The global Latex Ink Market is estimated to be valued at US$ 19.82 Bn in 2023 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Latex ink refers to aqueous dispersions of pigments used for printing on various substrates like paper, cardboard, vinyl, textiles, and plastics. It provides bright colors, resistance to water, UV, and weather. It can be used on various printing presses including flexographic, gravure, and inkjet machines. The advantages of latex inks over other ink types include superior color consistency, no volatile organic compound emissions, quick drying, and reduced pore marking on substrates. The sign & graphics printing industry is a major end-user of latex inks where they are used for outdoor signage, vehicle graphics, billboards, banners, and other applications that require printing on multiple surfaces.
Market key trends:
The latex ink market is driven by its increasing usage in the sign & graphics printing industry. More businesses are using signage, advertisement boards, and vehicle graphics for promotion and branding which has boosted the demand for latex inks. They provide vivid colors and resistance to fading and flaking required for outdoor applications. Another major trend is the development of new latex ink types compatible with 3D printing applications. 3D printing is rapidly growing and latex inks that can bond well with 3D printed objects offer new opportunities. Manufacturers are also focusing on product formulation to reduce drying time and improve scratch resistance of latex inks. Eco-friendly latex inks with high colorfastness and archival properties are gaining demand from the printing industry aiming for sustainability.
Porter’s Analysis
Threat of new entrants: Low, as significant capital is required to set up large scale manufacturing plants and it requires collaboration with major OEMs who already have strong relationships with existing players.
Bargaining power of buyers: Moderate, as there are many established players providing latex ink. However, certain large customers can negotiate on price.
Bargaining power of suppliers: Low to moderate, as raw materials required are commodity chemicals however ink and coating formulations require specialized expertise.
Threat of new substitutes: Moderate, as new digital printing technologies pose a threat but latex ink has established usage in applications requiring flexibility, durability and weather resistance.
Competitive rivalry: High, as the market has many large global players competing on pricing, quality and offering complete solutions.
Key Takeaways
Global Latex Ink Market Demand is expected to witness high growth, exhibiting CAGR of 2.7% over the forecast period 2023 to 2030, due to increasing demand from sign & print and advertising industries. The market size for latex ink is estimated to reach US$ 19.82 Bn by 2023.
Asia Pacific is expected to dominate the latex ink market during the forecast period. Countries like China, India, Indonesia and Taiwan are major consumers as well as producers of latex ink. Rapid industrialization and growth of sign & print sector in Asia Pacific economies is supporting the regional market growth.
Key players operating in the latex ink market are HP Inc. (United States), Epson Corporation (Japan), Canon Inc. (Japan), Roland DG Corporation (Japan), Mimaki Engineering Co., Ltd. (Japan), Seiko Epson Corporation (Japan), DuPont de Nemours, Inc. (United States), Agfa-Gevaert N.V. (Belgium), Fujifilm Holdings Corporation (Japan), Sun Chemical Corporation (United States), Sawgrass Technologies, Inc. (United States), Sensient Technologies Corporation (United States), Marabu GmbH & Co. KG (Germany), Nazdar Ink Technologies (United States), JK Group (Italy). These players are focusing on new product development and expansion in emerging markets through collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it