(EMAILWIRE.COM, April 07, 2023 ) The ink resins market is estimated to be USD 3.3 billion in 2021 and is projected to reach USD 3.8 billion by 2026, at a CAGR of 3.4%. Increasing environmental protection standards for the printing ink industry, growth of packaging and energy curable inks industries, increasing demand for UV-cured inks, and new resin technologies are the key factors contributing to the growth of the ink resins market.
UV-curable-based technology to be the fastest-growing technology between 2021 and 2026. The use of UV-curable inks in the US in the packaging market continues to increase, especially with the introduction of low migration inks that support current global and regional regulations. Key advantages of UV-cured inks are solvent-free inks resulting in lower insurance, high level of product resistance, ease of usage, and flexibility to accommodate various sizes and variety of print jobs. Solvent-based inks continue to be the largest technology segment. The main resin used is low viscosity nitrocellulose (NC), which is featured in more than 70% of all solvent-based liquid inks. Liquid media, based on NC, disperse pigment reasonably well, have a good balance between viscosity and solids content, have low odor, print well, and are compatible with a large number of media based on other polymers.
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Modified rosin segment to dominate ink resins market. Rosin is expected to be the largest ink resin type segment. The modified rosin is a natural resin obtained from pine trees and is regarded as an inexpensive resin. Its price has risen slightly over the last decade; however, there has been little decline in its use. It is ecologically sound to produce rosin from living sources, as opposed to fossil sources and tree stumps, making gum rosin a regenerative starting material for printing ink resins. Rosin has been used in alcohol-based lacquers, in combination with mineral oils for applications such as comic publication and newspaper inks.
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Printing & publication to be the largest application. There is a high potential for demand growth of ink resins from the flexible packaging and corrugated cardboard & cartons segments during 2021-2026 due to improved living standard in developing countries and increased demand for food security. The demand for resins from the printing & publication segment is declining due to the shift toward the digital media and the Internet in addition to the decline in demand from the newspaper and magazine industry.
Gravure segment to lead ink resins market. Gravure and flexographic printing processes continue to replace lithographic inks in several applications with the growing packaging segment. The digital printing process is rapidly gaining market share owing to the shift from ink media to electronic media in the publication sector. Other printing processes such as letterpress have become obsolete and are losing market share to the flexographic and gravure processes.
Asia Pacific is the largest and the fastest-growing market for ink resins. The development is mainly attributed to the booming economies in China, India, and Southeast Asian countries. Manufacturers and packaging converters have been moving to the region due to the low cost of production and ability to serve the local emerging markets better.
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As of 2020, the top five ink resins manufacturers are BASF SE (Germany), Covestro AG (Germany), The Dow Chemical Company (US), Evonik Industries AG (Germany), and Lawter (US). Continuous developments in the market, including expansion, acquisitions, and agreements, are expected to help the market grow.
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