Expanding Food and Beverages Industry Supporting Asia-Pacific (APAC) Printing Inks Market

The primary factors behind the growth of the (Asia-Pacific) APAC printing inks market are the increasing sale of packaged food items and growing adoption of bio-based products across the region. In 2017, the market generated a revenue of $5,344.1 million, and it is expected to reach $7,000.2 million by 2023, progressing at a CAGR of 4.6% during the forecast period (2018–2023). Printing inks contain dyes or pigments and are used for coloring a surface to print an image, design, or text on newspapers, magazines, books, cardboards, and ceramic tiles. 

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On the basis of product, the APAC printing inks market is categorized into lithographic, gravure, digital, flexographic, and letterpress inks. Out of these, in 2017, the flexographic inks category contributed more than 35.0% revenue to the market. This can be ascribed to the several benefits these offer, such as large variety of colors, and compatibility with water and oil-based inks. Among all the formulations of inks, including oil, solvent, and water, oil-based formulations held the dominating revenue share of 40.0% in 2017. These inks print well on a variety of surfaces, including gloss or coated stocks. 

Based on application, the printing inks market in APAC is divided into commercial printing, labels and packaging, and publication. Out of these, in 2017, the labels and packaging division registered more than 40.0% revenue share in the market and is expected to lead it during the forecast period. This can be attributed to the growing usage of packaged foods and goods due to rising disposable income, resulting in the surging demand for printing inks. However, the publication division is anticipated to contribute considerable revenue to the market during 2018–2023. 

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Massive growth in the label and packaging domain is predicted to play a significant role in the APAC printing inks market advance. Packaging has become a core part of all the sectors that need accurate labeling to authenticate the quality of the products being sold to customers. Factors such as rising disposable income and the expansion of various industries including healthcare, food and beverages, and consumer goods have rapidly increased the usage of printing inks across the region. 

In addition, the surging spending on packaged food, growing gross domestic product of various countries, and the increasing usage of inks in the packaging industry are expected to drive the APAC printing inks market forward during the 2018–2023 period. Furthermore, the spreading awareness about the harmful impact of volatile organic compound emissions and the rising concerns on the heavy metals contained within printing inks are resulting in the increasing adoption rate of bio-based variants across the region. 

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Besides, such inks can be easily separated from paper, increasing its recyclability rate, which would further boost bio-based products’ demand in the food packaging domain. In the recent years, countries such as India, China, and Indonesia have emerged as the largest markets for printing inks in APAC. The rapid commercialization and industrialization in these countries have contributed to the increasing usage of printing inks for office purposes. Moreover, the improving living standards in these and other developing nations in the region have boosted the packaged foods consumption, which is directly fueling the APAC printing inks market growth. 

Hence, the expanding label and packaging and processed food and beverages industries would augment the market during the forecast period.