The global water-based inks market was valued at US$ 9,141.2 million in 2019 and is projected treach US$ 13,496.4 million by 2028; it is expected tgrow at a CAGR of 5.2% from 2020 t2028. The scope of this study involves understanding the factors contributing tthe growth of the market; it alsincludes estimating and forecasting the revenues, conducting the market share analysis, and spotting significant market players along with their key developments.
Water-based ink includes pigment or dyes in a colloidal suspension with water as the solvent. While water is the primary solvent used in the production of water-based inks, the inks can contain other co-solvents treduce the time and heat required tcure the ink film on cloth. The demand for water-based inks has been increasing due ta rise in environmental and safety concerns, growth in flexible packaging, and increased utilization in screen printing.
Based on resin type, the water-based inks market is categorized intacrylic, polyester, maleic, and others. In 2019, the acrylic segment dominated the market. Acrylic resin is a thermosetting or thermoplastic plastic derived from acrylic acid, methacrylic acid, or other related compounds. Acrylic resin is weatherproof. This makes it ideal for outdoor applications. In solid form, acrylic resin can last for decades. It does not yellow when exposed tsunlight, even after many years. Acrylic resins are preferred over other resins such as polyester and polyurethane, as they offer excellent solvent resistance, good plasticizer resistance, high flexibility, and impact resistance. They alsoffer excellent color, high gloss, and retention of performance properties at high temperatures. Epoxy resin is used in acrylic resin tenhance the molecular interactions between binder molecules in ink.
The COVID-19 outbreak is adversely affecting economies and industries in various countries due tlockdowns, travel bans, and business shutdowns. The global consumer goods industry is one of the significant industries suffering severe disruptions such as supply chain breaks, technology event cancellations, and office shutdowns. Several companies have already announced possible delays in product deliveries and slump in future sales of their products. Besides, the global travel bans imposed by countries in Europe, Asia, and North America are hindering business collaborations and partnership opportunities. All these factors are adversely affecting the consumer goods industry, which is restraining the growth of the water-based inks market.
Based on geography, the global water-based inks market is broadly segmented intfive regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2019, APAC contributed tthe largest share in the global water-based inks market. The growth of the water-based inks market in this region is primarily attributed tthe increasing demand from developing countries such as China and India. These countries are experiencing tremendous growth in printing & packaging industry. The continuous growth in food & beverages, pharma, and personal care industries demands for high-quality packaging & labelling products. Water-based printing inks is an excellent ink system for paper and cardboard printing. They have better gloss and color and good surface appearance compared tother printing inks on an absorbent substrate such as paper and cardboard, and when it comes tslower printing application. Water-based ink emits much less VOCs (Volatile Organic Compounds), thus, the cost related tpollution emission is much less when compared tsolvent-based ink. All these advantages have increased the adoption of water-based inks in APAC.
The report segments the global water-based inks market as follows:
By Resin Type
- Tags and Labels
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- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
- South America (SAM)
- Rest of SAM