Transparency Market Research (TMR) observes that the global market for solvent-based inks is highly fragmented and competitive by nature. Few companies such as Sun Chemical Group, Toyo Ink Mfg. Co., Ltd., Flint Group, Sakata INX, Huber Group and Siegwerk Druckfarben AG & Co. KGaA accounted for more than 75% of the shares in 2015 of the overall market. The number of new entrants is comparatively higher in the market. These new entrants are further intensifying competition among the players in upcoming years. In addition, these players are increasingly investing in the research and development activities for product innovation and reduction of operational and product cost. These players are increasingly taking part in strategies such as joint ventures, acquisitions, mergers, and partnerships for maintain their dominance in the market.
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According to TMR, the global solvent-based inks market was valued at US$5.42 bn in 2015 and expected to expand with 4.4 % over the forecast period from 2016 to 2024 to attain a value of US$7.92 bn by the end of 2022. Based on the volume, the market is expected to 1,759.5 kilo tons by 2024 at a 2.9% CAGR over the years of study from 2016 to 2024. Based on the product type, the vinyl inks dominated the market in terms of revenue in 2015 followed by epoxy inks. Based on the printing type, the lithographic printing dominated the global market and expected to account for the revenue of US$2.8 bn by the end of the forecast period. Based on the region, the market is dominated by the Asia Pacific region. The region accounted for 40% of the overall shares in 2015. The region is likely to expand with CAGR of 4.87% over the forecast period.
Advanced Properties of the Solvent-Based Inks to Propel Growth
Solvent-based inks are used on wide number of surfaces and substrates and are well-known for advanced properties such as weather-resistance. The rising demand for flexible and advanced packaging mainly in the food and beverages and healthcare industries are boosting growth of the solvent-based inks market. Additionally, emergence of the digital printing industry from past few years is anticipated to augment demand for solvent-based inks which is propelling growth of the global solvent-based inks market.
Current market for solvent-based inks is primarily driven by the higher demand from packaging industry. The rapid development in the packing industry is boosting demand for printed and attractive material which is boosting adoption of the solvent-based inks as the product offers better properties such as weather-resistance. Thus, the growth is primarily driven by the growing transportation and packaging industry.
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Some Strict Environmental Regulations to Hamper Growth
On the other hand, some strict environmental regulations imposed on the limiting uptake of various inks in food and beverages sector is the key factor restraining growth of the global market. In addition, rising demand for UV-cured inks and emergence of e-commerce and online reading is also a moderate threat to the solvent-based inks market. Nonetheless, the market for solvent based inks is likely to experience lucrative growth owing to higher investments in the production and research and development (R&D) of bio-based printing inks is expected to offer lucrative opportunities in the near future owing to their environment-friendly nature.