The market for UV cured printing inks is expected to grow at a CAGR of more than 5.3% during the forecast period. Major factors driving the market studied are high demand for digital printing from the packaging sector, and high demand from the packaging sector
- On the flip side, the decline in the commercial printing industry, and stringent regulations regarding the usage of UV-cured inks for food packaging is likely to hinder the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in aa country such as India, China, etc.
Key Market Trends
Packaging to Dominate the Market
- The packaging industry dominated the UV-cured printing inks market. The usage of UV-cured inks gives an overall better dot and print effect, resulting in a high-quality finish. They are also available in a wide range of finishes that can be used in surface protection, gloss finishes, and many other print processes where UV can immediately cure. Since they are able to fully dry during the print process, helping the product to proceed quickly for the next step of production has also made it a preferred choice among manufacturers.
- Initially UV-cured inks were not accepted by the packaging world, majorly in food packaging, as these printing inks contain colorants and pigments, binders, additives and photoinitiators, which can transfer into the food product. However, continued innovations in the UV-cured inks sector has continued to change the scene ever since.
- Siegwerk, a manufacturer of printing inks for packaging applications, labels, and catalogs, was the first company in the market to offer LED UV printing inks for food and pharmaceutical packaging. As the requirements for the food and pharmaceutical industries regarding safety and efficiency are very high, Siegwerk’s new ink was considered a real breakthrough.
- Increased spending by consumers on packaged goods, especially in food and beverage, is the major factor for market growth.
- The lifestyle trend is another unavoidable factor in the expansion of the packaging industry. Busy lifestyle tends to impel the consumers to move toward ready-to-eat, packaged food products, which is directly influencing the demand for packaging.
- Such positive factors are expected to drive the market through the forecast period.
India Expected to Witness a High Growth Rate in Asia-Pacific Region
- India is among the fastest-growing UV-cured printing ink markets globally, owing to the rapid expansion of the domestic print markets, and is the fastest-growing market for UV-cured printing inks in the Asia-Pacific market. The printing ink industry in India is fragmented, with over 400 manufacturers and a large number of players in the unorganized sector.
- Surging demand from package printing, newsprint, publishing, and other commercial printing is expected to boost the printing ink market in India, during the coming years.
- The printing ink market in India is dominated by the printed packaging segment, followed by newspapers and commercial printing, which includes promotional and printed advertising. The growing use of printing inks for books and stationery also captured a significant share in the market.
- The growth in the packaging industry is expected to majorly drive the printing ink market in India, throughout the forecast period. According to the Indian Federation of Indian Chambers of Commerce and Industry (FICCI) and Tata Strategic Management Group (TSMG), the packaging industry in India is expected to rise from USD 46 billion, in 2016, to reach USD 73 billion, by 2020.
- Such positive growth is expected to drive the UV-cured printing inks market in India, during the forecast period.
The UV cured printing inks market is partially consolidated. Some of the major players include Flint Group, T&K TOKA Corporation. Ltd, DIC Corporation, AVERY DENNISON CORPORATION, Fujifilm Corporation, amongst others.
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