TAGS: Inks
The printing inks market in North America is anticipated to expand at a CAGR of ~3% from 2020 to 2030. Constant growth in the food & beverages industry in North America has augmented the demand for printing inks in the packaging segment of the market in the region.
Packaging to be Dominant End Use Segment
Based on end use, the printing inks market in North America has been segregated into packaging, publication & commercial printing, textiles, metal cans, and others. The packaging segment held a major share of the printing inks market in North America in 2019. It is anticipated to continue its dominance in the market from 2020 to 2030.
Printing inks, which are derived from renewable sources, are employed primarily in packaging of consumer goods such as food and beverages. This, in turn, is driving the packaging segment of the market in North America.
Oil-based Products to Dominate North America Printing Inks Market
In terms of product, the printing inks market in North America has been divided into solvent-based, water-based, oil-based, and UV cured. Of these, the oil-based segment dominated the printing inks market in the region in terms of revenue in 2019. The UV cured segment is expected to be highly lucrative from 2020 to 2030.
The solvent-based segment held considerable share of the printing inks market in North America in 2019. The demand for solvent-based and oil-based printing inks is expected to mature in North America by 2030. This, in turn, is anticipated to propel the adoption of innovative technologies such as UV cured inks in the region.
Digital Printing Segment to Offer Lucrative Opportunities
In terms of application, the printing inks market in North America has been classified into flexographic printing, gravure printing, lithographic & offset lithographic printing, digital printing, screen printing, and specialty printing.. The digital printing segment is expected to be highly lucrative from 2020 to 2030. Digital printing can be used on a wide range of substrates.
U.S. to be Lucrative Country in North America Printing Inks Market
Based on country, the printing inks market in North America has been classified into the U.S. and Canada. The printing inks market in the U.S. is projected to expand at a CAGR of more than 2.5% during the forecast period. The demand for printing inks in the U.S. is driven by technological developments in the country.
The U.S. is focusing on optimizing the efficiency of raw materials and energy. The usage of biodegradable raw materials has been rising in the manufacture of printing inks in the country. The implementation of stringent regulations related to VOC emissions is hampering the demand for traditional printing products such as oil and solvent-based printing inks in North America.
Source: TMR