Ink Resins Market: Introduction
The global ink resins market was valued at ~US$ 3 Bn in 2019 and is anticipated to expand at a CAGR of ~5% during the forecast period. The global ink resins market is primarily driven by expansion of the packaging sector. Demand for packaging is influenced by economic growth and the level of disposable income of consumers. Demand for packaging in Western Europe, which is a mature packaging market with high disposable income of consumers, is likely to be in line with the overall GDP growth of the region. In less mature markets of Eastern Europe, demand for packaging is usually a few percentage points higher than the GDP growth rate. This can be ascribed to the rapid rise in real incomes and purchasing power of consumers in Eastern Europe that leads to higher proportion of income being spent on packaged food and drinks and other consumer goods.
Key Drivers of Ink Resins Market
Packaging is an important requirement of all products. It protects products from incorrect handling and harsh environments. Attractive packaging also plays an important role in the sale of products. Manufacturers and consumers have started realizing these benefits of packaging. As a result, the global packaging industry has been expanding at a considerable pace since 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.
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Packaging Application to Offer Lucrative Opportunities to Global Ink Resins Market
In terms of application, the packaging segment accounted for major share of the global ink resins market in 2018. Packaging is the most common application of printing inks. All types of packaging require printing inks to denote information such as date of manufacturing, logo, and design. The commercial printing segment also held key share of the global ink resins market in 2019. The segment is anticipated to gain higher share during the forecast period, due to the increase in sales of paperback books. Rise in subscription of e-books has boosted the sales of paperback books. This, in turn, is driving publishing and commercial printing segments of the global ink resins market.
Digitization Trend to Hamper Global 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. The trend of e-Commerce has been growing at a rapid pace across the world. This has hampered several industries including the publication & commercial printing industry. In turn, this is likely to restrain the global ink resins market during the forecast period.
Asia Pacific Dominates Ink Resins Market
In terms of demand, Asia Pacific dominated the global ink resins market in 2019 led by the presence of large numbers of manufacturers of food, beverages, and personal care products in the region. The commercial printing industry in Asia Pacific has been expanding at a rapid pace. Europe also held vital share of the global ink resins market in 2019. The rigid packaging industry has been expanding substantially in the region. Food & beverages and personal care industries have reached the saturation stage in Europe. Several countries in the region are witnessing high per capita consumption of packaged products. Growth of the packaging sector in Europe is propelling the demand for inks, as inks are primarily used to print product details onto packaging.
Increase in adoption of next-generation packing is anticipated to be one of the key trends driving the packaging industry in North America. Growth of the packaging industry is boosting the demand for ink resins in the region.
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Top Five Players Constitute Key Share of Global Ink Resins Market
The global ink resins market is operated by various large, medium, and small-scale companies. However, the ink resins market is moderately consolidated with few large players. Prominent players are primarily focusing on research and development activities. The top five players — BASF SE, The Dow Chemical Company, Evonik Industries AG, DIC Corporation, and DSM Coatings Resins B.V.— Cumulatively accounted for more than 30% share of the global ink resins market in 2019.