Flexo-ink Market – Market Insights
Flexo-ink Market are gaining importance in printing industry owing to shorter runs which benefits promoting activities. Packaging being major marketing tool is contributing towards high growth of flexo-ink market owing to light weight, good aesthetic properties and help the companies to create a brand image. Moreover, improving economic conditions worldwide is significantly standard of living which is anticipated to drive the global flexo-ink market across end use industries.
The Global Flexo-Ink Market is projected to grow with CAGR of 5.72% during forecast period. Growing new technologies in printing industry such as sleeve and adapter technology has contributed more towards improved print quality worldwide, thereby reducing setting time and labor costs. Thus, growing printing industry is another driving factor in the growth of global flexographic inks market. Flexo-inks are available in various forms such as solvent, water and UV based among others. Solvent based flexo-ink has occupied the largest share among the segment in 2016, with 52% market share. Growing demand for solvent-based inks over water based is mainly due to easy penetration of inks on plastic substrates. The main key challenge for water-based inks are more drying time and less press efficiency. Over the years, with increasing government regulations, water based flexo-inks are anticipated to be evolved as new generation ink market owing to less VOC emissions and lower flammability.
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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.
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.
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.
Top Key Players
- 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. KGaA
Flexo-ink market appears to be fragmented market owning to the presence of numerous small and large players active in regional market. The strategies traced from the analysis of recent developments of the key players include acquisition and expansion. For instance, Sun Chemical company opened a new automated and advanced technology production facility in Turkey to meet demand of solvent based flexible packaging. Migration of pharmaceutical industries to emerging markets in order to tap opportunities are further fuelling the growth of flexo-ink market. Product development and joint venture or collaboration are some of the strategies followed by regional players. Companies like Sun Chemical and BASF are developing solvent free inks to achieve sustainable growth in coming years. Moreover, flint group introduced new range of polyurethane-based inks for high performance flexo printing in packaging industry.
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