Global Thermal Inkjet Inks Market - 2023-2030

Global Thermal Inkjet Inks Market - 2023-2030

Global Thermal Inkjet Inks Market reached US$ 1.1 billion in 2022 and is expected to reach US$ 1.7 billion by 2030, growing with a CAGR of 5.3% during the forecast period 2023-2030.

Thermal inkjet inks have been increasingly popular due to several significant aspects that have made them a desirable and innovative option in the printing and packaging industry. The growing use of thermal inkjet technology and the ensuing effects on different businesses are both caused by these motivating reasons taken together. Further improvements in printing capabilities have been made possible by the ongoing development of thermal inkjet printhead technology.

North America is among the growing regions in the global thermal inkjet inks market covering more than 1/3rd of the market and the introduction of thermal inkjet technology has been significantly influenced by the demand for precise and superior product labeling, tagging and marking across a variety of industries, including manufacturing, food and beverage and pharmaceuticals. Compliance, traceability and anti-counterfeiting procedures all are dependent.

Dynamics

Increase in Fast-Moving Consumer Goods Driven by Urbanization and Retail Expansion

The market for thermal inkjet inks is expanding at a significant rate, which can be ascribed to several interrelated reasons that are changing the nature of industry globally. The fast-moving consumer goods (FMCG) industry, which is growing, is driving this development trajectory. One major driver of this expansion is the retail sector. Due to shifting customer tastes and behaviors, the retail industry is growing rapidly globally, making efficient and effective product labeling, packaging and branding essential.

Additionally, Domino Printing Sciences, a leading manufacturer of coding and marking solutions has been actively involved in meeting the retail industry's increasing need for effective product labeling and marking. In response to the changing demands of the retail and fast-moving consumer goods (FMCG) sectors, the firm has created and launched cutting-edge thermal inkjet printing solutions.

Increasing Demands for Specialized Packaging Options

The need for specialized packaging solutions has been rising, which has led to a major increase in the market for thermal inkjet inks. Custom packaging is becoming more and more necessary in a variety of sectors as customer tastes change and companies work to create unique brand identities. The use of thermal inkjet inks has been driven by the need for customized packaging that is suited to certain products and markets.

For Instance, In February 2020, Videojet Technologies, a leading globally manufacturer of coding, marking and printing solutions launched Cool Black Solvent thermal inkjet (TIJ) ink. It ink offers users a non-carcinogen, mutagen or reproductive toxin (CRM) option, excellent performance in low-temperature environments and a 12-month cartridge shelf-life.

The Adoption of Thermal Inkjet Ink on Non-Conventional Surfaces is Limited by Substrate Limitations

The industry's need for accurate and high-resolution printing solutions has led to a growth in the use of thermal inkjet inks. Only that these inks work with different substrates, which is a major limitation. Effective drying durations, robust adhesion and the necessary print quality are hampered by the intricacies of textured or non-standard surfaces and porous surfaces, which are inherently absorbent.

In addition, particularly for sectors that depend on printing on non-traditional materials, this constraint is important. The adoption of thermal inkjet inks may be hindered by the difficulty of applying the inks to certain surfaces, which might affect the technology's adaptability in industries requiring dependable and effective marking and labeling solutions.

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Segment Analysis

The global thermal inkjet inks market is segmented based on substrate, ink, printer, end-user and region.

Rising Demand for Water-Based Due to Rising Use of Water-Based Inkjet Inks in Industries

The water-based holds a major share of around 49.1% in the global thermal inkjet inks market. The wide availability of water-based thermal inkjet inks can be attributed in large part to their adaptability to a variety of surfaces. The inks have excellent adhesion and drying qualities when used on paper, cardboard, fabrics or certain plastics. Because of their versatility, they are essential in a wide range of industries, including industrial product marking, textiles, packaging and labeling.

For Instance, In March 2022, Sun Chemical introduced FSR ink, which was developed to specifically address the demands of the food sector and is approved for direct printing onto food, including baked products and is part of the company's growing edible ink portfolio. In an effort to bring to market a food printing technology that is both fully functional and cutting edge, Sun Chemical is working with printer makers with a focus on the food and pharmaceutical industries.

