Printing inks are pastes or liquids that are used to color a surface to produce text, a design, or an image. These inks contain dyes or pigments that are widely used to color newspapers, cardboard, ceramic tiles, and books and magazines. The dyes or pigments of these inks are mixed with water, oil, or solvents to form liquids or pastes. Such inks are used in the labeling and packaging, publication, and commercial printing applications all over the world.
The surging consumption of packaged food items, on account of the changing lifestyle and increasing work pressure, will steer the APAC printing inks market at a CAGR of 4.6% during 2018–2023. According to P&S Intelligence, the market has the potential to reach $7,000.2 million by 2023 from $5,344.1 million in 2017. Moreover, the escalating gross domestic product (GDP) of APAC nations, soaring disposable income of people, and booming youth population will fuel the consumption of packaged food items, which is a key application area for printing inks.
Apart from this, the flourishing packaging industry of APAC for other products will also boost the consumption of printing inks in the coming years. Just like food and beverage, packaging has become an integral part of the consumer goods and healthcare industries, as these sectors need accurate labeling to ensure the sale of authentic final products to end users. With the rising need for food products, healthcare items, and consumer goods, primarily on account of the mounting disposable income, the consumption printing inks will amplify in the foreseeable future.
Over the last few years, flexography inks have replaced traditional inks due to the growth of the food and beverage, cosmetics, printing, and packaging industries. Flexography inks offer more printing options, through an array of colors, than traditional inks. Unlike traditional inks, flexography inks can be used on non-absorbent materials. Moreover, the growing awareness about high-quality flexible packaging and booming sales of packaged consumer products, owing to the soaring disposable income and changing lifestyles, are fueling the use of printing inks in APAC.
With the rising preference for flexography inks, DIC Corporation, Dainichiseika Color & Chemicals Mfg. Co. Ltd., Siegwerk Druckfarben AG & Co. KGaA, Toyo Ink SC Holdings Co. Ltd., Sakata INX Corporation, Daihan Ink. Co. Ltd., T&K Toka Co. Ltd., Yip’s Chemical Holdings Ltd., Hubergroup India Pvt. Ltd., and SICPA have started adding these inks to their product portfolio. These companies are also involved in the production of sheetfed, coldest web, and heatset web offset lithographic inks, electrography and inkjet digital inks, gravure inks, and letterpress inks.
In recent years, Indonesia, China, and India have emerged as the leading consumers in the APAC printing inks market owing to the rapid commercialization and industrialization in these nations. Moreover, the improving lifestyle of the people of these countries will augment the need for printing inks due to the rising consumption of packaged food products and consumables. Among APAC nations, China consumes the highest quantity of such inks due to the burgeoning demand for packaging and paper media and escalating literacy rate in the country.
Thus, the rising uptake of packaged food items and growing packaging sector in APAC will boost the consumption of printing inks in the region.