Printing Inks Market in North America to Reach US $8.7 bn by the end of 2024: Transparency Market Research

ALBANY, New York, November 23, 2016 /PRNewswire/ --

Transparency Market Research has released a new market report titled "North America Printing Inks Market (Product - Solvent-based, Water-based, Oil-based, and UV-Cured; Application - Flexographic Printing, Gravure Printing, Offset Printing, Digital Printing, Screen Printing and Specialty Printing; End-Use - Publication & Commercial Printing, Packaging, Textiles, Metal Cans and Others) - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to this report, the North America printing inks market was valued at US$ 5,301.55 Mn in 2015 and is projected to reach US$ 8,707.22 Mn by 2024, at a CAGR of 5.70% from 2016 to 2024. In terms of volume the North America printing inks market is expected to reach 1,920.07 kilo tons by 2024, expanding at a CAGR of 4.84% between 2016 and 2024.

Printing ink consists of pigment, resin, and solvent. Pigment used in various ink products is the chief constituent of ink and contribute about 50% of the cost of the product. Ethyl acetate, isopropanol, cyclohexanone, and other chemicals are used as the base constituent in the production of solvent-based printing inks. The only difference between water-based printing inks and solvent-based printing inks is that the former uses water as its primary constituent along with glycol. Water-based printing inks are utilized on paper-based packaging applications. The reduced popularity of the oil-based printing inks processes and increased digitalization are reducing the demand from end-user segments such as publication. Thus, oil-based printing inks are expected to witness a moderate growth. Strict government regulations are expected to drive the demand for eco-friendly printing inks such as UV-cured.

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In North America, the demand for UV-cured inks is gaining momentum which has forced several players to shift from manufacturing of conventional inks to UV-cured inks. Strict monitoring of usage of toxic chemicals which have a high vapor pressure at normal room temperature coupled with government investments targeting renewable energy growth is expected to drive the market for UV-cured based-printing inks during the forecast period. Furthermore, the trend of e-commerce and e-books is growing at a significant rate across the globe. This is creating negative impact on the publication & commercial printing industry in the U.S. and Canada. Thus, substantial decrease in paper-based communication channels is estimated to restrain the printing inks market in the region during the forecast period. Among prominent trends of e-commerce (which include e-books, event tickets, sporting goods, toys, hotels, and airline reservations), e-books is anticipated to affect the printing inks market at the maximum level. This, in turn, is anticipated to act as a restraint for the North America printing inks market.

The North America printing inks market has been classified into four categories: product, application, end-use and country. In terms of product, the North America printing inks market has been classified into solvent-based, water-based, oil-based, and UV-cured. In 2015, oil-based held the largest share (39.9%) followed by solvent-based inks. Demand for oil-based printing inks is expected to increase during the forecast period, owing to its extensive use in the publication and commercial printing end-use segment. Several toxic chemicals are utilized in manufacturing of solvent based inks, which has resulted in moderate demand for solvent-based inks. In terms of application, the North America printing inks market has been classified into flexographic printing, gravure printing, offset printing, digital printing, screen printing, and specialty printing. In 2015, offset printing accounted for the largest share (41.2%) which was followed by flexographic printing. The main advantage of offset printing is the high and consistent image quality that it offers.

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In terms of end-use, the North America printing inks market has been classified into publication & commercial printing, packaging, textiles, metal cans, and others (decorative printing etc.). In 2015, packaging accounted for the largest share (46.5%). By country, the North America printing inks market has been bifurcated into the U.S. and Canada. Demand for printing inks in the U.S. is driven by technology developments. The country is focusing on optimizing the efficiency of raw materials, energy, and materials. There has been registered growth in the usage of biodegradable raw materials in the manufacture of printing inks. However, the U.S. printing inks market is more mature when compared to Canadian market, thus, demand for printing inks in Canada is projected to grow at a higher growth rate.

Research and development activities related to the feasibility in wide scale utilization of printing inks produced from renewable feedstock is driving the market for printing inks in North America. Demand for renewable feedstock such as soya bean and castor oil - these are utilized in the manufacture of printing inks - is increasing in North America. This has resulted in stagnant demand for traditional printing products, especially solvent based printing inks. The demand for eco-friendly printing inks such as UV-cured is expected to grow at a higher growth rate when compared to other conventional inks. The demand is growing at a moderate rate for water-based inks utilized in a wide variety of printing applications, including shirts, sweatpants, towels, and even paper.

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Key players of North America are expected to benefit from the formation of strategic alliances with global players in the printing inks market. Prominent players in the North America printing inks market are Siegwerk Druckfarben AG & Co. KgaA, Sun Chemical Corporation, Flint Group, Wikoff Color Corporation, Toyo Ink America, LLC, and others. The North America printing inks market has been segmented as follows:

North America Printing Inks Market: By Product 

• Solvent-based
• Water-based
• Oil-based
• UV-Cured

North America Printing Inks Market: By Application 

• Flexographic Printing
• Gravure Printing
• Offset Printing
• Digital Printing
• Screen Printing
• Specialty Printing

North America Printing Inks Market: By End-Use 

• Publication & Commercial Printing
• Packaging
• Textiles
• Metal Cans
• Others (Decorative Printing, etc.)

North America Printing Inks Market: By Country 

• The U.S.
• Canada
• Global Printing Inks Market: http://www.transparencymarketresearch.com/printing-inks-market.html
• Gravure Printing Inks Market: http://www.transparencymarketresearch.com/gravure-printing-ink-market.html
• South Africa Printing Inks Market: http://www.transparencymarketresearch.com/south-africa-printing-inks-market.html

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