Ink Solvent Market is projected to be worth USD 920 million by 2028, registering a CAGR of 5.40% during the forecast period (2021–2028).
High efficiency, cost-effectiveness, high evaporation rate and impressive non-coating properties make ink solvent a sought-after industrial material. Ink solvent has quickly replaced other conventional alternatives. Ink Solvent Market share caters to requirements such as corrosion resistance and low surface tension.
In the coming years, demand for eco-friendly and bio-based variants is expected to grow significantly. Rising concern over co2 emission and toxic growth is prompting industries to shift towards options that are environmentally viable. Bio-based variants support recyclability, high boiling point and low miscibility. More and more companies are shifting focus towards eco-friendly solvents. These variants are quickly gaining traction in end-use industries like construction and paints and coatings.
Global Ink Solvent Market: Segmental Analysis
MRFR’s report includes a detailed segmental analysis of the market based on chemistry type, process, product type, and application.
Based on chemistry type, the market has been segmented into hydrocarbons, acetates and alcohols. On the basis of process, the market has been segmented into gravure and flexographic. The flexographic segment accounts for the largest market share in terms of revenue. This is mainly owing to inexpensiveness, reusability, and widespread availability of flexographic.
On the basis of product type, the market has been segmented into green, bio-based and conventional. On the basis of application, the market has been segmented into publication, corrugates, packaging and others. The packaging segment represents the largest market share. High demand for ink solvents in magazines, periodicals, flexible films, directories, catalogs, etc. is driving the growth of the market. During the forecast period, the segment is expected to register impressive growth owing to the tremendous expansion of the flexible packaging industry.
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Global Ink Solvent Market: Regional Analysis
The market has been covered across regions such as North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA) and Latin America. Of these, the market looks brightest in APAC. The growing demand for Ink solvent in corrugated, packaging, and publication, among others is supporting the market growth in APAC. The growth of the packaging sector owing to increased demand for packaged food, and other commercially produced items in APAC countries is creation attractive market opportunities. Moreover, increased R&D activities in end-use verticals has reflected favourably on the uptake of the product. In APAC, countries such as India, Japan and China are likely to emerge as major contributors to the market in terms of revenue.
The market is also flourishing in North America. Presence of established end-use verticals in countries such as the U.S. and Canada remains a favorable proposition for market players operating in the region. In addition, increased efforts to bolster the end-use sectors in the region is likely to create lucrative market opportunities in the coming years. In North America, the spotlight is expected to remain is countries such as the U.S., Mexico and Canada.
Europe is at one of the lower echelons of the ink solvent market in terms of revenue. However, the region remains an important market for ink solvents. In recent years, the EU has taken several steps toward curbing carbon emission. Regulations that mandate the use of bio-based solvents in end-use industries has opened new avenues for eco-friendly variants.
Arkema S.A. (France), Celanese Corporation (U.S.), Eastman Chemical Company (U.S.), INEOS (U.K.), Royal Dutch Shell plc (the Netherlands), Ashland (U.S.), The Dow Chemical Company (U.S.), BASF SE (Germany), OMNOVA Solutions Inc (U.S.) and Evonik Industries AG (Germany) are some of the key companies operating in the global ink solvent market.
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