The UV offset inks market is projected to experience a compound annual growth rate (CAGR) of approximately 13% during the forecast period, with an estimated value of USD 8.93 billion by 2027, compared to USD 3.36 billion in 2019. Key drivers of this market growth include the strong demand for digital printing in the packaging sector and the increased demand from the packaging industry.
The utilization of ultraviolet (UV) ink technology is a prevailing trend in the printing industry. Printers based on this technology offer a cleaner working environment and emit minimal ozone. Currently, this niche printing method is more visually appealing than conventional printing styles and has less impact on the environment.
The global UV offset ink market has witnessed significant growth in recent years, primarily due to the increased adoption of printing inks in metal cans, tags & labels, and flexible materials. However, the high cost of printing equipment is expected to hinder market growth. Additionally, the growing demand for e-books and stringent environmental regulations on ink manufacturing are anticipated to pose challenges. Nonetheless, the thriving printing industry in emerging economies is expected to drive the growth of the UV offset ink market.
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In terms of type, the market is segmented into narrow web, sheetfed, and others. Narrow web UV offset ink holds the largest market share in the UV offset inks market, as it is predominantly used for various printing applications. UV ink applications are more commonly found in narrow web printing, as the cost of UV ink application is higher compared to solvent and water-based ink applications. Narrow web printing offers the advantage of using high-quality anilox, resulting in finer and sharper images. Another benefit of UV ink is its environmental friendliness, as it does not contain solvents.
Regarding application, the market is categorized into food packaging printing, consumer goods packaging printing, industrial goods packaging printing, and others. The packaging industry dominates the UV offset inks market. The use of UV offset inks provides enhanced dot and print effects, resulting in high-quality finishes. These inks are available in a wide range of finishes that can be used for surface protection, gloss finishes, and other print processes that require immediate curing with UV light. The ability of UV inks to fully dry during the printing process enables faster progression to the next production step, making them a preferred choice among manufacturers. The increased consumer spending on packaged goods, particularly in the food and beverage sector, is a significant factor driving market growth. Lifestyle trends, such as a busy schedule, have led consumers to prefer ready-to-eat, packaged food products, directly influencing the demand for packaging.
The market is segmented into North America, Europe, Asia Pacific, and LAMEA (Latin America, Middle East, and Africa) based on regions. India and China are major markets in the Asia Pacific region. In India, UV offset printing is widely used in various commercial products. Due to the large population in these countries and the need for extensive reach, UV offset ink is utilized for printing advertisements across different industries, such as cosmetics and commercial sectors. India is one of the fastest-growing UV offset ink markets globally, driven by the rapid expansion of the domestic print market. It is also the fastest-growing market for UV offset inks in the Asia-Pacific region. The printing ink industry in India is fragmented, with over 400 manufacturers and a significant number of players in the unorganized sector.
To strengthen their market presence and withstand intense competition, major players in the global market have adopted various strategies such as mergers, acquisitions, collaborations, and partnerships. Some prominent players in the market include BASF SE, Brancher, T & K TOKA CO., LTD., Toyo Ink Group Bhd, Flint Group, Siegwerk, Hubergroup India Private Limited, Megami Ink Mfg.
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