The Global "Flexographic Printing Inks Market" is expected to grow at a high CAGR of 5.15% during the forecast period (2022-2029).
Flexography printing is also referred to as surface printing. It is a form of the printing process which utilizes a flexible relief plate that is made up of rubber or flexible plastic, allowing the inked surface to adopt many kinds of substrates. It is a method commonly used for printing on packaging and other uneven surfaces.
The growth of the demand for prepared foods everywhere is propelling the need for packaging products, and it is driving the global flexographic printing inks market. On the other hand, the steady rise of the consumer goods industry and a massive increase in the number of international imports and exports are factors that have a significant influence on the growth of the global flexographic printing inks market.
The following statistics illustrate the information about the market value of cosmetic packaging worldwide between 2017 and 2023. In 2017, it was approximately USD 24.86 billion and was predicted to reach around USD 31.75 billion by 2023.
The flexographic ink possesses volatile organic compounds, and therefore it is stringently administered by the Food & Drug Administration regulations for packaging applications across the food & beverage and cosmetic industry are boosting the market.
Based on the product the global flexographic printing inks market is broadly classified as water-based, UV curable, solvent-based and others.
Among all these water-based flexographic inks accounted for the significant market share owing to less flammability, low VOC emissions, and stable viscosity during printing. Increasing non-volatile organic compounds based inks demand is considered to be the significant factor propelling the industry size for the product in the coming years.
Furthermore, favoring government norms, low cost, and abundant availability of water will further boost the flexographic printing inks market. These are most commonly used in paper, foils, food packing, newspaper, and cardboard printing.
Based on the mode of application global flexographic printing inks are segmented into packaging, newspaper prints, and others. Among all these applications packaging applications contributed to a significant market share. Tags & labels, folding cartons, metal cans, flexible packaging are the major packaging applications in the industry.
The steady rise in the cosmetic, food & beverage, and pharmaceutical industries is propelling the need for packaging in these industries all these factors are boosting the packaging segment for this market.
The global flexographic printing inks market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
The Asia Pacific occupies the dominant share in the flexographic printing inks market and is expected to grow at a CAGR of XX% in the forecast period. Drastic growth in the pharmaceutical and cosmetic industry, food & beverage, primarily due to improved consumer lifestyles is the primary factor driving the market.
Furthermore, the shift of pharmaceutical manufacturers focuses on establishing their manufacturing facilities in India and China, due to high medicine demand along with low initial investment is boosting the market.
Significant players in the global flexographic printing inks market are RUCO Druckfarben A.M. Ramp & Co GmbH, TOYO Ink Group, Zeller+Gmelin GmbH & Co. KG, INX International Corporation, T&K TOKA Co. Ltd, Wikoff Color Corporation, Sun Chemical Corporation, Siegwerk Druckfarben AG & Co. KGaA, ALTANA AG, Flint Group, Zhongshan DIC Color Co. Ltd., and others.
Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share. For instance, in July 2018, RUCO Druckfarben introduced an innovative product, a screen printing ink that combines three key, future-oriented properties 955LED-LM is low- migration, silicone-free and has a LED curing system.
In July 2018, INX International Ink Corporation expanded its iconic Research & Development complex in West Chicago.
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