Digital inks are extensively used in the packaging industry in various regions such as Asia-Pacific (APAC), South America, the Middle East and Africa (MEA), and North America. Thus, the burgeoning requirement for packaged consumer goods, on account of the surging disposable income of people, mushrooming population of young people, and the soaring gross domestic product (GDP) of several countries, is driving the worldwide demand for digital inks. For instance, in India, the packaged food industry is predicted to double in value and generate a revenue of $70 billion by 2025.
Moreover, the ballooning usage of digital inks in tags and labels, flexible materials, and metal cans is further boosting their demand. Besides the aforementioned factors, the growing demand for ultraviolet (UV)-cured inks is also positively impacting the sales of digital inks across the world. UV-cured inks offer several benefits such as high curing speed, enhanced durability, and optimum print quality. These inks with flexible ink films provide improved resistance to scratches and wear and tear and produce minimum volatile organic compound (VOC) emissions.
Furthermore, these inks are heavily used in several kinds of absorbents and surfaces, which, in turn, increases their requirement in flexible and inflexible print substrates. Additionally, these inks last longer, cause negligible ozone generation, generate low heat, and consume less energy. As a result, they are increasingly being adopted in multiple sectors such as food and pharmaceutical packaging and printing and publication. This is subsequently propelling the demand for digital inks, thereby driving the growth of the global digital inks market.
The market value stood at $1,147.4 million in 2016, and it is predicted to surge sharply in the coming years. According to the forecast of the market research firm, P&S Intelligence, the market will advance at a CAGR of 5.4% from 2017 to 2023 (forecast period). Digital inks are extensively used in publication, textiles, packaging, industrial printing, commercial printing, office printing, and decorative printing applications. Out of these, the usage of these inks was found to be the highest in commercial printing applications in 2016.
Hence, it is safe to say that the demand for digital inks will boom in the forthcoming years, mainly because of the soaring sales of packaged consumer goods, especially in APAC, North America, MEA, and South America, on account of the increasing disposable income of people and the rapid economic growth of the regional countries, and the surging usage of UV-cured inks in various sectors across the world.