Global Ink Resins Market Estimated to Reach US$ 4.7 Bn by 2027
The global ink
resins market was valued at US$ 3.0 Bn in 2018 and is anticipated to
expand at a CAGR of more than 5.0% from 2019 to 2027, according to a
new research report published by Transparency Market Research (TMR),
titled ‘Ink Resins Market – Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast, 2019–2027.’ Printing ink
manufacturers use ink resins as raw materials to impart significant
characteristics to printing inks. These characteristics include high
solid content, viscosity, gloss, and improved pigment wetting.
Increased use of
packaging to boost ink resins market
Packaging is an
important requirement of all products. It protects products from a
variety of factors such as incorrect handling and harsh environments.
Attractive packaging also plays an important role in the sale of
products. Good packaging can positively influence a consumer’s
purchasing decision. Manufacturers and consumers have started
realizing these benefits of packaging. As a result, the global
packaging industry has been expanding at a considerable pace over the
last few years. All types of packaging require printing inks, while
all printing inks require ink resins as one of the raw materials.
Thus, growth of the packaging industry is expected to drive the
global ink resins market during the forecast period.
Digitization trend
to negatively affect ink resins market
Digitization can be
defined as the development of pictures and texts in the digital form.
The process of digitization started with the development of
computers, mobile phones, and Internet. Several textbooks, novels,
and illustrative books are currently available on the Internet. Even
marketing campaigns at present require printed material in less
amounts, as part of those campaigns can be conducted online. The
trend of e-commerce is growing at a rapid pace across the world and
this has hampered several industries including the publication &
commercial printing industry. This, in turn, is likely to restrain
the global ink resins market during the forecast period.
Collaboration
between ink resin manufacturers and printing ink manufacturers
Various types of ink
resins are available in the market. They include modified rosins,
hydrocarbon resins, polyamides, acrylics, and polyurethanes.
Different types of ink resins involve different advantages as well as
disadvantages. Ink resins can be manufactured as per the precise
requirement of the final printing ink. They can even be customized
for specific applications such as packaging, publishing, and
commercial printing. However, the development of such high-precision
ink resins is only possible through close collaboration between
printing ink manufacturers and ink additive manufacturers. Such
collaborations also present lucrative opportunities for ink resin
manufacturers.
Global ink resins
market segmented based on type, printing ink, printing process,
application, and region
In terms of type,
the global ink resins market has been segmented into modified rosin,
hydrocarbon resin, modified cellulose, acrylic, polyamide, and
polyurethane. The modified rosin segment accounts for a prominent
share of the market, due to low price and easy availability of
modified rosins. Based on printing process, the market has been
segregated into lithography, flexography, gravure, digital, and
others. The lithography segment holds a key share of the market,
primarily because lithographic printing is widely employed in
end-user industries such as printing and publishing.
In terms of printing
ink, the global ink resins market has been classified into
water-based, solvent-based, UV-cured, and oil-based. Solvent-based
printing inks consume a large share of ink resins. In terms of
application, the market has been divided into packaging, publishing,
commercial printing, and others. Packaging is the primary application
of printing inks and, in turn, that of ink resins. Furthermore, with
rising awareness regarding the significance of packaging, the
packaging segment is expected to gain market share by the end of the
forecast period.
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In terms of region,
the global ink additives market has been divided into North America
(the U.S. and Canada), Latin America (Brazil, Mexico, and Rest of
Latin America), Europe (Germany, the U.K., France, Italy, Spain,
Russia & CIS, and Rest of Europe), Asia Pacific (China, India,
Japan, ASEAN, and Rest of Asia Pacific), and Middle East & Africa
(GCC, South Africa, and Rest of Middle East & Africa). Asia
Pacific is the leading consumer of ink resins worldwide, due to the
large production of printing inks in the region.
High level of
competition in the market
Ink resins is a
moderately consolidated market with the presence of a few, key
multinational players such as BASF SE, The Dow Chemicals Company, DIC
Corporation, and Lawter Inc. It is also a mature market with the
presence of established players, which makes the entry of new
companies relatively difficult. Several large-sized companies
operating in the market have adopted the strategy of new product
development, especially the development of sustainable and
eco-friendly ink resins, in order to compete effectively in the
market. For example, BASF SE has launched several new ink resins
under the brand name of Versamid. Furthermore, it is focused on the
production of eco-friendly ink resins under the brand name of
Joncryl.
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