied the largest market share in 2023, driven by rising demand for food & beverages owing to the expanding population. Moreover, the growing popularity of flexible packaging, such as bags and pouches, owing to its extended shelf life, convenience, and lightweight, is further contributing to segment expansion.
On the regional front, the market is classified into Europe, the Middle East & Africa, Latin America, Asia Pacific, and North America.
Report Coverage:
The report provides an in-depth analysis of the major factors affecting the market growth. It further highlights the top trends, key segments, and the impact of the COVID-19 pandemic on the market growth. Besides this, the competitive strategies undertaken by top companies to sustain their industry leadership have been mentioned in the report.
Drivers and Restraints:
Increasing Emphasis on Branding and Customization to Aid Market Expansion
The demand for brand-focused and personalized packaging is always on peak. This increase is driven by recognition of power of packaging as a direct communication channel with consumers by businesses. This personalization trend in packaging helps brands make connections with consumers on a more personal level.
However, regulatory & environmental issues may hamper packaging inks market growth.
Regional Insights:
Asia Pacific Dominates Market Propelled by Expanding Retail Industry
Asia Pacific registered the largest market share in 2023, which can be attributed to the flourishing retail industry coupled with growing demand for the product in labeling and packaging applications. There is a demand for packaging inks in emerging economies, including India and China.
North America packaging inks market is witnessing significant growth on account of surging demand from the pharmaceutical industry. This, along with the rising uptake of new technology and presence of prominent companies, is surging market growth in the region.
Information Source: https://www.fortunebusinessinsights.com/packaging-inks-market-110538
Competitive Landscape:
Key Companies Leverage Product Innovation Strategies to Provide Enhanced Solutions
With respect to the competitive scenario, the packaging inks market has a fragmented structure and depicts the presence of many regional & global companies. Top companies are focusing on various strategies such as joint ventures, mergers, acquisitions, and others. A wide range of companies are also emphasizing the launch of innovative products to offer enhanced solutions.
Key Industry Development:
July 2024: Siegwerk announced the release of its full UV flexo deinking system, CIRKIT CLEARPRIME UV E02, for the European market. The new primer technology provides a proven solution for economic and safe deinking of UV-printed self-adhesive labels.
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