The global ink resins market was valued at US$ 3.0 Bn in 2018 and is anticipated to expand at a CAGR of more than 5.0% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR), titled ‘Ink Resins Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ Printing ink manufacturers use ink resins as raw materials to impart significant characteristics to printing inks. These characteristics include high solid content, viscosity, gloss, and improved pigment wetting.
Increased use of packaging to boost ink resins market
Packaging is an important requirement of all products. It protects products from a variety of factors such as incorrect handling and harsh environments. Attractive packaging also plays an important role in the sale of products. Good packaging can positively influence a consumer’s purchasing decision. Manufacturers and consumers have started realizing these benefits of packaging. As a result, the global packaging industry has been expanding at a considerable pace over the last few years. All types of packaging require printing inks, while all printing inks require ink resins as one of the raw materials. Thus, growth of the packaging industry is expected to drive the global ink resins market during the forecast period.
Digitization trend to negatively affect ink resins market
Digitization can be defined as the development of pictures and texts in the digital form. The process of digitization started with the development of computers, mobile phones, and Internet. Several textbooks, novels, and illustrative books are currently available on the Internet. Even marketing campaigns at present require printed material in less amounts, as part of those campaigns can be conducted online. The trend of e-commerce is growing at a rapid pace across the world and this has hampered several industries including the publication & commercial printing industry. This, in turn, is likely to restrain the global ink resins market during the forecast period.
Collaboration between ink resin manufacturers and printing ink manufacturers
Various types of ink resins are available in the market. They include modified rosins, hydrocarbon resins, polyamides, acrylics, and polyurethanes. Different types of ink resins involve different advantages as well as disadvantages. Ink resins can be manufactured as per the precise requirement of the final printing ink. They can even be customized for specific applications such as packaging, publishing, and commercial printing. However, the development of such high-precision ink resins is only possible through close collaboration between printing ink manufacturers and ink additive manufacturers. Such collaborations also present lucrative opportunities for ink resin manufacturers.
Global ink resins market segmented based on type, printing ink, printing process, application, and region
In terms of type, the global ink resins market has been segmented into modified rosin, hydrocarbon resin, modified cellulose, acrylic, polyamide, and polyurethane. The modified rosin segment accounts for a prominent share of the market, due to low price and easy availability of modified rosins. Based on printing process, the market has been segregated into lithography, flexography, gravure, digital, and others. The lithography segment holds a key share of the market, primarily because lithographic printing is widely employed in end-user industries such as printing and publishing.
In terms of printing ink, the global ink resins market has been classified into water-based, solvent-based, UV-cured, and oil-based. Solvent-based printing inks consume a large share of ink resins. In terms of application, the market has been divided into packaging, publishing, commercial printing, and others. Packaging is the primary application of printing inks and, in turn, that of ink resins. Furthermore, with rising awareness regarding the significance of packaging, the packaging segment is expected to gain market share by the end of the forecast period.
In terms of region, the global ink additives market has been divided into North America (the U.S. and Canada), Latin America (Brazil, Mexico, and Rest of Latin America), Europe (Germany, the U.K., France, Italy, Spain, Russia & CIS, and Rest of Europe), Asia Pacific (China, India, Japan, ASEAN, and Rest of Asia Pacific), and Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa). Asia Pacific is the leading consumer of ink resins worldwide, due to the large production of printing inks in the region.
High level of competition in the market
Ink resins is a moderately consolidated market with the presence of a few, key multinational players such as BASF SE, The Dow Chemicals Company, DIC Corporation, and Lawter Inc. It is also a mature market with the presence of established players, which makes the entry of new companies relatively difficult. Several large-sized companies operating in the market have adopted the strategy of new product development, especially the development of sustainable and eco-friendly ink resins, in order to compete effectively in the market. For example, BASF SE has launched several new ink resins under the brand name of Versamid. Furthermore, it is focused on the production of eco-friendly ink resins under the brand name of Joncryl.