Geographical Penetration

North America Growing Demand for Printing Inks in the Packaging Industry

The North America thermal inkjet inks market has witnessed significant growth and its growing popularity is expected to increase the market share covering nearly 35.5% in the forecast period. The global expansion of this industry is significantly influenced by the busy schedules of customers. Consumption of meals on the go is rising as a result of the increased demand for ready-to-eat items. It leads to the growth of thermal inkjet inks in the packaging industry.

Printing ink demand is still high across several industries, including publishing, packaging and textiles. Additionally, it is projected that the development of innovative printing ink applications such as digital orienting, screen printing and specialized printing would support the expansion of the thermal inkjet market in North America.

For Instance, In 2020, Domino Amjet Inc. the Gx-Series thermal inkjet printer introduced its North American premiere at PACK EXPO Connects. The company is releasing two variants of the printer that are designed to be more compact, easier to use and integrate and capable of being monitored for Industry 4.0 applications.

Competitive Landscape

The major global players include HP Inc., Canon Inc., Epson, Kao Corporation, Videojet Technologies, Inc., Domino Printing Sciences plc, Xaar, Konica Minolta, Markem-Imaje and Ricoh.

COVID-19 Impact Analysis

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The market as a whole may have been impacted if there was less demand for goods made with thermal inkjet inks. The pandemic produced alterations in consumer behavior, including a rise in e-commerce and an emphasis on security and well-being. The modifications may have affected the kinds of goods manufactured and labeled, which in turn may have affected the market for thermal inkjet inks.

Because of travel restrictions, manufacturing closures and lockdowns, the pandemic caused disruptions in globally supply networks. The availability of components and raw materials required for the manufacture of thermal inkjet inks may have been impacted by it. Consumer spending declines and lockdowns affected several companies that employ thermal inkjet inks, including printing, labeling and packaging.

Russia-Ukraine War Impact

Russia and Ukraine are significant actors in several supply networks and sectors. The transportation of commodities, such as the raw ingredients and parts needed to produce thermal inkjet inks, might be hampered by a conflict. It interruption may cause shortages and price increases. There might be uncertainty in the corporate climate due to geopolitical tensions and conflicts.

In the thermal inkjet ink market as well as other industries, this uncertainty may investment, postponed projects and cautious decision-making. Russia is a significant producer of oil and Ukraine plays a significant role in the transportation of Russian gas and oil to Europe. The supply of petrol and oil might be disrupted by a battle, which would affect energy prices. The cost of manufacturing, transportation and general corporate operations can all be impacted by oil prices.

By Substrate
• Porous
• Non-Porous

By Ink
• Water-Based
• Solvent-Based

By Printer
• Consumer Printer
• Industrial Printer
• Textile Printer
• Commercial Printer

By End-User
• Packaging and Labeling
• Textile and Apparel
• Retail and Commercial
• Healthcare and Pharmaceuticals
• Food and Beverage
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On February 24, 2022, Canon expanded its MAXIFY Ink Efficient GX Series portfolio with a new ink tank business printer. The printer combines cheap color printing costs with speed, paper handling and networking features to provide offices and enterprises a boost in efficiency and production.
• On February 9, 2023, Seiko Epson Corporation introduced two new inkjet printer variants developed to work with solvent inks. Many inks used for industrial applications are compatible with the new I3200(8)-S1HD and S800-S1. It support oil-based, solvent and other types of inks for digital printing applications in production printing, in addition to aqueous, UV-cured and eco-solvent inks.
• On May 11, 2020, Domino Printing Sciences (Domino) introduced the Gx-Series, a new line of premium thermal Inkjet (TIJ) printers designed to code product labels, flexible films and cartons quickly, effectively and accurately. The versatile and user-friendly Gx-Series printers are designed to adapt to the dynamic demands of a global marketplace that is marked by abrupt shifts in consumer preferences and production schedules.

Why Purchase the Report?
• To visualize the global thermal inkjet inks market segmentation based on substrate, ink, printer, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of thermal inkjet inks market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global thermal inkjet inks market report would provide approximately 77 tables, 78 figures and 181 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies