The flexographic printing industry is steadily rising, especially as the demand for flexible packaging skyrockets. But what factors impact the growth of the ink industry? How profitable will it be in the next few years? Here are four important global trends in the flexographic ink market you need to know.
The rise of the flexographic printing trend similarly pulled up the growth of the flexographic ink market. So much, in fact, that data shows that the flexographic ink industry is expected to continuously boom and reach US$4.4 billion by the year 2027.
This is even with the devastating impact of the COVID-19 pandemic. It seems as though the flexographic ink market was not at all wavered by the pandemic, standing strong with a global market of US$3.5 billion in 2020.
As a player in the flexographic ink industry, you need to know the most influential trends and forecasts so that you can make informed and wise decisions for your business. Here are the global trends you need to know.
- E-commerce is expected to pick up the demand for flexographic ink
The main driver for flexographic ink growth is the higher demand for flexible packaging. And because of the widespread application and versatile use of flexographic printing, it’s projected that companies will continue looking for the means to meet consumer demands. Read more about why a flexo machine is a crucial investment to make here.
Another driving force for flexographic printing ink is the advent and popularity of e-commerce. With more and more e-commerce businesses launching, the demand for product packaging also increases. Folding cartons contribute 15% of the net share in the flexographic printing industry.
- The Asia Pacific is projected to continuously be in the running as the fastest growing market for flexographic ink.
In 2027, the projected valuation for the flexographic inks industry will be over $4.4 billion, with a growth rate of 4.85% from 2020 to 2027.
Among all regional contributors, Asia Pacific is the fastest-growing, being a chief consumer of flexographic ink. China holds the highest market size, which will continuously grow and reach a valuation of US$914.3 million by 2027.
- Water-based inks, UV curable inks, and quick-drying solvent-based inks will have the highest demand.
Since environmental consciousness progressed, bio-friendly inks have been the preference. Businesses are looking to switch to more sustainable options, i.e. inks with less volatile organic compounds (VOC) and toxic metals.
This has contributed to the demand for water-based inks, which have higher water and lower VOC levels. The valuation of water-based inks is expected to reach US$2 billion by 2027, thanks to continuous demand and consumption.
UV curable flexographic inks have also become a more sustainable choice due to their fast-drying and less environmentally-harmful components. UV curable inks also increase the printing rate, hence hastening production lead times. In 2017, UV curable inks contributed a 17% share to the flexographic ink industry and are projected to make significant contributions in the long run.
Another flexographic ink variation that is standing out is quick-drying solvent-based ink. Being durable, abrasion-resistant, versatile, and quick-drying, the demand for this solvent-based ink variation is positioned to grow by 4% in 2024.
- Lower costs and higher quality continue to be non-negotiables in business decisions.
As the flexographic ink industry grows, so do the preferences of business owners and ink consumers. They want to maintain lower costs and expect ink manufacturers to provide high-quality inks at a lower or fair price point.
But among other printing techniques, flexography tops the ranks as the most affordable and cost-efficient printing technology, owing to its versatility, quicker production times, and energy-saving benefits.
At this point, it’s safe to say that the growth of the flexographic printing ink industry is inevitable. As a business owner, being aware of important global trends will help you make better decisions for your business and give you an idea of consumer demands that you will need to meet.