Global Flexo-ink Market -by Type (Water Based Flexo, Solvent Based Flexo, UV Based Flexo), by Resin Type (Acrylic Resin, Polyurethane Resins, Polyamide Resins, Cellulosic Resins, Vinyl Resins, Others), by End Use (Packaging Industry, Label Industry, Paper Industry) and by Region – Forecast till 2023
The global Flexo-ink market, by geography, has been segmented into North America, Europe, APAC and rest of the world. In the global flexo-ink market, Asia Pacific is expected to witness relatively faster growth as compared with other regions on account of increasing packaging industry.
Within Asia Pacific region includes the countries namely India, China, Japan, Australia, New Zealand, Rest of Asia Pacific. China and India stimulate the demand of flexo-ink in near future. Asia pacific accounts for 40% of market share due to easy availability of raw materials, minimum environmental regulations and robust industry growth in countries like China, India and Turkey. Stern regulation regarding high VOC contain has put many manufacturer in developed regions to develop more types of inks in order to maintain market share. China is developing more into packaging industry owing to high demand of packed quality food products and services. Hence, with increasing investments in expansion and product development by major players in market especially in packaging industry are also projected to boost the market for flexographic ink market. Moreover, in coming years with increase in new production plants of resin and pigments manufacturer in emerging markets can lower down the raw material prices and increase the demand of flexo-ink.
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Europe witnessed a significant growth as players has strong presence across end user industries. The market will maintain at the top in near future, due to easy burgeoning consumer goods and packaging segment. Furthermore, with rising demand of personal care and food & beverages products is anticipated to drive the North America and Europe Market. Many players are into product launch such as Sun Chemical and BASF present the potential of their latest solvent-free ink solutions to deliver more sustainable flexible packaging. Moreover, Flint Group introduces VarioLam AB LEC to the EMEA market, a range of multi-functional Polyurethane (PU) based inks, suitable for high performance flexo printing. Thus, development of products in UV based ink and water based inks would surpass the demand of solvent based inks in flexo-ink market.
In North America region, countries like US and Canada are anticipated to drive the flexo-ink market due to increasing expenditure on advertisements, outdoor activities and labelling in food and beverages and pharmaceutical industry. However, North America occupies a relatively smaller pie of the global Flexo-ink market. With micro-economic development of end user industries along with regional GDP growth and changing consumer preferences with growing population, the demand of flexo-ink is expected to increase in Middle East & Africa. Within Middle East and Africa countries including UAE, South Africa and Saudi are driving the flexo-ink market owing to easy supply of raw materials and lower cost of production.
The major players profiled in the global flexo-ink market includes:
- Sun Chemical Group
- Flint Group
- TOYO INK SC HOLDINGS CO., LTD.
- HuberGroup Deutschland GmbH
- T & K TOKA CO., LTD.
- SAKATA INX CORPORATION
- Siegwerk Druckfarben AG & Co. KGa
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- Global Flexo-ink market is projected to reach USD 6,840.5 million in 2016 and expected to reach USD 10,030.3 million in 2023 with a CAGR of 5.72%
- Asia Pacific accounted for largest share due to easy availability of raw material, lower labor cost and minimal legislations by government regarding usage of VOCs contain inks in end user industries like packaging, label and paper.
- Key players including SunChemical, Flint Group, Toyo Ink and Siegwerk among others are investing more into product development and shifting towards UV based inks owing to zero VOC contain and high profit margin.
- Flexo-ink market is a fragmented market, however, tier 1 and tier 2 manufacturers dominate the market share.
- Asia Pacific dominate the market accounting for 40%, followed by Europe and North America. Asia Pacific is forecast to be the fastest growing region in Flexo-ink market at close to 6.09% CAGR from 2017 to 2023
- Solvent based flexo-ink, by type is dominating segment over water based flexo-ink owing to quick drying capacity, perform well and allow printers a wide choice of products over water based ink. In near future, stern regulations about high VOCs contain causing health problems can shift the focus towards water based flexo-ink and UV based flexo-ink.
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Geographically, Asia Pacific region is the largest market of Flexo-ink due to growing Flexo-ink manufacturers owing to minimal legislations by environmental regulation bodies. Asia Pacific accounts for 40% of market share in which China is dominating segment with more than 50% of market share. With increasing investments in expansion and product development by major players in market especially in packaging industry are also projected to boost the market for flexographic ink market. In addition, packaging industries are gathering more attention to flexible packaging by offering attractive look for customers to purchase. Further in coming years, it is expected that key players will target these region in order to form strategic alliance with local players in market to maintain market share.
Europe is second largest market share holder owing to presence of packaged food industries leading to increasing labelling and attractive packaging. Furthermore, with rising demand of personal care and food & beverages products is anticipated to drive the North America and Europe Market. In North America region, countries like US and Canada are anticipated to drive the flexo-ink market due to increasing expenditure on advertisements, outdoor activities and labelling in food and beverages and pharmaceutical industry.
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