The North America exhibits a moderately fragmented competition due to presence of several large number of players. Several companies are focusing on developing bio-based printing inks in order to tackle challenges pertaining to regulatory framework vying to curb the usage of toxic materials. Transparency Market Research states that the leading players in the North America printing inks market held a collective share of 65.7% in 2015. The leading players in the market are Sun Chemical Corporation, INX International Ink Co., Flint Group, Quad Graphics Inc., and Siegwerk Druckfarben AG & Co. KgaA.
“Companies are likely to expand their reach to developing countries of Asia Pacific that are show promise if growth in every sector, which will have a direct impact on the demand for printing inks,” states the lead author of this research report. According to the research report, the opportunity in the North America printing inks market is projected to be worth US$8.7 bn by the end of 2024 as against US$5.3 bn in 2015. The analysts state that the overall market is expected to progress at a CAGR of 5.70% between 2016 and 2024.
Oil-based Printing Inks to Remain Popular Products
The oil-based printing inks are expected to witness a remarkable rate of consumption in the near future due to their extensive usage in publication and commercial printing. During the period of 2016 and 2024, the oil-based printing inks segment is expected to expand at a CAGR of 5.15%. Out of the two countries, the U.S. and Canada, the former is expected to generate maximum demand for printing inks during the forecast period. The report anticipates that the U.S. printing inks market will exhibit a CAGR of 5.55% during the forecast years.
Consumption of Packaged Food Items offers Lucrative Opportunities to Printing Inks Market
The continued growth of the packaging industry has had a critical role to play in the North America printing inks market. The rising disposable incomes, improving economies, and the emergence of various business have fueled the packaging industry, which in turn has led a remarkable demand for printing inks. Packaging is an integral part of every sector which requires accurate labelling to ensure appropriate sale of the final products. The growth of food and beverage industry, health care sector, and other consumer goods as led a significant uptake of printing inks all across North America. The market is also benefitting from the high demand for UV-cured printing inks that are used in printing applications such as inkjet, gravure, and flexography. These printing inks are gaining popularity as they are far more advantageous than the traditional printing inks. The demand for UV-cured printing inks is expected to intensify in the coming five years due to the stringent environmental regulations pertaining to the usage of VOC inks.
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Some of the other factors fueling the demand for printing inks the are the rise of young population that has the capability to spend on packaged food items, rising GDPs of several nations, and growing investments in healthcare sector. Furthermore, the strong market drivers of the packaging industry will also keep the sentiment in the North America printing inks market upbeat for the next five years.
Digitization of Books becomes Market’s Toughest Challenge
The North America printing inks market is does face tough challenges. The stringent regulatory prohibiting usage of inorganic solvents and toxic metals such as lead, mercury, cadmium, and hexavalent chromium is expected to restrain the growth of the overall market. The regulatory framework suggests that the usage of these chemicals can prove to be hazardous to human health. Furthermore, the emerging trend of e-commerce and digitization of books is expected to reduce the demand for printing inks in the publication sector. The loss of paper-based communication is expected to be a major threat to the North America printing inks market in the near future.