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
Synopsis of Flexo-ink Market
The Global Flexo-ink Market is expected to witness a significant growth by 2023 with CAGR of 5.72%. The prominent factors fuelling the growth of flexo-ink market are, new technologies and growing demand of solvent based inks in flexible packaging. Moreover, rising demand for packaged food and beverages has led to development in labelling industry which ultimately upsurge the flexographic printing ink in quality products and services. Apart from this, favouring government regulations and improved performance are key to future gains in the water based flexo-ink market.
Flexo-Ink has been developed on the basis of conventional letterpress printing. Since then flexographic printing has been evolved as modern way of printing in various applications such as corrugated, flexible film, label and tag, folding cartons and envelope among others. Flexography printing inks are gaining importance in the field of printing industry over gravure printing inks in terms of shorter runs, which benefits special promotions and the demand for even small quantities. However, stern regulations of authorities such as FDA and EPA towards high emissions of volatile organic compound (VOCs) can hamper the market growth. Thus, major players in market are focusing more into expansion and launching of cost efficient products indicating growth in key markets segments.
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Flexo-Ink Market size is expected to grow at 5.72% CAGR by 2023. Flexography printing inks are gaining importance in the field of printing industry over gravure printing inks in terms of shorter runs, which benefits special promotions and the demand for even small quantities. Owing to its properties, flexographic inks has been evolved as modern way of printing in various applications such as corrugated, flexible film, label and tag, folding cartons and envelope among others.
The global Flexo-Ink has seen a significant growth owing to rise in population leading to increasing demand of quality packaged goods. However, increasing packaging industry with changing lifestyle of consumers are expected to drive the demand of Flexo-Ink. Moreover, growing demand of solvent based compared to water based inks are driving strong results in flexible packaging segment. With increasing environmental concerns, companies are affinity towards low migration inks such as UV based flexo inks in order to trap the market share. Further, in coming years UV based inks are capturing flexo packing segment owing to lack of VOC contains, reduce ink wastage and high durability in various conditions.
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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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.
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.
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Segment Analysis
The global Flexo-Ink market has been segmented into Type, Resin Type and End Use. On the basis of Type, the market has been divided into water based flexo, solvent based flexo and UV based flexo.
Solvent based flexo-ink has occupied the largest share among the segment in 2016, with 52% market share. Solvent based inks are very popular in flexographic printing inks. However, solvents in these inks, are primarily containing volatile organic compounds (VOCs), which have caused concerns for health and safety, as they are usually very flammable and contribute to the formation of ground-level ozone, which is a component of smog and causes respiratory and other health problems. Water based flexo ink are primarily made of water solvents and contain substantial percentage of organic solvents and VOC’s, that are usually less flammable than solvent based inks and are easier to store and use. However, they may take significantly longer to dry and are often not as easy to use as solvent-based inks. Upsurge demand of water based flexo in corrugated paper, folding cupboards among others is expected to fuel the water based flexo market growth. On other hand, UV based inks do not contain VOCs, but they do contain many chemicals that have not been tested comprehensively for environmental, health, and safety impacts. Thus, UV flexo inks are used for label printing, packaging segment owing to its usage as low migration UV based inks which benefits food packaging industry for maintaining flavor, odor and quality. In coming years it is expected that the water based ink market will surpassed the demand of solvent based ink market.
According to resin type, flexo-ink market is divided into acrylic resin, polyamide resins, cellulosic resins, polyurethane resins and vinyl resins among others. Resins plays a vital role in printing ink manufacturing. Acrylic resin is dominating segment in the flexo ink resin types segment owing to its growing usage on paper and cardboard manufacturing. Furthermore, polyurethane resins are versatile materials comprising of properties such as hardness, cure speed, viscosities, mechanical and thermal properties. The very high flexibility, resilience and environmental friendly polyurethane has gained importance in solvent based flexo-ink market. Alcohol solution polyamide resin accounts for 24% of market share, is a kind of solid polyamide resin which can be soluble in IPA solvent with high inoxidizability. These resin is widely used in printing inks. Moreover, Nitrocellulose is the widely used resin for dispersing pigments in solvent flexo inks. Owing to rising solvent based ink market demand with surging flexible packaging segment is expected to balance flexo ink market in different regions.
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