Demand for Ink Resins Market to be Fuelled by Rapid Shift in Consumer Perception and Increasing Awareness
Ink resins are used in the manufacture of printing inks. They are used in pigments and dispersions of the inks to change the property of end product. Major properties that ink resins should posses are stability, good surface appearance, gloss, flow, solvency and dilatability. Ink resins are used in flexographic, lithographic, inkjet, offset and sheetfed printing. Based on product segments ink resins market can be segmented as acrylic, polyamide, modified resins, polyurethane, hydrocarbon and others. Applications of the ink resins include flexible packaging, paperboard and cartons, printing & publication and others. Paperboard & cartons and flexible packaging application segments are expected to grow at a moderate rate during forecast period. Global ink resins market can also be bifurcated based on process and technology. Based on technology the market can be segmented as solvent based inks, water based inks, oil based inks, UV cured inks and others. Type of printing processes used with ink resins includes lithography, gravure flexography and others.
Rising demand for printing inks from the end-user industries is expected to drive the inks resins market. Printing and publication application segment of ink resins is expected to experience high demand in the next few years. Flexible packaging is gaining demand since last few years and is expected to grow at a significant rate due to high demand from consumer groups of developed as well as developing countries. Additionally, improving raw materials supply for these resins is expected to fuel the market growth. Companies operating in this market are forming long term agreements with raw material supply in order to secure raw material supply. Ink resins manufacturers are also in contract with end-users of these resins, which also supports the market growth. Furthermore, research and development activities regarding new ink resin technologies are likely to boost the market.
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However, rising raw material prices and their volatility is expected to hamper the ink resins market growth. Furthermore, raw materials industry of ink resins is on the verge of consolidation that enhances the bargaining power of suppliers and negatively affects the market growth. End-use industries of ink resins grow in line with the economic development across globe and hence, geopolitical issues in affects the growth in particular regions and have effect on the global ink resins market. Increasing demand for water-based inks is anticipated to provide immense opportunities for the players in the market. Additionally, printing of materials used in packaged food industry is expected to indirectly provide opportunity for ink resins market.
Asia Pacific emerged as the largest market for ink resins in terms of production and consumption. China accounted for significant share in the demand and production of ink resins in the region. High economic growth in the emerging economies of Asia Pacific such as China and India are expected to boost the market growth in the next few years. Rest of the World is expected to grow at a significant growth during forecast period due to upcoming global and sports events in the region.
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Global ink resins market is moderately consolidated with key players having presence across the value chain. Players in the market concentrate on expansion of product facilities and new product launches in order to increase their market share. Moderate level of mergers and acquisitions is the characteristic of this market. Key players in ink resins market include Arakawa Chemical, Arizona Chemical, BASF SE, Hydrite Chemical, IGM Resins, Indulor, Evonik Industries, Lawter B.V., Royal DSM N.V., The Dow Chemical Company and BASF SE.