Printing inks have increasingly become an integral part of day-to-day life. They are utilized for the sole purpose of printing in across various industries. Printing inks refer to those pigments that are mixed with varnish or oil to obtain the effect that is needed. The foray of many new services, solutions, and products has also motivated the growth of the North America printing inks market in last few years.
Printing inks are primarily utilized in thin films and on a wide variety of substrates such as paperboards, paper, metal sheets, and others. These inks are also find its application for purposes like decorative purposes, protecting the surfaces, and for various communicative functions as well. Printing inks are made out of colorants, pigments, resins, solvents, and additives. Colorants are made from pigments, toners and dyes or a blend of all of these substances.
Sun Chemical Corporation, INX International Ink Co., Flint Group, Quad Graphics Inc., and Siegwerk Druckfarben AG & Co. KGaA are some of the prominent players that are operating and flourishing in the printing inks market. Transparency Market Research in its new research report bearing the title ‘Printing Ink Market’ clearly explains the market drivers, opportunities, restrains, size and growth. According to this report, printing ink market will rise at robust 5.70% CAGR during the forecast period that extends from 2016 to 2024. North American printing ink market is forecasted to be valued at US$8.7 bn by the end of 2024.
Growing Demand for UV-cured Printing Inks Stimulate Market Growth
Constant progress of the packaging industry comes with a vital role to play in the North America printing inks market. The ever-increasing disposable incomes of the people, emergence of various business and better performing economies have prompted the growth of packaging industry. It has led to an escalation in the requirement for printing inks. These days packaging is an inseparable part of every industry that need precise labeling to make certain the appropriate sale of the final goods. The progress of various consumer goods, health care sector, and food and beverage industry has led to a substantial adoption of printing inks across all the parts of North America. The high requirement for UV-cured printing inks is proving advantageous to the North American printing inks market. UV-cured printing inks find its utilization in various printing applications such as flexography, gravure, and inkjet. These printing inks are obtaining traction because they are far more beneficial as compared to the conventional printing inks. The requirement for UV-cured printing inks is projected to increase in the next five years to come owing to the strict environmental regulations related to the use of VOC inks.
Other factors that are stimulating the need for North American printing inks are the increased funding in healthcare sector, growing GDPs of various nations, and rise in the spending capabilities of the millennials and the young generation.
However, the North American printing inks market does have a few tough challenges to face. The strict regulations forbidding the use of inorganic solvents and various toxic metals such as hexavalent chromium, cadmium, and lead are projected to impede the growth of North American printing inks market. These regulatory frameworks advocate that these chemicals can be harmful for the health of human beings. In addition to that, digitization of books and rising trend of e-commerce are anticipated to lessen the demand for printing inks market in North America in the years to come.