In a bid to stand out in cutthroat competition, players are focusing on product differentiation, which has highlighted the need for topnotch materials for packaging and labelling. The labelling aspect has taken many innovative turns, raising dialogues about inks used for making the product eye-catching. Thus, in recent years the demand for continuous inkjet inks has soared as they are well-known to withstand extreme climatic conditions.
Growth in trade and globalization has upped the demand for continuous inkjet inks that are known to weather harsh conditions when used for labelling any kind of packaging. This has won these inks high sales many brands across food, beverage, pharmaceuticals, electronics & electricals and other verticals. With excellent quality food grade inks being developed for safe packaging, the companies set high standards in the competitive world. Attributes such as quick drying, superior depth, reliability, and consistency have enabled smooth functioning of the printers and minimized hindrances during operations.
Key Takeaways of Continuous Inkjet Inks Market Study
- Food industry to be the key end users of continuous inkjet inks as it is poised to account for of 39.8% in the global market by 2030
- Glass as a substrate anticipated to register a CAGR of 6.1% during the forecast period 2020-2030
- Water-based inks estimated to account for nearly half of the global market, and reach slightly over US$ 220 Mn in 2030.
- East Asia is estimated to have an incremental opportunity of US$ 61.5 Mn by 2030 with presence of large number of ink manufacturers
- North America projected to grow by 1.4X during 2020-2030. Absolute $ opportunity in North American market is forecasted to be US $ 28 Mn during 2020-2030.
- Pharmaceuticals segment amongst the other end-use industries estimated to account for 22.9% of the market share.
“Manufacturers are coming up with ink solutions such as UV curable inks for the inkjet printers. This would enhance the print quality and prevent it from degrading due to UV rays. The UV curable inks also provide enhanced life to the inkjet printers. This has led to attracting customers who prefer packaging with rigid substrates such as wood, plastic, and aluminium” says an FMI analyst.
Reduced Carbon Footprint to win Water-based Inks Steady Demand
Lately, consumers and brand owners have become more conscious of their carbon footprint. This has given an edge to the water-based inks segment when compared to the other ink types which are a mixture of PVC resin and plasticiser. Water-based inks are free from ozone depleting chemicals and hydrocarbons, which is making them popular in an environment-conscious world. Since, water-based inks are free from harmful chemicals, they extend the life of the printers, thus reducing the maintenance cycles and costs.
For More Detailed Insights on Continuous Inkjet Ink Market
These inks also result in improved printability as water-based-inks soak into the substrate, which makes them enhance elaborate details of design and lettering on printed products. As brands are becoming more deliberate in choosing the right ink for product packaging, this segment is projected to witness a steady growth. The segment also stands to benefit with the food and beverage brand opting for water-based inks due to their food-safe, odor-free and nontoxic attributes.
Impact of COVID-19 on Continuous Inkjet Inks market
The businesses across the globe are experiencing losses and challenges due to global pandemic COVID-19. Regionally, the United States accounts for a significant consumption of continuous inkjet inks. However, the debilitating impact of COVID-19 on this region has slowed down packaging activities, impacting the sales of inks.
Europe is the second-most affected region by coronavirus outbreak and the second-largest consumer of continuous inkjet ink. Italy, Spain, France, Germany and United Kingdom being the most effected countries are set to experience sluggish growth till situation gets in control. However, disruptions in import-export due to pandemic situation have decreased the availability of raw material supply which is a biggest challenge for manufacturers.
Continuous Inkjet Inks Market Landscape
Linx Printing Technologies, Eastman Kodak Company, Sun Chemical and Videojet Technologies, Inc. are the top players in the Continuous Inkjet Inks market. Furthermore, Kao Collins Corporation, IIMAK, Tritron GmbH, Needham Inc, Jet Inks Private Limited, Palco Industrial Marking & Labeling, Inc., Printjet USA and Squid Inks are prominent players in the Continuous Inkjet Inks market. The Tier 3 players in the market hold 40-55% in the global Continuous Inkjet Inks market. In conclusion, key players contribute almost 1/4th of the global market.
Continuous Inkjet Inks Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global Continuous Inkjet Inks market, analysing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the Continuous Inkjet Inks market on the basis of inks (water-based inks, solvent based inks, UV curable inks and phase change inks), substrate (paper, plastic sheets, glass, metals and others), end use (food, beverage, pharmaceuticals, electronical & electronics and others) and across seven regions.
About Packaging division of FMI
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.