New York, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has released a thorough market study on ‘Middle East Printing Inks Market’ for the forecast period, i.e., 2022-2031 that contains the following elements:
- Market growth over the forecast period
- Detailed regional synopsis
- Market Segmentation
- Growth Drivers
- Challenges
- Key market players and their detailed profiling
Middle East Printing Inks Market Size:
The Middle East printing inks market is expected to accumulate around USD 3 billion in revenue by 2031 and to grow with a CAGR of ~ 5% over the forecast period. The demand for packaged goods among the growing urban population can be ascribed to the market’s expansion. For instance, the proportion of people living in urban areas overall in the Arab region is projected to increase to 58% by 2030 which was close to 55%, 7 years back. The industrial printing and graphic art businesses have seen a rapid expansion of inkjet printing employing energy-cure (EC) inks. Over 40 graphic arts printer Original Equipment Manufacturers (OEMs) and at least 110 integrators for different industries collectively produced 11,000 or more of the printers currently in use. There are more than 45 businesses that produce UV-cure inkjet inks. The growing demand for energy curing inks for design and printing applications, shifting consumer purchasing habits, and expanding interests in premium flexible packaging are all anticipated to fuel market expansion.
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Middle East Printing Inks Market: Key Takeaways
- The market in Saudi Arabia in the Middle East region acquires the highest share of the revenue
- The acrylic segment to steer the revenue stream
Rising Consumer Demand for Packaged Goods and Adoption of Technological Advancements to Drive the Market Growth
Owing to the rise in demand for packaged goods, the COVID-19 pandemic had a favorable effect on the printing ink industry. On account of the safety precautions, consumers prefer packaged goods to loose ones. These elements consequently helped the printing ink business. For instance, prior to the COVID-19 pandemic, the Gulf Corporation Council (GCC) region’s e-retail trade was projected to have a 12 percent penetration rate of offline retail in 2025. After the pandemic, the predicted penetration increased to roughly 17%.
Furthermore, to expand their market position and revenues, the manufacturers are using both organic and inorganic techniques, like new product launches, mergers, and acquisitions. For instance, Dupont debuted Artistri P2700, a new pigment ink under the Artistri brand in August 2019. Growing demands for packaged goods and technological advances are expected to drive market expansion.
Middle East Printing Inks Market: Regional Overview
Demand for Packaged Foods, Adoption of Technological Advancement, and Better Infrastructure to Boost the Market in the Saudi Arabia Region
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Geographically, the Middle East printing inks market is sectioned into Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), and the Rest of the Middle East. Saudi Arabia’s market is anticipated to lead over the forecast period owing to a large number of food and beverage businesses operating there and the growing demand for packaged food products among the country’s working population. To illustrate, 15.9 million people in Saudi Arabia were expected to be working in 2020, according to World Bank statistics. The demand for packaged food rises as the working population does. Additionally, it is projected that Saudi Arabia’s food market will expand by about 4% from 2022-2027.
Furthermore, for market expansion, businesses are implementing the latest technology innovations and better infrastructure in the region. For instance, Sun Chemical and Alliance Holding Firm LTD, the parent company of Ink products company, Ltd., completed the establishment of Sun Chemical Saudi Arabia LTD. The joint venture is expecting to produce a wide variety of packaging and publication inks. They are concentrating on the rising demand for flexible packaging inks at their new 55,000 square meter facility.
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Rising Population to Favor the Growth in UAE Region
On the other hand, United Arab Emirates (UAE) is predicted to have significant growth during the forecast period as a result of the rising population. The population of UAE, for instance, climbed from 3 million in 2000 to 9.8 million in 2021. Meanwhile, ink suppliers in UAE provide a wide choice of packaging alternatives for different industrial sectors, including food-grade products, pharmaceuticals, and items that can withstand extremely high temperatures. Additionally, UAE is expected to see e-commerce revenues of roughly USD 28 billion in 2022. From 2018-2022, it was predicted that e-commerce sales in the UAE would increase by an average of 24 percent annually.
Middle East Printing Inks Market, Segmentation by Resin
- Modified Resin
- Modified Cellulose
- Acrylic polyurethane
- Hydrocarbon
- Polyamide
- Others
On account of its qualities, including flexibility and cost-effective design, the acrylic segment is predicted to hold the majority share over the projection period among these segments. Additionally, acrylic is inexpensive to repaint and repair and has excellent heat and water resistance as well as superior light and color stability. The export value for printing inks in Saudi Arabia was USD 5,519 thousand in 2020 which rose to USD 9,125 thousand in 2021 with a prominent growth value of 65% from 2020-2021. The noteworthy growth in the export value of inks is projected to propel the segment.
Few of the well-known market leaders in the Middle East printing inks market that are profiled by Kenneth Research are Wikoff Color Corporation, T&K TOKA Corporation, FlintGroup, Sakata Inx (India) Private Limited, hubergroup, Sun Chemical, Zeller+Gmelin, ALTANA, TOYO INK EUROPE NV, Siegwerk Druckfarben AG & Co. KGaA, and others.
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Recent Developments in the Middle East Printing Inks Market
- In May 2018, the Xerox Iredesse Production Press is the first digital press that can print metallic gold or silver dry ink, and it was introduced by Xerox Corporation as its first high-speed, six-station color press.
- In March 2018, the e-STUDIO 3508LP series, the first line of monochrome multi-function systems in the world using Toshiba’s own hybrid print technology to print effectively while accomplishing environmental goals was introduced by Toshiba Tec Corporation and Arabian Business Machine Co.
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