The Ink Solvent Market was worth US$ 732 million in 2022, and it is estimated to reach a valuation of US$ 942 million by the end of 2028, expanding at a CAGR of 5% during 2023-2028
Solvents are utilized to dry the ink and dissolve the pigment and vehicle that supports transport. Low boiling point solvents are used most frequently since these can evaporate quickly compared to other solvents, as they are quickly absorbed by the paper and leaves the pigment on the surface of the substrate. Ink solvents are the type of solvents that are used in inks. These solvents consist of various organic compounds, including hydrocarbons, alcohols, ketones, esters, and other organic compounds. Hydrogen carbons consist of hydrogen and carbon atoms and are considered cost-efficient among all solvents. In addition, solvents of high volatile nature have fewer boiling points and can evaporate immediately. These are used for inks that need to dry quickly by evaporation.
The increasing demand for printing inks from packaging firms and increasing demand for the packaging sector in most populated countries, including China, act as major trends that drive the ink solvent market growth in the upcoming years.
As the demand for bio-based ink solvents increases, it tends to be a significant driver for the ink solvent market. Most of these ink solvents were produced from corn, beet, and sugar. These ink solvents are chosen as they are safe and effective along with traditional options. In recent years, many green ink solvents have become most popular due to their high boiling point, low miscibility & toxicity which help to boost the ink solvent market. Since green ink solvents do not release toxic byproducts, many firms were lined up to use these solvents. Another major factor that drives the ink solvent market growth is the increasing e-commerce platform. Most of the population tends to choose online rather than traditional shopping. Therefore it requires plastic bags, labels, and invoices that use solvents, thus boosting the ink solvent market shortly.
Rapid fluctuations in crude oil prices are the major restraint that hampers the growth of the ink solvent market during the forecast period. Since crude oil is essential for feedstocks, when fluctuation arises in the crude oil, so does the cost of the feedstock which aids as a major restraint for the ink solvent market.
The rapid increase in the flexible and corrugated packaging sectors, increasing usage of non-reactive DAB polyamide resins, rising flexographic printing firms, and increasing prices of advanced and improved properties are the prominent factors that drive the ink resins market growth during the forecast period.
Primarily, printing ink prices were driven by the costs of its ingredients. According to the ink world magazine, the fluctuations in crude oil, which is essential for feedstock, are a significant challenge in the ink solvent market.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2022-2028 |
|
Base Year |
2022 |
|
Forecast Period |
2023-2028 |
|
CAGR |
5.0% |
|
Segments Covered |
|
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
|
|
Market Leaders Profiled |
Eastman Chemical Company, The Dow Chemical Company, BASF SE, Arkema S.A., Ashland Inc., Celanese Corporation, Evonik Industries AG, Ineos AG, Omnova Solutions, Royal Dutch Shell, Solvay AG, Vertec Biosolvents Inc. |
Acetates
Hydrocarbons
Alcohols
The modified rosin type is estimated to dominate the ink resins market. It is due to its low prices and availability in the market.
Bio-based
Green
Conventional
Among these segments, bio-based product type plays a significant key role in holding the largest market share. Due to the government regulations regarding the eco-friendly environment, these bio-based solvents show a rapid increase and pushed forward to develop green solvents. Bio-acetone and bio-ethanol were the two types of bio-based solvents that are cost-efficient and biodegradable. These are the significant factors that drive the bio-based ink solvent market.
Gravure
Flexographic
Others
The flexographic process plays the dominant feature in the market since these were utilized for printing plastics, cellophane, metallic firms, and others required in several types of packaging. In addition, they are used for food packaging purposes. Recently, advertising media and textile printing applications had a steady growth that creates opportunities for many firms using the flexography process, which drives the ink solvent market growth in the upcoming years.
Publication
Corrugated
Packaging
In recent years, the packaging market holds the highest market share with a CAGR of 4% owing to the growing demand for ink solvents by the package firms for packaging materials. On packaging materials, consumer information is done by using printing inks. On the other hand, the massive demand for consumer goods packaging fuels the growth of the ink solvent market shortly.
The Ink Solvent Report includes the segmentation of Regions:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The Asia Pacific has become the largest region for printing inks across the globe. The Asia Pacific tends to dominate the market during the forecast period due to the increasing demand for packaging industries, requiring ink solvents to print customer information on the package. Thus, it is owing to the massive need for ink solvents in the packaging industry. In APAC, India dominates the market with a CAGR of 15%. At the same time, North America aid to witness stable growth rates during the forecast period, and Europe is estimated to have a significant CAGR, respectively. Despite this, Middle East & Africa are focusing on increasing the demand for ink resins due to rapid industrialization and yet to continue the market during the forecast period.
Covid-19 (novel Corona Virus Disease), which outbreak in early 2020, has turned into a global pandemic crisis with 15 million population getting infected and has already created the loss of over 600 thousand deaths worldwide.
It is owing to the increased emphasis on preventing the spread of covid-19 and considering the transmission measures to prevent the movement and interactions between humans and prevent the spread of the disease. Unfortunately, this is adversely impacted a wide range of industries and created shutdown of businesses due to less or zero returns or investments. These industries are likely to take a longer time than expected to cover. Since most of the companies were shut down during the lockdown, the packaging has seen a downfall which affects the ink solvent market since ink solvents are used mainly by packaging firms.
On 14th April 2021, BASF SE announced that it would increase kaolin product portfolio costs because of its strong global demand. It has also decided to grow 10% of its entire product portfolio.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region