Flexo inks market to reach $11bn in 2024

The flexographic printing inks market will surpass 11 billion USD by 2024, primarily driven by increasing product demand in the flexible packaging industry, according to a new research report.

US flexographic printing inks market size, by product, in 2015 and 2014

Global Market Insights' Flexographic Printing Inks Market report has found that the overall flexible packaging industry is expected to expand at over four percent CAGR across 2016-2024. Strong growth in the food and beverage, and cosmetics industries will support this.

In 2015, packaging applications represented the largest portion of the flexographic printing market, including tags and labels, metal cans, folding cartons, flexible packaging and corrugated containers. Robust growth in the cosmetic, food and beverage, and pharmaceutical industries, along with increasing packaging demand in these industries, will boost industry growth by 2024. Additionally, value added product features such as aroma preservation, sealing, moisture resistance and appealing aesthetics will positively influence the product demand for food packaging applications by 2024.

Water-based products accounted for the largest share of the flexographic printing inks market in 2015. These inks are mainly used in paper, cardboard and newspaper printing. Increasing government initiatives, along with rising consumer awareness towards use of low VOC inks in food and cosmetic packaging applications, will substantially boost the industry size in the near future, it is predicted. In 2015, solvent-based inks accounted for more than 25 percent of the overall flexographic printing inks market. These products offer characteristics such as durability, high printing rate and scratch resistance. However, firm consumer and environment safety regulations directed by the FDA may obstruct industry growth in the coming years, according to the report’s findings.

Growing popularity of UV-cured flexographic printing inks will contribute to industry growth in the near future, added Global Market Insights.

The Asia-Pacific flexographic printing ink market size was more than 2.5 billion USD in 2015, according to the report. Strong growth in the food and beverage, pharmaceutical, and cosmetic industry, particularly due to improved consumer lifestyles, is outlined as a ‘major factor’ contributing to industry growth in the region. Furthermore, drifting pharmaceutical manufacturers’ focus towards establishing facilities in China, due to high medicine demand, low initial investment and government moves towards boosting the country's manufacturing sector, will substantially boost the regional flexographic printing inks market size by 2024. Additionally, Europe is likely to observe growth close to 4.5 percent for flexographic printing inks between 2016 and 2024.