NEW YORK, July 20, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Digital Inks Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Type (Electrography, Inkjet), by Formulation (Oil-Based, Solvent-Based, Water-Based, UV Cured), by Application (Commercial Printing, Office Printing, Packaging, Industrial Printing, Publication, Textiles, Others)” published by P&S Market Research, the global digital inks market was valued at $1,147.4 million in 2016, and it is expected to grow at a CAGR of 5.4% during the forecast period (2017 – 2023).
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According to the study, the global digital inks market was worth $1,147.4 million in 2016 and it is likely to grow at a CAGR of 5.4% during the forecast period. Growth in the packaging industry and rising demand for UV-cured inks are driving the global digital inks market. The market is further expected to gain revenue due to the emerging trend for digitalization of books. Robust growth in the packaging industry is expected to play a crucial role in the digital inks market. Growth in the annual spending on packaged food items, rising GDPs of various nations and increasing demands from the packaging industry is projected to create ample opportunities for the global digital inks manufacturers.
As per the findings of research, the electrography inks held larger share than inkjet inks in the global digital inks market in 2016, however, inkjets inks market is expected to grow at the faster CAGR during the forecast period. The higher growth of inkjet inks is attributed to the several advantages of inkjet printing such as no faster printing, high resolution and low cost.
Geographically, North America has been the largest market for digital inks during 2013 – 2016 and it will also remain the largest market during the forecast period. The North American market is driven by growing electronic media market and increasing demand from office and commercial printing industry. The market for eco-friendly digital inks in North America is expected to increase during the forecast period. The market for eco-friendly digital inks in the region has benefited from the stringent regulations imposed by the Environmental Protection Agency (EPA) regarding the use of inks, which contain high quantities of volatile organic compound (VOC). The digital inks market in Asia-Pacific is anticipated to witness the fastest growth during the forecast period, due to the significant growth of the commercial and office printing industries in India, China and other emerging economies in Asia-Pacific.
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UV-cured inks offer fast curing speed, high print quality and durability. These inks having flexible ink films contain minimum VOC levels and have more resistance to scratches and wear and tear. These inks can be used in any kind of surface or absorbent thereby, offering brand owners a wide range of inflexible and flexible print substrates. Due to these factors, UV-cured inks are being widely adopted across the globe in applications such as food and pharmaceutical packaging, printing and publication industry. Additionally, these types of digital inks offer energy efficiency, low heat generation, long service life and zero ozone generation, which is expected to further propel the growth of UV-cured inks.
Companies such as Flint Group and Siegwerk Druckfarben AG & Co. KGaA are focusing on developing innovative and eco-friendly technologies for digital inks that include water-based and UV-cured inks to ensure optimal efficiency and short production time. These initiatives are expected to drive the demand for digital inks during the forecast period.
Some of the other key players in the market include Electronics For Imaging, Inc., Siegwerk Druckfarben AG & Co. KGaA, TOYO INK SC HOLDINGS CO., LTD., SAKATA INX CORPORATION, E.I. du Pont de Nemours and Company, Marabu GmbH & Co. KG, Nazdar Ink Technologies, and Wikoff Color Corporation.
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