Due to the absence of a clear dominance, the North America is demonstrating a moderately fragmented but highly competitive landscape. FUJIFILM, Flint Group, Nazdar, DuPont, Toyo Ink America, and Sun Chemical Corp. are some of the leading companies in this market.
Currently, these players are aggressively focusing on competitive pricing strategy in order to enhance their visibility in this market. However, this strategy is expected to intensify the rivalry between the participants in the coming years.
According to TMR’s estimations, the North America market for UV cure printing inks offered an opportunity worth US$362.9 mn in 2015. Advancing at a CAGR of 10.30% between 2016 and 2024, the market is projected to cross US$865.9 mn by the end of the forecast period. Offset printing surfaced as the key application area of UV cure printing inks in 2015 with a share of 38%. Driven by its extensive usage in the packaging and the publication and commercial printing sectors, this segment is likely to remain dominant over the forecast period.
U.S. to Continue as Market Leader Thanks to Growing Demand from Publication and Commercial Printing
The research report also presents a study of the North America market for UV cure printing inks on the basis of its geographical presence. Predominantly, Canada and the U.S. have emerged as the key domestic markets for UV cure printing inks in this region. Thanks to the significant growth in the packaging industry, the U.S. has acquired the lead among the two.
Researchers expect the U.S., which is likely to reach US$678.5 mn by 2024, to continue as the market leader over the forecast period. The growing demand for publication and commercial printing in a number of industries is projected to boost the U.S. market for UV cure printing inks in the years to come.
Canada, on the other hand, is likely to lag behind over the forthcoming years due to the rising preference for e-commerce and e-books and subsequent decline in the demand for publication and commercial printing, which eventually, will impact the sales of UV cure printing inks negatively. By the end of 2024, Canada would hold only 21.6% of the overall market, reports the study.
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Increasing Penetration of Digital Media to Reflect Positively on Sales of UV Cure Printing Inks
“The increasing penetration of digital media across North America is reflecting positively on the sales of UV cure printing inks in this region,” says a researcher at TMR. The trend is expected to remain so in the near future, influencing the regional market greatly.
The growing preference for digital media compared to traditional printing in architectural designs, textiles, fine arts, advertising, and desktop publishing, thanks to the flexibility it offers, is likely to propel the North America market for UV cure printing inks substantially over the next few years, states the research report.
Advent of E-commerce and Electronic Alternatives of Daily-use Applications may Hamper Growth
Although the growth prospects of the North America market for UV cure printing inks looks bright, the advent of e-commerce and the electronic versions of a number of daily-use applications, such as e-literature, e-tickets, e-coupons, is likely to act as an obstacle in the market’s growth trajectory in the coming years.