UV Cured Printing Inks Market to Record Sturdy Growth by 2026
The global UV cured printing inks market was valued at around US$ 1,634.5 Mn in 2017 and is anticipated to expand at a stable CAGR of over 9.0% during forecast period from 2018 to 2026, according to a new report published by Transparency Market Research titled ‘UV Cured Printing Inks Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2026.’ The global UV cured printing inks market is primarily driven by less VOC emissions in UV cured printing and continued expansion in the packaging industry. The UV cured printing inks market in Asia Pacific is expanding at a rapid CAGR of above 9.4% owing to the continuous demand and usage of UV cured printing inks in various end-use sectors across the region, especially in China, India, Australia, and Vietnam.
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Less VOC Emissions in UV Cured Printing and Continued Expansion in End- use Industries to drive the Market
UV cured printing inks usually have no significant volatile organic compounds (VOCs) and hazardous air pollutants (HAPs). Moreover, most of the monomers, oligomers, and photo initiators used in UV cured printing inks are not classified as hazardous. Furthermore, UV cured printed products can be recycled into lower grades of paper if a washing process is used in the recycling process. Since, UV systems emit virtually no hazardous air pollutants and only very small amounts of volatile organic compounds, they require no additional air pollution control equipment and are considered environmentally friendly. This offers high expansion opportunities for the market during the forecast period.
EU Regulation Regarding Energy Conservation to Boost LED Curing Segment
Based on type, the UV cured printing inks market can be segmented into arc curing and LED curing. The arc curing segment is anticipated to hold a major share of the market throughout the forecast period. However, the LED curing segment is anticipated to offer high expansion potential during the forecast period. This is primarily because LED curing is more energy efficient when compared to conventional arc curing.
Free Radical Ink Type to Dominate the Global UV Cured Printing Inks Market
In terms of ink type, the global UV cured printing inks market can be divided into free radical and cationic. The free radical segment is anticipated to dominate the market owing to the increasing demand for high print quality as well as the unique feel of UVcured products that free radical UV inks offer.
High Expansion Potential for Flexographic and Screen Printing Application Segments
In terms of end-user, the UV cured printing inks market can be divided into flexographic, gravure printing, offset printing, digital printing, and screen printing. The offset printing segment dominated the UV cured printing inks market in 2017. The trend is expected to continue during the forecast period. However, the flexographic and screen printing application segments are anticipated to offer high expansion potential. UV flexible printing inks is a rapidly expanding segment due to high demand for UV curing in the commercial printing industry.
High Demand for Energy-efficient and Cost-effective Printing Solutions to Drive the Packaging End-use Industry Segment
In terms of end-user, the UV cured printing inks market can be classified into packaging, publication & commercial printing, and others. The packaging segment dominated the UV cured printing inks market in 2017. The trend is expected to continue during the forecast period. Furthermore, the segment is anticipated to offer high expansion potential for the UV cured printing inks market, as UV cured printing inks are preferred in the packaging industry over traditional solvent-based and water-based inks due to their eco-friendly nature.
Economic Growth and Increasing Population in Asia Pacific to Drive Demand throughout the Forecast Period
In terms of region, the global UV cured printing inks market can be divided into Latin America, North America, Asia Pacific, Europe, and Middle East & Africa. The UV cured printing inks market in Asia Pacific is expected to expand at a CAGR of over 9.4 % owing to the continuous demand and usage of UV cured printing inks in various end-use sectors across the region. China is the leading manufacturer as well as consumer of UV cured printing inks in the region. Furthermore, India and Vietnam offer strong expansion potential for UV cured printing inks in the Asia Pacific region.
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Fragmented Market with Few Key Players Dominating the UV Cured Printing Inks Market
Key players covered in this report are DIC Corporation, Toyo Ink Co., Ltd., T&K TOKA CO., LTD., Flint Group, INX International Ink Co. (Subsidiary of Sakata INX), FUJIFILM Holdings America Corporation, Siegwerk Druckfarben AG & Co. KGaA, ACTEGA GmbH, SICPA HOLDING SA, Wikoff Color Corporation, Marabu GmbH & Co. KG, Nazdar, Tokyo Printing Ink Mfg Co., Ltd., HuberGroup, and others. Companies operating in the global market for UV cured printing inks market are focusing on in-licensing and collaboration agreements to sell their products in developed as well as developing regions such as Asia Pacific and Latin America. Furthermore, with the increase in crude oil prices, there has been an increase in the prices of raw materials. As such, manufacturers of UV cured printing inks are forming long term alliances with raw material suppliers in order to maintain consistent supply, so that any deficit in raw materials might not hamper production.
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