UV Cured Printing Inks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

UV Cured Printing Inks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for UV cured printing inks is forecasted to reach USD 1,600.29 million by 2026, registering a CAGR of 4.64%, during the period (2021-2026). Major factors driving the market studied are growing demand from the digital printing industry and rising demand from the packaging and labels sector.

Key Highlights

• On the flip side, the decline in the conventional commercial printing industry and unfavorable conditions due to the COVID-19 outbreak are hindering the growth of the market studied.
• Development of bio-based UV-Curable inks is expected to offer various opportunities for the growth of the market studied over the forecast period.
• Europe dominated the market across the globe with majority of the consumotion coming from countries such as Germany, Italy, and others.

Key Market TrendsPackaging to Dominate the Market

The packaging industry dominated the UV-cured printing inks market in 2019-2020. The usage of UV-cured inks gives an overall better dot and print effect, resulting in a high-quality finish. They are also available in a wide range of finishes that can be used in surface protection, gloss finishes, and many other print processes where UV can immediately cure. Since they can fully dry during the print process, helping the product proceed quickly for the next step of production has also made it a preferred choice among manufacturers.

Initially, UV-cured inks were not accepted by the packaging world, majorly in food packaging, as these printing inks contain colorants and pigments, binders, additives, and photoinitiators, which can transfer into the food product. However, continued innovations in the UV-cured inks sector have continued to change the scene ever since. Siegwerk, a manufacturer of printing inks for packaging applications, labels, and catalogs, was the first company in the market to offer LED UV printing inks for food and pharmaceutical packaging. As the requirements for the food and pharmaceutical industries regarding safety and efficiency are very high, Siegwerk’s new ink is considered a real breakthrough.

According to a report published by PMMI, the Association for Packaging and Processing Technologies, growth in the global packaging industry is anticipated to reach USD 42.2 billion by 2021 from USD 36.8 billion in 2016. This is due to the increasing population, growing sustainability concerns, more spending power in developing regions, rising demand for smart packaging, and other factors. The packaging market is constantly evolving to cater to the changing consumer needs. The increasing disposable incomes and the growing middle-class population are among the prominent factors driving the demand for packaging across industries, such as food and beverage, consumer products, and industrial goods.​ The increasing demand for packaged food and pharmaceutical products in growing economies, such as China, India, and others, is expected to drive the growth of the market studied.

Europe is one of the leading regions in the plastics packaging industry. As per the British Frozen Food Federation, sales of frozen food have increased drastically due to the increasing awareness of healthy food habits in the wake of the COVID-19 outbreak. Moreover, the total sales of frozen food in the United Kingdom are increased by a volume of 28.3% and by a value of 28% in March 2020 compared to the same period in the previous year. Furthermore, the country's total sales of frozen food stooped at a staggering value of EUR 7.36 billion from March 2019 to March 2020. The sales of pizza are up by around 50% and frozen broccoli by around 90%.

The outbreak of COVID-19 led to an increase in online shopping, ranging from clothing and appliances to food, thereby driving the packaging industry. The growing demand for packaging from various applications, from food to pharmaceutical packaging, is likely to drive the market for UV cured printing inks during the forecast period.

United States - The Largest Consumer of UV Cured Printing Inks

The United States is the world’s largest and most powerful economy in the world. However, the economic growth of the country has been slowed in the recent past, with the GDP growth rate dropping from 3% in 2018 to 2.2% in 2019. Additionally, the GDP of the country contracted by 4.8% in the first quarter and 31.4% in the second quarter of 2020, indicating the severe impact of the COVID-19 pandemic. Overall, the country’s annual GDP growth dipped to -4.3% in 2020. Therefore, the drastic outbreak of COVID-19 in the country has led to a downfall in economic growth, owing to a fall in consumer spending and business shutdowns. With the coronavirus disease spread across the country, production in various industries and nearly all aspects of the supply chain were negatively affected. However, the economy is expected to recovers by 3.1% in 2021.

The demand for packaging is significant in the United States, which is majorly driven by the increasing demand from the digital printing market and flexible packaging industry. With the improving government focus and investments in various industries, the demand for UV-cured printing ink is expected to increase substantially during the forecast period. According to Mordor Intelligence, the US packaging industry was valued at USD 189.23 billion in 2020, and it is expected to reach USD 218.36 billion by 2025. This positive momentum encourages the UV-cured printing inks market to perform strong growth during the forecast period. In the country, the flexible packaging market is driven by high demand from the food and beverage, pharmaceuticals and medicals, retail bags, and other non-food-related products industries. The changing trends in consumer behavior and manufacturer’s easier convenience have benefitted the flexible packaging market to grow at a faster pace in the country, which is further benefitting the UV-cured printing ink market.

The US textile industry is the fourth-largest exporter of textile-related products in the world. The United States is the world leader in textile R&D, with the textile complex in the country is developing next-generation textile materials, such as conductive fabric with antistatic properties, electronic textiles that can monitor heart rate and other vital signs, antimicrobial fibers, lifesaving body armor, and new fabrics that adapt to the climate to make the wearer warmer or cooler. The trade war between the United States and China has been affecting the textile industry, and the United States imposed a 10% tariff on textiles and apparel worth USD 300 billion that are imported from China, further intensifying the situation. However, trade agreements are being made with China more recently, and the tariffs are being reconsidered currently. The COVID-19 outbreak had a negative impact on the market in 2020. The market for UV-cured printing inks is expected to recover and grow in the later part of the forecast period.

Competitive Landscape

The global UV curable printing inks market is a consolidated market, with the top five players accounting for around 60% (in terms of revenues generated) of the global market share in 2019. Most of the market leaders are vertically integrated, i.e., they produce their own raw materials required for the manufacturing of UV curable printing inks. Furthermore, they sell equipment that is used for printing. Some of the major players include Sun Chemical (DIC Corporation), INX International Ink Co. (SAKATA INX CORPORATION), Flint Group, Siegwerk Druckfarben AG & Co. KGaA, and TOKYO PRINTING INK MFG CO. LTD, amongst others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

ALTANA
APV Engineered Coatings
AVERY DENNISON CORPORATION
Flint Group
FUJIFILM Corporation
Gans Ink & Supply
HP Development Company LP
HUBERGROUP DEUTSCHLAND GMBH
INX International Ink Co. (SAKATA INX CORPORATION)
Marabu GmbH & Co. KG
Mimaki Engineering Co. Ltd
Siegwerk Druckfarben AG & Co. KGaA
Sun Chemical (DIC Corporation)
T & K TOKA Corporation
TOKYO PRINTING INK MFG CO. LTD.
Toyo Ink SC Holdings Co. Ltd

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