NorthAmerica Printing Inks Market: Introduction
In terms ofvalue, the printing inksmarket in North America is anticipated to expand at a CAGRof ~3% from 2020 to 2030.Constant growth in the food & beverages industry in North America hasaugmented the demand for printing inks in the packaging segment of the marketin the region. The food & beverages industry is the leading end user ofprinting inks for packaging and labeling of consumer goods in North America.Printing inks are employed in a wide range of applications. Demand forbio-based printing inks is estimated to rise in North America in the nearfuture, as these inks do not contain hazardous chemicals. Soy oil-basedprinting inks are utilized in lithographic, flexographic, and gravure printingin North America. Furthermore, inks manufactured by using soy oil allow inkpigments to penetrate the substrate completely, thereby exhibiting better colorvibrancy in the print. This, in turn, drives the demand for bio-based printinginks in the region.
Environmental Regulations onPrinting Inks to Hamper Market
Rise inenvironment-related concerns associated with printing inks is expected tohamper the market in North America in the near future. The number of safetyregulations has increased in the region in order to avoid adverse healthconsequences resulting from intake of toxic substances. This factor isestimated to adversely affect the printing inks market in the region in thenext few years. The trend of e-Commerce and e-books is growing at a significantrate across the globe. This trend is creating a negative impact on thepublication & commercial printing industry in North America. Substantialdecrease in paper-based communication channels is projected to restrain theprinting inks market in the region during the forecast period.
COVID-19has adversely impacted the global economy. The epidemic that originated inChina is spreading at an alarming pace in countries in North America,especially the U.S. According to The National Association of Printing InkManufacturers (NAPIM), the COVID-19 outbreak has adversely affected the supplyof raw materials used in the manufacture of printing inks. Industrial shutdownin the U.S. has not only negatively affected the production of printing inks,but has also hampered the sales of end-use products in the country. This islikely to negatively impact the demand for printing inks in various end-useindustries in North America in the next few years.
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Oil-based Products to DominateNorth America Printing Inks Market
In terms ofproduct, the printing inks market in North America has been divided intosolvent-based, water-based, oil-based, and UV cured. Of these, the oil-basedsegment dominated the printing inks market in the region in terms of revenue in 2019.The UV cured segment is expected to be highly lucrative from 2020 to 2030.
Thesolvent-based segment held considerable share of the printing inks market inNorth America in 2019. The demand forsolvent-based and oil-based printing inks is expected to mature in NorthAmerica by 2030. This, in turn, is anticipated topropel the adoption of innovative technologies such as UV cured inks in theregion.
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Digital Printing Segment to OfferLucrative Opportunities
In terms ofapplication, the printing inks market in North America has been classified intoflexographic printing, gravure printing, lithographic & offset lithographicprinting, digital printing, screen printing, and specialty printing. Of these,the lithographic & offset lithographic printing segment dominated theprinting inks market in the region in terms of revenue in 2019.The digital printing segment is expected to be highly lucrative from 2020 to 2030.Digital printing can be used on a wide range of substrates. Rise in sale ofprinters for residential and office use in North America has been driving thedigital printing segment in the region.
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Packaging to be Dominant End UseSegment of North America Printing Inks Market
Based onend use, the printing inks market in North America has been segregated intopackaging, publication & commercial printing, textiles, metal cans, andothers. The packaging segment held a major share of the printing inks market inNorth America in 2019. It isanticipated to continue its dominance in the market from 2020 to 2030. Printinginks, which are derived from renewable sources, are employed primarily inpackaging of consumer goods such as food and beverages. This, in turn, isdriving the packaging segment of the market in North America.
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U.S. to be Lucrative Country inNorth America Printing Inks Market
Based oncountry, the printing inks market in North America has been classified into theU.S. and Canada. The printing inks market in the U.S. is projected to expand ata CAGR of more than 2.5% duringthe forecast period. The demand for printing inks in the U.S. is driven bytechnological developments in the country. The U.S. is focusing on optimizingthe efficiency of raw materials and energy. The usage of biodegradable rawmaterials has been rising in the manufacture of printing inks in the country.The implementation of stringent regulations related to VOC emissions ishampering the demand for traditional printing products such as oil andsolvent-based printing inks in North America.
Competition Landscape
Key inkmanufacturers dominated the printing inks market in North America in 2019. TheU.S. has been a lucrative country of the North America printing inks market inthe past few years. Leading players have taken initiatives to expand theirpresence through acquisitions, expansion of production capacity, and strategicpartnerships. In July 2018, Sun Chemicalacquired Cathay Industries Group’s high-purity iron oxide pigments businesslocated in Valparaiso, Indiana, the U.S. The acquisition is estimated to helpthe company enhance its position in the U.S.
In September2018, Wikoff Color Corporation signed an agreement to acquirethe assets of Cleveland-based Braden Sutphin Ink Company in order to expand itsfootprint in North America. In September 2019,Siegwerk Druckfarben AG & Co. KGaA inaugurated a new ink lab at ClemsonUniversity’s Sonoco Institute in South Carolina, the U.S.
Keymanufacturers operating in the printing inks market in North America are Sun Chemical Corporation,Siegwerk Druckfarben AG & Co. KGaA, Electronics for Imaging, Inc., FlintGroup, Wikoff Color Corporation, Toyo Ink America, LLC, INX International InkCo., Central Ink Corporation, Huber Group US, Inc., The Dow Chemical Company,FUJIFILM Corporation, and Nazdar Ink Technologies.
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