UV curable inks are processed through a photochemical process in presence of ultraviolet light, which leads to the drying of the ink. These inks have witnessed prevalent acceptance over traditional inks, owing to several advantages, such as surge in superior bonding, rise in superior solvent resistance properties, reduction in rejection rates, and increase in production output. UV inks have witnessed an increase in their adoption, due to increase in awareness and surge in concentration on improving the safety of packaged foods and change in environmental regulations. The UV curable inks have been extensively used in the packaging industry, majorly in Asia-Pacific.
Unique characteristics of UV curable inks and rise in awareness among printers are projected to amplify the demand for UV curable inks across the globe. The growth in adoption of these inks because of their high-performance efficiency, especially in the 3D printing sector and low environmental impact is projected to drive the growth of the global market. Asia-Pacific market is rising substantially as the adoption rate of UV inks in the region is high. The growth in demand for UV curable ink from developing countries, such as India and China is expected to boost the UV curable ink market growth during the forecast period.
Strict regulatory frameworks by agencies namely, the Underwriter’s Laboratories and the European Printing Ink Association are likely to have a positive impact on the UV curable ink market growth. Several standards and certifications have been implemented for these inks, to offer consumer protection and decrease potential hazards. High initial cost and fluctuation in raw material prices may hinder the growth of the UV curable inks market during the forecast period. High costs refer to an array of anilox rolls that are required to adjust the print color and costly ultraviolet curing equipment. However, rapidly rise in demand for UV curing inks from end use industries, such as consumer goods, medical, publication & printing, and automobile is projected to boost the market growth during the forecast period.
The UV curable ink market is segmented on the basis of type, end-use, and region. On the basis of type, the market is categorized into offset ink, flexo Ink, screen printing, digital printing, inkjet, and others. On the basis of end-use, it is divided into automobile, consumer goods, medical, publication & printing, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
In addition, the report covers profiles of key industry participants such as Teikoku Printing Inks Mfg. Co., Ltd, Maxell, Ltd, Flint Group, Gans Ink & Supply Co, Marabu GmbH & Co. KG, Kao Collins Corporation, Spinks World, NUtec Digital Ink, RUCO Druckfarben, and Toyo Ink SC Holdings Co., Ltd. These players have adopted several strategies to propel the market of microporous material during the forecast period.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global UV curable inks market from 2021 to 2031 to determine the prevailing opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.
- UV curable ink prices were high in the Asia-Pacific region during the OCIVD-19 scenario due to regional demand trends and tight product availability. However, the increase in awareness for eco-friendly products among citizens of both developed and developing economies is anticipated to surge the popularity of UV curable ink in various end use sectors post COVID-19.
- Additionally, the overall service activities of market players have registered a steady and favorable recovery in the subsequent months with an increase in the sales of passenger cars. This is predicted to enhance the performance of the UV Curable Ink market post-COVID
Key Market Segments
By Type
- Digital Printing
- Offset Ink
- Flexo Ink
- Screen Printing
- Inkjet
- Others
By End Use
- Automobile
- Consumer goods
- Medical
- Publications and printing
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- South Korea
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- flint group
- Toyo Ink SC Holdings Co., Ltd
- RUCO Druckfarben
- Maxell, Ltd
- Spinks World
- .Kao Collins Corporation
- Teikoku Printing Inks Mfg. Co., Ltd
- Nutec Digital Ink Pvt. Ltd.
- Gans Ink & Supply Co.
- Marabu GmbH & Co. KG
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Table of Contents
Executive Summary
According to this report titled, 'UV Curable Ink Market,' the UV curable ink market was valued at $1.1 billion in 2021, and is estimated to reach $4.5 billion by 2031, growing at a CAGR of 14.68% from 2022 to 2031.UV ink is a typical printing ink that utilizes ultra-violet light to cure the inks as it is printed. The curing or drying arises through the process of chemical photosynthesis. Rise in demand for curable inks from the food & beverage is a key factor boosting the growth of the global UV curable inks market. Increase in popularity of 3D printing is anticipated to help the UV curable ink market gain significant revenues during the forecast period.
Increase in need for digital painting, surge in growth of printing industry for improving efficiency with low consumption cost, and growth in packaging industries fuel the growth of the UV cure inks market during the forecast period. Moreover, growth of automotive industry, owing to increase in the sales, maintenance, and repair of vehicles across the globe boosts the demand for UV curable inks during the forecast period.
In contrast, high regulation on disposal, decline in growth of the printing industry, and high initial costs are the possible restraints hampering the market growth. However, continuous innovation in printing inks and the development of flexographic printing are expected to offer favorable growth opportunities.
Some of the key players operating in the global UV curable inks market are Hewlett-Packard Company, Leibinger Group, RUCO Druckfarben, APV Engineered Coatings, Eastern Marking Machine Corporation, Flint Group, Toyo Ink SC Holdings Co., Ltd., Gans Ink & Supply Co., T&K Toka Corporation, and Nutec Digital Ink Pvt. Ltd.
The UV curable inks market is segmented on the basis of product type, end use, and region. By product type, the free radical inks segment dominated the UV curable inks market in terms of volume and value in 2021. Cationic polymerization is anticipated to show significant growth in the market during the forecast period, owing to its non-odorous nature, taint-free properties, and low emission levels.
By end use, the publication & printing segment accounted for the largest share of revenue in 2021 and is expected to continue its dominance during the forecast period.. Growth in medical sector in developed & developing economies, owing to rise in consumer health awareness and increase in geriatric population boost the UV curable inks demand in medical application.
Region wise, Europe is leading in the global UV cured inks market with a market share of 39.4% in 2021. Europe is expected to continue its dominance during the forecast period. Rise in demand for 3D printing and growth in environmental awareness among the population in the Asia-Pacific is expected to boost the demand for UV curable printing in the Asia-Pacific during the forecast period. Asia Pacific is expected to be the fastest growing region over the forecast period.
KEY FINDINGS OF STUDY
- By product type, free radical inks are expected to be the largest product type segment in terms of value with a market share of 80.9% in 2021, and growing at a CAGR of 13.8%, throughout 2022-2031.
- Region-wise, Europe is the major consumer of UV curable inks among other regions. It accounted for around 39.4% of the global market share in 2021 and Asia-Pacific is expected to witness a lucrative growth rate over the forecast period.
COVID-19 Impact on Market
During the COVID-19 pandemic, the UV curable inks industry was impacted in terms of distribution and logistics, due to lockdown across the globe. UV curable inks production and distribution ceased, owing to the economic downturn due to the pandemic.The COVID-19 pandemic disrupted the consumer goods, automobile, and publication & printing industries, resulting in reduced usage of UV curable inks in these industries.
The global COVID-19 pandemic delayed the import & export of UV curable inks due to varied economic and legal limitations across the globe. As a result, the UV curable inks market impacted moderately in 2020. However, by the start of 2021, all the industries resumed their operation due to which the demand for UV curable inks improved in the consumer goods, automobile, and publication & printing industries.
Companies Mentioned
- flint group
- Toyo Ink SC Holdings Co., Ltd
- RUCO Druckfarben
- Maxell, Ltd
- Spinks World
- .Kao Collins Corporation
- Teikoku Printing Inks Mfg. Co., Ltd
- Nutec Digital Ink Pvt. Ltd.
- Gans Ink & Supply Co.
- Marabu GmbH & Co. KG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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