Digital Printing Ink Market Size, Share & COVID-19 Impact Analysis, By Type (Solvent-based, Water-based, UV-based, and Others), By Application (Textile, Ceramics, Packaging & Labels, Print Media, and Others), and Regional Forecast, 2023-2030

The global digital printing ink market size was valued at USD 3.21 billion in 2022 and is projected to grow from USD 3.43 billion in 2023 to USD 5.54 billion by 2030, exhibiting a CAGR of 7.1% during the forecast period.

Digital printing ink is a type of ink that is used in digital printing technology to produce high-quality images and text on a range of substrates such as paper, plastic, and fabric. Digital printers use a combination of inkjet and laser technology to apply the ink directly onto the substrate. The technology advances offer a fast and cost-effective way to produce high-quality prints with a short turnaround time, making it ideal for print-on-demand and variable data printing applications. Digital printing offers more efficient results compared to traditional printing. Therefore, consumers are expected to prefer digital printing technology in the near future.

The product demand is driven by its wide range of applications, such as textiles, ceramics, packaging & labels, and print media. The rise of e-commerce and the need for personalized packaging designs are some of the factors contributing to the growth of the market. In addition, the growing trend of eco-friendly inks is also expected to boost market growth.

COVID-19 IMPACT

Stagnant Supply Chain and Logistics Cutback Impacted Global Market during the COVID-19 Pandemic

The COVID-19 pandemic negatively impacted the growth of the market. The main reasons for the negative impact are supply chain disruption, lockdowns, and less availability of workforce. The COVID-19 pandemic led to various challenges and disruptions. Global supply chain disruptions led to a shortage of raw materials. Lockdowns in various countries caused the closure of several manufacturing facilities. It resulted in a decrease in production capacity due to a shortage of raw materials. The reduced demand for products on account of disruptions in the printing and packaging industries also affected the demand for digital printing inks market growth.

However, the COVID-19 pandemic increased the demand for digitally handled products with less human interference to avoid virus spread. This favored the product demand during the pandemic period. Furthermore, the need for digital printing on medical equipment and products such as medical supplies and personal protective equipment (PPE) helped drive the product demand in the short term.

Digital Printing Ink Market Trends

Shift Toward Eco-friendly Ink and Growing Popularity of UV-curable Ink is the Market Trend

One of the significant trends in the printing ink market is the increasing focus on the development of eco-friendly and sustainable inks. With environmental concerns gaining importance, there is a growing demand for inks that are free from harmful chemicals and have a lower environmental impact. As a result, manufacturers are investing in the development of inks that are made from renewable resources, have lower VOC emissions, and are biodegradable. In addition, the increasing adoption of digital printing processes and the development of new printing technologies are also driving the growth of the market. The demand for inks that can print on a variety of substrates offer high print quality, and have a quick turnaround time is expected to witness considerable growth in the coming years. Furthermore, the growing popularity of UV-curable inks, which offer several advantages, such as fast curing time, high durability, and low VOC emissions, is expected to drive the digital printing market growth.

Digital Printing Ink Market Growth Factors

Growing Demand for Digital Printing from Textile, Packaging, Advertising, and Other Industries to Drive Market Growth

One of the primary drivers of the market is the increasing demand for digital printing in various end-use industries such as textiles, packaging, advertising, and publishing. The advantages offered by digital printing, such as high-quality prints, quick turnaround time, and the ability to customize prints as per individual requirements, have contributed to the growing popularity of digital printing in these industries. As a result, the demand for digital printing ink has also been on the rise, thereby driving market growth.

RESTRAINING FACTORS

High Cost Associated With Digital Printing Inks May Hinder Market Growth

One of the major restraints of the market is the high cost associated with digital printing inks as compared to conventional printing inks. Although digital printing offers numerous advantages, the high cost of ink can be a significant barrier to adoption, particularly for small and medium-sized enterprises. In addition, the limited color gamut and low opacity of digital printing inks as compared to conventional inks can also act as a restraint to market growth.

However, advancements in technology and increasing investments in research and development are expected to address these challenges and lead to market growth during the study period.

Digital Printing Ink Market Segmentation Analysis

By Type Analysis

Solvent-Based Segment Held Dominant Share Due to Its Beneficial Properties in Various Industries

On the basis of type, the market is categorized into solvent-based, water-based, UV-based, and others.

The solvent-based segment accounted for a dominant digital printing ink market share in 2022. Solvent-based inks are widely used in digital printing owing to their excellent adhesion, durability, and resistance to water, light, and abrasion. These inks are also known for their ability to print on a variety of substrates, including plastics, metals, and textiles. The growing demand for solvent-based inks from various end-use industries such as packaging, textiles, and advertising is expected to drive market growth. In addition, the development of eco-friendly solvent-based inks that are free from harmful chemicals is expected to create new opportunities for players in the market. However, the high cost of solvent-based inks as compared to water-based inks and the stringent environmental regulations governing their use may act as a restraint to the growth of the market.

Water-based inks are known for their vibrant colors, fast-drying properties, and eco-friendly nature. They are less toxic compared to other types of inks, which makes them a safer option for printing. Furthermore, water-based inks work by penetrating the fibers of the substrate, which results in high-quality prints that are resistant to fading. They are easy to use and maintain, making them a preferred choice for many printing businesses. In addition, water-based ink is compatible with a wide range of printing machines, making it a versatile option for various printing needs. Hence, the water-based segment is expected to register significant growth during the forecast period.  

