Oil-Based Printing Inks Global Market Report 2024

The oil-based printing inks market size has grown steadily in recent years. It will grow from $11.94 billion in 2023 to $12.47 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth observed during the historic period in the field of oil-based printing inks can be attributed to several key factors, including the expansion of the printing industry, the emphasis on quality and durability of printed materials, the versatility offered by oil-based inks, and their ability to produce intense and vibrant colors in various applications.

The oil-based printing inks market size is expected to see steady growth in the next few years. It will grow to $14.64 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The expected growth in the forecast period in the field of oil-based printing inks can be attributed to various factors, including the increasing focus on sustainability and environmental concerns, the integration of oil-based inks in digital printing technologies, the growth in the flexible packaging industry, and the utilization of oil-based inks in specialty applications. Noteworthy trends anticipated during the forecast period encompass the development of water-based oil inks and UV-curable oil inks, the rise of personalization and variable data printing, and a heightened emphasis on recyclability and the circular economy in the printing industry.

The oil-based printing ink market is expected to witness increased demand driven by the growing interest in environmentally friendly inks. This surge in demand is influenced by recent supply chain disruptions, particularly due to an explosion and fire in Jiangsu Province, China, which led to the ban of certain chemicals used in paints, coatings, and printing inks. This incident has prompted a shift towards oil-based printing inks, which serve as an eco-friendly alternative to petroleum and chemical-based inks. These inks are derived from vegetable oils such as soybean, sunflower, cottonseed, safflower, and canola oils. For instance, INX International, a global manufacturer of high-performance printing inks and coatings, showcased environmentally friendly inks at the PRINTING United Expo in October 2022. Mojoprint, Japan's leading English-language printing service company, also employs vegetable oil-based inks sourced from soy, palm, and other vegetable oils due to their eco-friendly and sustainable qualities. Thus, the rising demand for environmentally friendly inks is expected to drive the oil-based printing ink market.

The primary categories of oil-based printing inks include vegetable oil-based printing inks and mineral oil-based printing inks. Vegetable-based printing inks are manufactured using vegetable oils, like soybean or maize oil, as an eco-friendly alternative to petroleum-based inks. Using vegetable-based inks significantly reduces the emission of volatile organic compounds (VOCs) into the air during the printing process. Oil-based printing inks find applications in various sectors, including marking and coding, package printing, and signage. They are used by industries such as packaging, print media, commercial printing, and others.

The oil-based printing inks market research report is one of a series of new reports that provides oil-based printing inks market statistics, including oil-based printing inks industry global market size, regional shares, competitors with an oil-based printing inks market share, detailed oil-based printing inks market segments, market trends and opportunities, and any further data you may need to thrive in the oil-based printing inks industry. This oil-based printing inks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The oil-based printing ink market is poised for growth due to increasing demand from the packaging industry. The packaging industry encompasses the design, production, and distribution of packaging materials and containers for protecting, storing, transporting, and presenting various products. Oil-based printing inks are preferred in this sector for their versatility, durability, and effective adhesion to various packaging materials, ensuring high-quality branding and product information presentation. For example, the U.S. flexible packaging industry experienced significant growth, with sales increasing from $34.8 billion in 2020 to $39 billion in 2021, as reported in the 2022 State of the Flexible Packaging Industry Report by the Flexible Packaging Association. This growing demand from the packaging industry is a key driver of the oil-based printing inks market.

The printing ink market faces challenges stemming from a shortage of raw materials, which leads to rising prices. Printing ink companies globally are grappling with raw material shortages, including resins, monomers, photo initiators, oligomers, and additives. This scarcity is primarily due to the closure of raw material plants in China, a significant source of these materials, as the country intensifies its environmental efforts by curbing industrial pollution. China plays a dominant role in supplying printing inks due to its robust refinery capacity and associated chemical manufacturing ecosystem. As a result, the industry is encountering difficulties related to raw material shortages. For example, global printing ink manufacturer Sun Chemical experienced disruptions in its ink supply due to these raw material shortages triggered by environmental regulatory compliance inspections in Chinese raw material plants and factories.

In the printing ink industry, high-resolution replacement inks have been introduced as a cost-effective alternative for barcode case coding applications. These high-resolution inks offer superior performance compared to traditional inks, enabling fine and solid printing at high speeds, re-printability, and a significant reduction in the number of required stencils. For example, IIMAK introduced Sure Scan II Plus, a high-resolution replacement inkjet ink that reduces printing costs, downtime, and waste. This innovative solution is compatible with a wide range of high-resolution inkjet printers, including FoxJet, Matthews, and Diagraph. Leading companies in the market are developing high-definition inks with enhanced durability, quick drying times, and a 12-month shelf life.

Major companies operating in the oil-based printing ink market are focusing on product launches, such as plant-based inks, to promote environmental sustainability. Plant-based inks are derived from renewable and natural sources, primarily sourced from plants like soybeans. For example, in February 2022, Japan-based electronics company The Ricoh Company Ltd. introduced Ricoh plant-based inkjet ink, a groundbreaking ink based on vegetable oil, specifically soybean oil. This innovation represents a significant step for mainstream graphics and packaging printing, providing environmental benefits. Tests conducted by Ricoh indicate potential electrical energy savings of $68,909 (€65,000) annually and a reduction of 150 tons of CO2 emissions. The ink also demonstrates lower ink consumption compared to UV and aqueous inks, with an estimated ink reduction of around 50% to achieve the same optical density as water-based inks. This plant-based ink is expected to help printer brands and manufacturers minimize their environmental footprint.

In January 2022, French-based printing industry company Encres DUBUIT acquired POLY-INK, a French printing ink company specializing in conductive inks, including oil-based printing inks, to expand their offering for clients.

Major companies operating in the oil-based printing inks market include Nazdar Ink Technologies, Van Son Holland Ink Corp., Superior Printing Ink Co. Inc., Flint Group, Hubergroup, Sun Chemical Corporation, Wikoff Color Corporation, Siegwerk Druckfarben AG & Co., Sakata Inx Corporation, Toyo Ink SC Holdings Co. Ltd, Dic Corporation, Dupont De Nemours Inc., Encres Dubuit SA, Dainichiseika Color and Chemicals Mfg. Co. Ltd., DEERS i Co. Ltd., Dow Chemical Company, T&K Toka Co. Ltd., Altana AG, Fujifilm Sericol India Pvt. Ltd., Marabu GmbH & Co. KG, Zeller+Gmelin GmbH & Co. KG, Epple Druckfarben AG, Sicpa Holding SA, Tokyo Printing Ink Mfg. Co. Ltd., Tintas Arzubialde S.L., Sanchez SA de CV, Magna Colours Ltd., Kao Collins Inc., InkJet Inc., Cranfield Traditional Relief Inks, Gamblin Etching Inks

Western Europe was the largest region in the oil-based printing inks market in 2023. Asia-Pacific was the second-largest region in the global oil-based printing inks market. The regions covered in the oil-based printing inks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the oil-based printing inks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The oil-based inks market consists of the sales of oil-based inks containing pigments, hydrocarbons, and oils such as soy oil. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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