Global UV Cured Printing Inks Market - Segmented by Curing Process, Printing Process, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The UV cured printing inks market is expected to witness a CAGR of more than 10% during the forecast period, primarily driven by the increasing demand from packaging sector. The rising adoption of eco-friendly printing inks is further propelling the demand of UV cured printing inks during the forecast period.
High Demand from Packaging Sector Driving the Market
The packaging industry is expected to experience a significant revolution over the next decade owing to the increasing application of digital printing. Digital printing is transforming the packaging industry by providing custom variation that gives products, on-shelf, and distinctions. Packaging substrate, such as corrugated boxes, cartons, and labels have provided eye-catching commercialization to have a positive impact on consumers. The variable data capability of the digital press is also enabling big food & beverage organizations’ versioning and personalization, which inspire rapid customer responses.
Flexographic Printing Expected to Witness a High Growth Rate
UV-cured systems have seen rapid expansion in certain segments of flexographic printing, especially among of mid-size presses and narrow web printing for labels. The process has several distinctive features that must be considered when formulating suitable UV-curing inks. It is widely used for printing on non-porous substrates required for various types of food packaging. It is also well suited for printing large areas of solid color. Food packaging is an important market because of the ability of flexography to print on non-porous substrates. This ability makes it useful for printing on plastic bags as well. With the increase in food & beverage processing industry, the demand of UV Cured Printing Inks is likely to grow during the forecast period.
Packaging Application Driving the United States Market
In 2017, North America was one of the major market for UV cured printing inks, with United States accounting for more than half of the region’s market share. In the United States, the packaging industry’s annual sales was worth USD 164 billion in 2017 and is estimated to witness a CAGR of 4.9%, by revenue, during the forecast period. The flexible packaging market is growing at a faster pace owing to the benefits of flexible packaging and the end-users’ higher preference over other packaging types. In the United States, the flexible packaging market is projected to witness a CAGR of 5.3% during the forecast period, due to the higher demand in the food & beverage, pharmaceuticals & medicals, retail bags, and other non-food related products.
In September 2017, Sun Chemical launched a range of rapid curing UV-LED flexo inks for migration-compliant food packaging. They can be used on a wide range of plastic substrates, and provides high holdout on even the most absorbent substrates
Major Players: DIC Corporation, Toyo Ink Co., Ltd., Flint Group, FUJIFILM Holdings America Corporation and Tokyo Printing Ink Mfg Co., Ltd., among others.
Reason to Purchase this Report
To understand the impact of various printing process type on the market
Analyze various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating application and curing process type in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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