The printing inks market in South Africa is consolidated, with domestic manufacturers of printing inks accounting for a major share in the market. However, the penetration of global players poses a threat for domestic companies. The rising demand for printing inks in various end-use industries is likely to boost the market in South Africa. The increase in environmental concerns among consumers is anticipated to prompt companies to develop environment-friendly products.
The South Africa printing inks market was valued at US$85.89 mn in 2015 and is estimated to reach US$155.13 mn by 2024, expanding at a CAGR of 6.9% therein. Prices of printing inks prices in the country are expected to remain stable during the forecast period due to the increasing local production. This has resulted in the reduction of imports for the South Africa printing inks market.
Offset Printing to Retain Dominance as Leading Application Segment
Based on application, the printing inks market in South Africa has been segmented into screen printing, flexography, gravure printing, offset printing, digital printing, and specialty printing.
Offset printing inks are estimated to account for the leading share in the printing inks market in South Africa in 2016 due to their wide application in the packaging and publication and commercial printing sectors. The segment is likely to retain its dominance in the country throughout the forecast period, led by the constant expansion in its end-use industries. In terms of volume, the segment holds highly attractive growth opportunities.
Flexographic printing inks are employed extensively in various applications across end-use industries. The packaging industry is the major consumer of flexographic inks and steady growth in the sector is expected to propel the flexographic printing inks segment in South Africa.
The digital printing inks segment is expanding at a significant rate owing to the growing trend of digital media in the country. The screen printing inks segment, on the other hand, is anticipated to expand at a sluggish pace due to the declining demand for screen printing in South Africa.
Rising Demand for Packaged Consumer Goods a Highly Lucrative Growth Option
The chief end users of printing inks in South Africa include publication and commercial printing, packaging, textiles, and metal cans. The packaging industry has emerged as a highly attractive end-use segment of the printing inks market in South Africa and the rising demand for packaged consumer products in the country is likely to boost the attractiveness of this market during the forecast period.
The publication and commercial printing sector is also a key contributor to the growth of the printing inks market in South Africa and the segment is likely to retain its share in the coming years owing to the stable growth of print media in the country. However, the gradual but steady shift from print to digital media is likely to hamper the demand for printing inks in the publication and commercial printing industry during the forecast period.
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Major players operating in the printing inks market in South Africa include New Africa Inks (Pty) Limited, GL Specialized Inks (Pty) Ltd., Constantia Printing Inks, Hi-Tech Inks (Pty) Ltd., Millian Inks, Select Inks, Flint Group South Africa Ltd., NUtec Digital Ink (Pty) Ltd., and Hostmann-Steinberg South Africa (Pty) Ltd.