SoutheastAsia Ink Resins Market: Introduction
In terms ofvalue, the ink resinsmarket in Southeast Asia is expected to reach ~US$700 Mn by 2030, expanding ata CAGR of ~6% during the forecast period.Indonesia dominated the ink resins market in Southeast Asia in 2019.It is estimated to lead the ink resins market in the region during the forecastperiod. Rapid growth in packaging and commercial printing applications in urbanas well as semi-urban areas in Southeast Asia is estimated to boost the inksmarket, thereby propelling the ink resins market in the region.
Key Drivers of Southeast Asia InkResins Market
The inkresins market in Southeast Asia is primarily driven by growth of the printingindustry in the region. Increase in production of inks and lower manufacturingcost in Southeast Asia are projected to propel the demand for resins inproduction of inks. Southeast Asia is a major hub for printing and packagingsectors. This is likely to augment the demand for ink resins in the region.Rise in the level of literacy is expected to boost the print media industry inSoutheast Asia. Newspapers, books, and others segments are expected to expandat a rapid pace in the region in the near future. This is anticipated to drivethe inks market, as inks are used in books to create attractive images. Demandfor ink resins is high in Southeast Asia, owing to the growth in production ofvarious types of inks in the region.
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Modified Rosin to Witness HighDemand in Southeast Asia Ink Resins Market
In terms ofvolume, the modified rosin segment is anticipated to expand at a significantpace in Southeast Asia during the forecast period. The segment accounted for aprominent share of the ink resins market in the region in 2019. Majorityof gum rosin used in the manufacture of modified rosin is obtained fromIndonesia. Hydrocarbon resins are extensively used in Southeast Asia due totheir features such as resistance to heat, chemicals, and moisture; highcross-linking density in cured materials; and availability in solvent-borne andsolid varieties. Key characteristics of polyamide resins include durability;strong binding; and excellent resistance to friction, abrasion, oils, andsolvents.
Increased Usage of Ink Resins inLithographic Printing Process
Printinginks are used in the lithographic printing process. These inks consumed themaximum amount of ink resins in Southeast Asia in 2019. Growthof the lithography segment can be ascribed to the increase in usage oflithographic printing process in publishing and commercial printing. Thegravure printing process is employed in a wide range of applications such aswall covers, food manufacturing, fine arts, and photograph reproduction.Flexography printing process is primarily employed in food, flexible packaging,and medical packaging industries. Technological innovations have made printingprocesses more efficient, leading to less requirement of printing inks. Thishas adversely affected the printing inks industry, thereby hampering the inkresins market in Southeast Asia.
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Indonesia Held Prominent Share ofSoutheast Asia Ink Resins Market in 2019
In terms ofvolume, Indonesia accounted for leading share of the ink resins market inSoutheast Asia in 2019, led by the presence of large numbers of printing inkmanufacturers in the country. Printing inks are manufactured by multinationalas well as domestic companies in Southeast Asia. Ink resins, which are used asraw materials in the printing ink industry, are consumed significantly in theregion, especially in countries such as Indonesia, Malaysia, and Thailand,where printing inks are manufactured in large quantities. Certain rawmaterials, such as gum rosin, are produced in Indonesia. Indonesia was theleading consumer of ink resins in Southeast Asia in 2019,as it produces a large quantity of printing inks. Furthermore, Malaysia is amajor hub for printing ink companies, and therefore, a key consumer of inkresins.
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Domestic Players Accounted for Majorityof Market Share in 2019
The inkresins market in Southeast Asia is fragmented, with the presence of largenumbers of domestic players. Prominent players operating in the ink resinsmarket in the region include DIC Graphics (Thailand) Co., Ltd., BASF SE, The Dow Chemical Company, DSMCoating Resins B.V., Evonik Industries AG, Lawter Inc., and Resins and PlasticsLimited.
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