Europe Flexographic Printing Inks Market likely to grow close to 4.5% 2016 and 2024
The overall flexographic printing inks market size is primarily driven by increasing product demand in the flexible packaging industry over the past years. The overall flexible packaging industry is projected to expand at over 4% CAGR over the projected timeframe. In addition, flexible packaging finds broad application in the industries including food & beverage and cosmetics. Strong growth in these abovementioned sectors on account of increasing consumer spending pattern will subsequently boost the global industry share by 2024.
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Growing popularity of UV-cured flexographic printing inks market is another promising factor which will contribute the industry growth in the near future. It involves a high intensity UV radiation for inks drying process. This efficiently offers quick drying and thus improves the printing rate. Furthermore, the product does not carry any volatile organic compound (VOC) and is therefore preferred in the numerous applications including cosmetic food and beverage packaging. In addition, the product offers value added characteristics such as gloss and color consistency due to its high viscosity.
Solvent-based flexographic printing inks market size is strictly governed by norms laid by FDA owing to its VOC constituents, as these inks come in direct contact with food. Moreover, these inks also release VOC during the dying process, which makes the product harmful for the environment. This trend is likely to hamper the overall industry growth by 2024.
Browse key industry insights spread across 135 pages with 149 market data tables & 12 figures & charts from the report, “Flexographic Printing Inks Market in detail along with the table of contents:
Asia Pacific flexographic printing inks market size was more than USD 2.5 billion in 2015. Strong growth in the food & beverage, pharmaceutical and cosmetic industry, particularly due to improved consumer lifestyles is the major factor contributing industry growth in the region. Furthermore, drifting pharmaceutical manufacturers focus towards establishing their manufacturing facilities in China and China, due to high medicine demand along, low initial investment and favoring government norms towards boosting their manufacturing sector will substantially boost the regional flexographic printing inks market size by 2024. Additionally, Europe is likely to observe growth close to 4.5% for flexographic printing inks between 2016 and 2024.
Water-based accounted for the maximum flexographic printing inks market share in 2015. These inks are majorly used in the paper, cardboard and newspaper printing. Increasing government initiative along with rising consumer awareness towards use of low VOC inks in the food and cosmetic packaging applications will substantially boost the industry size in the near future.
In 2015, solvent-based inks accounted for more than 25% of the overall flexographic printing inks market share. The product offers promising characteristics such as durability, high printing rate (due to speedy drying) and scratch resistance. However, firm consumer and environment safety regulations directed by the FDA may obstruct industry growth in the coming years.
In 2015, packaging applications comprised of the maximum chunk of flexographic printing market share. Tags & labels, metal cans, folding carton, flexible packaging and corrugated containers and the major packaging applications in the industry. robust growth in the cosmetic, food & beverage and pharmaceutical industry along with increasing packaging demand in these industries will boost the industry growth by 2024. Additionally, value added product features such as aroma preservation, sealing, moisture resistance and appealing esthetics positively influences the product demand for food packaging applications by 2024.
In 2015, the industry share was fragmented with six major companies holding less than 20% of the total share. TOYO Ink, INX International, Zeller+Gmelin, XSYS Print Solutions, Zhongshan DIC Colour, Flint Group, Sun Chemical, ALTANA AG, Wikoff Color, TOKA, RUCO, Tercel Ink, Jiangmen Toyo and Taiyuan Coates are some of the prominent industry share contributors.
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