Ink Resins Market By Resin Type (Acrylic, Polyurethane, Polyamide, Modified Rosin, Modified Cellulose, Hydrocarbon & Others), By Ink Technology (Water-Based, Solvent-Based, UV-Curable, Powder & Others), By Printing Process (Lithographic, Flexographic, Gravure, Letterpress, Digital & Others), By Application (Packaging, Corrugated Boards, Printing & Publication & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027
Ink Resins Market Overview
The Ink Resins Market size is estimated to reach US$4.9 billion by 2027, after growing at a CAGR of 5.8% during the forecast period 2022-2027. Ink resins 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 growing water-based ink technology is driving the Ink Resins Market growth as it reduces environmental emissions and waste. The increasing requirement for ink resins in the packaging sector, due to their usage in printing inks, is anticipated to upsurge the growth of the ink resins industry during the forecast period. According to Invest India, the packaging is among the high-growth industries in India and develops by 25% per annum. Moreover, the surging demand for ink resins such as acrylic, polyurethane, polyamide, modified rosin and others in applications of corrugated boards, printing & publication and other sectors is further estimated to drive the demand for ink resins in the market. The global economic downturn caused by the COVID-19 pandemic resulted in a huge drop in corrugated boards and printing & publication industries all across the world. This had a significant impact on the growth of the Ink Resins Market size.
The “Ink Resins Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Ink Resins Industry.
- The Asia-Pacific region dominates the Ink Resins Market due to the increasing investments in the packaging industry. In 2022, APRIL Group invested US$1.9 billion in a paperboard packaging mill to support Indonesia’s economic development.
- Rapidly rising demand for water-based ink technology for reducing environmental pollution has driven the growth of the Ink Resins Market.
- The increasing demand for Ink Resins in the printing & publication sector, due to its usage in the printing ink application, has been a critical factor driving the growth of the Ink Resins Market in the upcoming years.
- However, the fluctuating raw material prices and demand for Ink Resins can hinder the growth of the Ink Resins Market.
Ink Resins Market Segment Analysis – by Ink Technology
The UV-curable segment held the largest share of the Ink Resins Market in 2021 and is estimated to grow at a CAGR of 5.9% during the forecast period 2022-2027. The utilization of UV-curable inks in the packaging industry is increasing due to the introduction of low-migration inks that support the ongoing global and regional rules and regulations. UV-cured inks exhibit advantages such as a high level of product resistance, flexibility to accommodate various sizes, variety of print jobs and ease of usage. They are cured and adhered to the substrate by UV radiation and they get dried quickly, permitting a short delivery time. Also, UV-curable ink can be printed on non-absorbent materials such as plastic, metal and glass. Thus, all these characteristics of UV-curable ink technology make it a preferred choice over the other ink technologies that are driving its segmental growth.
Ink Resins Market Segment Analysis – by End-use Industry
The packaging industry held the largest Ink Resins Market share in 2021 and is estimated to grow at a CAGR of 6.3% during the forecast period 2022-2027. Ink resins such as acrylic, polyurethane, polyamide, modified rosin and others are excessively utilized in the packaging sector, owing to the rise in consumer spending, online shopping and the demand for packaged food 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 are anticipated to surge the demand for printing inks and, eventually, for ink resins. In 2022, according to the government of Canada, the Minister of Agriculture and Agri-Food announced an investment of up to US$376 million for the Canadian Produce Marketing Association (CPMA), under the Canadian Agricultural Strategic Priorities Program (CASPP). It was to support the transition toward more sustainable food and product packaging. Thus, with the rising packaging sector, the market for Ink Resins would further increase over the forecast period.
Ink Resins Market Segment Analysis – by Geography
The Asia-Pacific region held the largest share of up to 43% of the Ink Resins Market in 2021, due to the increasing requirement for ink resins in developing countries such as China, Japan, India and South Korea. India is expected to continue its dominance in the Ink Resins Market during the forecast period. This is due to the growth of the packaging industry in the country. According to Invest India, the Indian 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. Also, according to DCC China, the consumption of bottled water was estimated to reach 49 million metric tons by 2020. Moreover, 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. Such a growing packaging sector in the APAC countries is anticipated to raise the demand for printing ink, utilized for printing purposes on these packaging, during the forecasted period. It is proving to be a booster for the Ink Resins Market size in this region.
Ink Resins Market Drivers
Growing Water-Based Ink Technology:
The environmental advantages of water-based inks such as reduced end-waste and emissions are driving its market growth. Some of the specific product lines require water-based inks for high-quality process printing and for pre-print corrugated boxes or packages. Also, water-based ink technology can be applied for high-performance laminations and one-part systems for outdoor applications. The growing interest in water-based inks is anticipated to surge the demand for acrylic and maleic resins as a major part of the water-based inks. In 2021, Siegwerk unveils the next generation of sustainable water-based inks for paper & board applications, with renewable content as part of its strategy to develop circular packaging solutions. Moreover, in 2020, Flint Group launched water-based ink and coating range for the paper and board market. Thus, the growing water-based ink technology would drive the demand for Ink Resins in the market during the forecast period.
Increasing Printing & Publication Segment:
The rise in the demand for Ink Resins such as acrylic, polyurethane, polyamide, modified rosin and others for printing & publication is estimated to generate opportunities for the Ink Resins Market in the forecasted period. Printing ink producers utilize ink resins as raw materials to manufacture printing ink with good characteristics. These characteristics include viscosity, gloss, high solid content and enhanced pigment wetting. In 2021, Agile Manufacturing, the largest 3D printing service bureau in Canada for polymers and metals, inaugurated a new production facility in Beaverton Ontario. Moreover, in 2021, Kanaoka Holdings Co., Ltd. launched a new Reiwa Plant for water-based inkjet printing. With the increasing new facilities, it is estimated that the requirement for printing ink resins in the printing & publication industry would rise in the upcoming years. This would boost the growth of the Ink Resins industry.
Ink Resins Market Challenges
Fluctuating Raw Material Prices and Demand:
There was a shortage of raw materials for Ink Resins during 2010-2020. Due to an increase in oil prices, which was followed by a demand and supply gap, there was a shortage of base chemicals that are applied for manufacturing resins. This led to a rise in competition from other end-use industries that use resins, such as composites and the adhesives & sealants industry. It imposes an incremental pressure on prices, which leads to the substitution of major resins such as polyurethane, acrylic, epoxy, alkyd and vinyl with other resins that include phenolic, vinyl esters and cellulose. The high cost of resins forced the producers of ink resins to realign their purchasing operations, which in the due course led to the substitution of ink resins with other raw materials. Thus, the fluctuating raw material prices and demand for ink resins would create hurdles for the growth of the Ink Resins Market in the forecast period.
Ink Resins Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies players adopt in the Ink Resins Markets. The top 10 companies 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
- Indulor Chemie GmbH
- In March 2022, Specialty chemicals group ALTANA expanded its already launched Cubic Ink 3D printing material families with new high-performance resins.
- 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.
- In March 2021, Bodo Möller Chemie South Africa expanded the exclusive sales and distribution agreement with BASF South Africa (Pty) Ltd. for resins and additives.
Report Code: CMR 1311
Report Code: CMR 33578
Report Code: CMR 31408
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