The Ink Resins Market
size is projected to grow at a CAGR of 5.8% during the forecast period 2022-2027 and reach US$4.9 billion by 2027. The growth of the Ink Resins Market is primarily dependent on the growth of the packaging industry. Ink resins such as acrylic, polyurethane, polyamide, modified rosin and others are the materials utilized as a printing ink binder, either solid or semi-solid, to assist the ink pigment in adhering to the substrate. Ink resins also address the ink qualities of hardness, gloss and adhesion. The surging developments associated with the packaging industry across the world have led to considerable growth in the ink resins market.
Ink Resins Market: Leading Segment is the Packaging Industry
On the basis of the application, the Ink Resins Market can be segmented into packaging, corrugated boards, printing & publication and others. The packaging industry is evaluated to be the leading segment in the ink resins market in 2021. During the forecast period 2021-2027, the packaging segment is expected to grow with a CAGR of 6.3%. This can be attributed to various reasons such as the rise in consumer spending, online shopping and the demand for packaged foods and beverages. The shift in the customers’ interest toward packaged food items and other products and the requirement to maintain a proper brand image among consumers is anticipated to surge the demand for printing inks and in turn, for ink resins such as acrylic, polyurethane, polyamide, modified rosin and others. The packaging industry is growing, for instance, according to Invest India, the India Packaging Market was valued at US$50.5 billion in 2019 and it is anticipated to reach US$204.81 billion by 2025, registering a CAGR of 26.7% during the period 2020-2025.
Ink Resins Market: Leading Region in Asia-Pacific
On the basis of geography, the Ink Resins Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 43% share of the total revenue earned by the market globally. Asia-Pacific countries including China, Japan and India are comparatively ahead in terms of the growth of the packaging industry. The packaging industry is growing, for instance, according to the Australian government, in 2021, in Japan, Oji Fibre Solutions (OjiFS), a major supplier of market pulp, paper and fiber-based packaging materials invested A$72 million (US$51.2 million) in a packaging plant, to increase the fresh-food exports in New South Wales, Queensland and the Northern Territory.
The ink resins market will also witness significant growth in the North American region. The U.S. and Canada are emerging as competitive countries in the ink resins market.
Ink Resins Market: Competitive Landscape
Key companies holding major shares in the Ink Resins Market are Arakawa Chemical, Arizona Chemical, BASF SE, Evonik Tego Chemie GmbH, Hydrite Chemical, IGM Resins, Lawter B.V., Royal DSM N.V., The Dow Chemical Company and Indulor Chemie GmbH. The key strategies adopted by the companies include product launches and expansion among others.
In March 2022, Specialty chemicals group ALTANA expanded its already launched Cubic Ink 3D printing material families with new high-performance resins. Moreover, in April 2021, Azelis announced its new distribution agreement with BASF, effective immediately, for the dispersions, additives, and resins range in Australia and New Zealand (ANZ). The products are commonly used in coatings, adhesives, sealants, and elastomers (CASE) and construction applications.
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