The UV-based segment is set to register notable growth during the forecast period. These inks are cured using ultraviolet light, which bonds the ink molecules together and makes them adhere to the substrate. UV-based inks are known for their high-quality prints, durability, and resistance to fading, scratching, and water.

By Application Analysis

Print Media Segment to Hold Major Share Owing to the Demand from Publishing Industry

Based on application, this market is divided into textile, ceramics, packaging & labels, print media, and others.

The print media segment is expected to hold a leading market share during the forecast period. Digital printing inks are widely used in print media applications such as books, magazines, newspapers, and brochures owing to their ability to produce high-quality prints with sharp text and vibrant colors. The growing demand for customized prints and shorter print runs is expected to drive the segment growth. In addition, the increasing adoption of digital printing in the publishing industry and the development of new technologies that enable printing on a variety of substrates are expected to create new opportunities for players in the market.

The packaging & labels segment is expected to register significant growth in the market during the forecast period. The growth is due to the increasing demand for printing on materials such as cardboard, plastic, and metal, which are commonly used for packaging and labeling products. This type of ink is known for its vibrant colors, fast-drying properties, and ability to adhere to a wide range of materials. Digital printing technology has made it possible for businesses to print high-quality labels and packaging materials on demand, which has revolutionized the printing industry. The use of digital printing in the packaging industry is also eco-friendly, as it produces less waste compared to traditional printing methods. Further, the digitally printed ink is resistant to fading, smudging, and water damage, which ensures that labels and packaging materials remain legible and attractive throughout the product's lifecycle.

The textile application segment is substantially growing in the market. The ink is applied directly onto the fabric, which means that there is no need for separate screens or plates, making it a faster and more cost-effective process. In addition, digital printing ink allows for greater flexibility in design options, with the ability to print small runs and even one-off designs. This makes it an ideal choice for custom clothing and textile applications.

REGIONAL DIGITAL PRINTING INK MARKET ANALYSIS

Based on region, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America held the largest share in 2022 and is expected to dominate the global market during the forecast period. The growing adoption of new technology and the presence of key players in the region are the primary reasons for the growth of the market. The U.S. is a crucial contributor and is set to register a significant share of the regional market over the forecast period. The growing demand for consumer durables, high disposable income, and rising demand for packaged foods are the driving factors for market growth in the region.

Asia Pacific is set to emerge as the fastest growing regional market over the forecast period. The regional growth is due to the expanding retail industry and the growing product demand in packaging and labeling applications. Emerging economies such as China and India are witnessing the demand for digital printing.

Technological advancements in the textile and packaging industry in Europe are set to drive the region's market growth during the forecast period. Rising expenditure on advertising in Europe is set to propel the market demand in the region.

The demand is rising in the Middle East & Africa, particularly in applications such as ceramics packaging, magazines, newspapers, and others, which helps to drive the market growth in the region. GCC, South Africa, and Egypt are significant contributors to the market in the Middle East & Africa.

Latin America is projected to register significant growth during the forecast period. The expansion is due to the increasing investment in Brazil for the development of the textile and packaging industry. The growth of ceramics, print media, and packaging activities is also propelling the product demand in the region.

List of Key Digital Printing Ink Market Companies

Partnerships, Acquisitions, and Capacity Expansion are the Major Strategies Adopted by Industry Players to Increase Market Presence

Prominent companies operating in this market are Sun Chemical, Siegwerk Druckfarben AG & Co. KgaA, INX International Ink Co., Marabu GmbH & Co. KG, Nazdar, DuPont, and others. Companies are involved in new product launches, capacity expansion, acquisitions, joint ventures, and partnerships to secure a competitive edge in the market.

Sun Chemical has a strong presence in North America and Europe. The company is the region's key supplier of specialty solutions of digital printing ink. Similarly, the other major market players have established a robust regional presence, robust channels of distribution, and a range of product offerings.

LIST OF KEY COMPANIES PROFILED IN DIGITAL PRINTING INK MARKET:

• Sun Chemical (U.S.)


• Siegwerk Druckfarben AG & Co. KGaA (Germany)


• INX International Ink Co. (U.S.)


• Nazdar (U.S.)


• DuPont (U.S.)


• Marabu GmbH & Co.KG (Germany)


• NUtec Digital Ink (Pty) Ltd. (South Africa)

KEY INDUSTRY DEVELOPMENTS:

• June 2023 – Sun Chemical Company introduced the new Xennia Amethyst Evo RC reactive printing ink for digital textile printing. This new digital textile printing inks offer strength and color efficiency.


• March 2022 – Sun Chemical Company launched a new sublimation ink for digital textile production, namely ElvaJet Topaz SC. The new launch helped enhance the company’s digital printing ink portfolio in the market.

REPORT COVERAGE

The market report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and applications. Furthermore, the report offers insights into market trends and highlights vital industry developments. This report includes historical data that forecasts revenue growth at the global, regional, and country levels and analyzes the industry's latest market dynamics and opportunities. In addition to the factors mentioned above, the report encompasses various factors contributing to the market growth in recent years.

Report Scope & Segmentation