Key Findings in the Global Digital Inks Market
Digital printing involves printing from a digital image directly onto a media/substrate. It requires less turnaround time and allows mass customization and on-demand printing. Digital printing inks consist of a pigment suspended in a carrier liquid, which can be water or a solvent. These links are used in a variety of applications, such as advertising, ceramic printing, textile printing, label printing, and others. Presently, digital inks are most widely used in the advertising & promotion application. The digital inks market is estimated to be USD 2.71 Billion in 2018 and is projected to reach USD 4.17 Billion by 2023, at a CAGR of 9.1% from 2018 to 2023.
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India will be the fastest growing market for digital inks till 2023
India is the third-largest economy in the Asia Pacific region, in terms of purchasing power parity. According to the World Bank, the GDP of India was USD 2.264 trillion in 2016. The retail sector is one of the fastest-growing sectors in India. This sector is driven by the expanding economy, increasing consumption rates, urbanization, and a growing middle-class population. The growth of organized retail, unorganized retail, and e-commerce is thus expected to fuel the demand for digital inks in advertising & promotion and packaging applications.
OEMs are looking for new and innovative ways to promote their brands using banners, vehicle wraps, and point-of-purchase displays, which can be easily produced in large quantities using digital printers. According to India Brand Equity Foundation (IBEF), India is a lucrative destination for foreign investments in the manufacturing industry.
The construction industry in India is expected to witness significant growth, owing to favorable initiatives undertaken by the Indian government to promote construction activities. Additionally, increased investments in infrastructural projects are expected to expand the construction industry in India, subsequently driving the growth of the digital inks market in this country.
The digital inks market is witnessing a steady growth rate in North America
The North America digital inks market is driven by technological advancements in the packaging and textile industries. Increasing sales of consumer durables, high disposable income, and increasing demand for packaged foods are factors driving the demand for digital inks in packaging. Advertising & promotion is the largest application of the digital inks market in North America. Increasing expenditure on advertising in the US is driving the advertising & promotion segment of the North America digital inks market.
Factors such as the shift from traditional printing to color printing, shorter print runs, tighter deadlines, and the need for a faster turnaround in the graphics business are driving the North America digital inks market. The digital inks market in the US is matured, with a steady growth rate.
Key players operating in the digital inks market include Sun Chemical (US), INX International Ink (US), Toyo Ink SC Holdings Co. (Japan), JK Group (Italy), and Nazdar Company (US), among others. These companies focus on enhancing their product portfolios to grow in the digital inks market.
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