The global continuous inkjet ink market is projected to surpass a valuation of US$ 488.6 Mn by 2030, expanding modestly during the forecast period. Over the years, inkjet printing has acquired significant popularity, particularly for bulk printing and large font prints.
As industries have expanded their businesses, the need for advertising new products has only burgeoned, leading to a high demand for attractive packaging. A major chunk of continuous inkjet inks has been generated from the food & beverages and pharmaceutical industries. High quality, enhanced speed and greater flexibility are the advantages associated with the increased adoption of continuous inkjet inks across these two segments.
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Demand for continuous inkjet inks has also soared due to its ability to withstand hostile and extreme environments. Additionally, attributes such as superior depth, reliability, instant drying and consistency have increased its usage among printers, minimizing hindrances during operations. However, the COVID-19 pandemic has induced sluggishness in the continuous inkjet ink market attributed to production crunches experienced by prominent manufacturers as a result of nationwide lockdowns and mandatory social distancing measures. Growth is expected to be restored to its predicted trajectory in the aftermath of the pandemic.
"In order to withstand cut-throat competition, vendors associated with continuous inkjet ink market are leveraging on product differentiation, underscoring the importance of sophisticated materials for labelling and packaging. As traceability and brand protection for anti-counterfeit purposes become important, the emphasis on durable and quality prints is heightening," concludes a prominent FMI analyst.
Continuous Inkjet Ink Market- Important Takeaways
Food and pharmaceutical industries account for a threefold increase in growth due to high demand for informative labelling.
Glass substrates shall register positive growth during the forecast period of 2020 to 2030.
UV curable inks have acquired immense traction due to its high rate of adhesion across a wide range of non-absorbent and absorbent substrates and long print life.
Water based inks shall remain at the forefront of the continuous inkjet ink market. Increasing concerns over rising carbon footprints has stimulated the growth of this segment.
North America is poised to expand 1.4x during the forecast period. However, East Asia shall present an incremental opportunity of US$ 61.5 Mn due to the presence of several ink manufacturers.
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Continuous Inkjet Ink Market- Key Driving Factors
Preference for environmentally friendly labels has prompted manufacturers to market their inks to suit the needs of their end-users. For instance, the introduction of halal marking inks have strengthened sales in the Middle Eastern markets.
Utilization of less ink enables organizations to achieve economies of scale, fueling the demand for continuous inkjet inks.
Continuous Inkjet Ink Market- Key Constraints
Inkjet printers are more expensive compared to laser printers, rendering it unaffordable at times. Additionally, print heads can suffer from clogging if unutilized for prolonged time periods.
Availability of substitutes such as laser printers will restrain market growth of continuous inkjet inks market.
Anticipated Impact of the COVID-19 Outbreak
The coronavirus pandemic has disrupted supply chains of businesses all over the world, including the packaging industry. Discontinuation of production across multiple end-use industries in some of the worst affected countries such as the United States have stalled the sales of continuous inkjet inks. Logistical disruptions in the wake of nationwide lockdowns have generated shortages of essential raw materials such as paper, plastic sheets, paperboards, etc. further inhibiting market growth.
Many European countries, for instance, depend on China for sourcing their raw materials fr printing and chemicals used in inks. Since China is the epicenter of the pandemic, all production facilities have ceased to operate, leading to shortages in supply.
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However, several countries have relaxed restrictions imposed during the lockdown, enabling inkjet ink suppliers to resume their operations. This is because the demand for pharmaceuticals and foods is spiking, leading to increased demand for packaging and labelling to ensure product traceability during logistics. Additionally, market players have been attempting to secure their supply chains by ensuring mandatory social distancing protocols amongst employees engaged in the manufacturing process.
The continuous inkjet ink market is fragmented, with top three players constituting a quarter of the total market share. Prominent market players include: Eastman Kodak Company, Sun Chemicals, INKJET, INC., PrintJet USA, International Imaging Materials Inc., Kao Collins Corporation, Aztec Fluids and Machinery Private Limited, Squid Inks, Palco Industrial Marking & Labelling Inc. and Jet Inks Private Limited to name a few. Expansion of product portfolio by means of product differentiation, competitive pricing, consolidation of distribution channels to reach a wider target audience and product innovation constitute some leading strategies for strengthening market foothold.
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89010047