In the modern customer-centric world, the application pool of ink solvents has diversified significantly, and includes packaging, printing, bottle printing, outdoor products, plastic printing, and other tech products. Solvents are a crucial ingredient of several commonly used products including paints, coatings, inks, personal care products, cleaning products, and other healthcare and automotive applications. Moreover, solvents are also added to inks which are hydrocarbons, alcohols, and scented solvents. Of late, the push to consume eco-friendly products has also nurtured demand for clean ink solvents. All these applications, coupled with the thriving packaging, personal care, automotive, and customer electronics industries are amplifying the demand for ink solvents. Consequently, the global ink solvents market is expected to grow at a tremendous pace in the study period.
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Burgeoning Packaging Industry to Amplify Global Ink Solvents Market Expansion
The packaging industry is set for tremendous business outcomes owing to significant applications in the consumer goods and cosmetics domain. Many industry stakeholders are actively working on designing attractive packaging to gain a competitive edge and build relevance among their target audiences. In addition, the surging demand for cost-effectiveness, lightweight, easy customisation and greater convenience in customer goods packaging. Moreover, the advent of the e-commerce sector has allowed this domain to be populated with many manufacturers who all target their desired niches. These developments are poised to create significant demand for printing inks and facilitate the global ink solvents market expansion.
Paced Demand for Flexography to Sustain Promising Growth Momentum of Ink Solvents Market
As printing technology continues to improve, many specialised printing techniques have emerged to cater to specific industry niches. In this business landscape, the demand for flexography has skyrocketed in the past few years. Flexographic printing is often used for painting on metallic films, plastics, cellophane, and other smooth surface materials in packaging applications. This technique is high-quality and scalable as per industrial needs. Owing to these functional attributes, the thriving media and textile industries are expected to generate notable demand for flexography. Such trends are projected to create tremendous opportunities for the growth of the global ink solvents market in the forecast period.
Asia Pacific to Emerge Dominant in Ink Solvents Market amid Robust Demand for Customer Goods
Several favourable macroeconomic factors are collectively strengthening Asia Pacific’s lead in the ink solvents market. These include the growing population, diversifying packaging and textile industries, increasing usage of flexography, and robust demand for customer goods. Market players in major emerging economies such as China, Vietnam, Indonesia, and India are actively employing flexography amidst intense competition. Moreover, growing disposable incomes are enabling high consumption of consumer goods which supports the packaging industry. Meanwhile, North America is also poised to exhibit promise amidst increasing corrugated cardboard applications and digitalisation.
Leading Market Players
Some of the most active players currently operating in the global ink solvents market include Dow Chemical Company (U.S.), BASF SE (Germany), Arkema S.A. (France), Eastman Chemical Company (U.S.), Celanese Corporation (U.S.), Ashland Inc. (U.S.), Ineos AG (Switzerland), Evonik Industries AG (Germany), Royal Dutch Shell (Netherlands), Omnova Solutions (U.S.), Solvay AG (Belgium), and Vertec Biosolvents Inc. (U.S.).
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