MARKET ANALYSIS
UV cured printing inks are specially formulated inks which once printed on the surface are dried are dried onto the surface with intense UV light. UV cured inks offer various benefits for printing on to different substances. Some of the benefits offered by UV cured inks include excellent adhesion, chemical resistance, great abrasion, super consistency and reliability, no need for evaporation, and no VOC emission.
GROWTH DRIVERS AND CHALLENGES
Increasing demand for UV cured printing inks in various applications such as packaging, commercial and publication, automotive, and others owing to their superior characteristics is driving the growth of market. UV cured printing inks offers superior characteristics such as low volatile organic compound content, high bonding qualities, and reduced drying time. Bio-compatible properties such as waste reduction, low energy consumption, and other has further surged its demand in various applications. In addition, technological advancement in UV cured printing ink is further propelling the market growth. However, fluctuation in raw material prices may hinder the growth of UV cured market. In addition, substitutes such as electron beam inject ink, water-based ink, and others may hamper the expansion of market.
REPORT SEGMENTATION AND SCOPE
The "Global UV Cured Printing Inks Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global UV cured printing inks market trends and growth opportunities. The report aims to provide an overview of the global UV cured printing inks market with detailed market segmentation by printing process, application, and geography. The global UV cured printing inks market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of UV cured printing inks worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the UV cured printing inks market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the UV cured printing inks market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative UV cured printing inks market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global UV cured printing inks market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global UV cured printing inks market is segmented on the basis of printing process, and application. Based on printing process, the UV cured printing inks market is segmented as, offset printing, flexographic printing, gravure printing, digital printing, and others. The UV cured printing inks market is categorized on the basis of application into, packaging, commercial & residential, automotive, and others.
Based on printing process, digital printing process accounted for a significant UV cured printing inks market share which can be attributed to several benefits offered by UV cured inks in digital printing. Excellent adhesion, great abrasion, chemical resistance, reliability and super consistency are some of the benefits offered by UV cured ink in digital printing. Based on application, packaging accounted for a major UV cured printing inks market share owing to rising demand for sustainable packaging, and emergence of smart labelling.
REGIONAL ANALYSIS
The report provides a detailed overview of the global UV cured printing inks market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. North America is estimated to account for a significant UV cured printing ink market share globally. The growth in the region attributed to increasing demand for environmentally friendly inks and presence of numerous electronics companies including Avago, Intel, Micron, and Texas Instruments. Asia Pacific is also expected to witness considerable growth with growing several sectors such as automotive, packaging, commercial and publications, and emerging economies such as India and China. Europe is also expected to be an attractive market for UV curing printing inks during the forecast period, owing to the increasing technological advancements.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global UV cured printing inks market.
In May, 2022, Zeller+Gmelin Corporation announced the launch of UV-Curable inks for inject printing. The launch was aimed to expand its product portfolio in the segments of labels and packaging as well as molded parts and metal decoration.
IMPACT OF COVID-19
The covid-19 pandemic led to a decline in the progress of many industries across the globe. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for the manufacturers across the globe. UV cured printing ink market experienced a slump during the pandemic owing to the uncertainty in the automotive, packaging, commercials and publication industries. This subsequently hampered the manufacturing, delivery schedules, and sales of various goods. According to the US International Trade Commission (USITC), the automotive industry was highly vulnerable during pandemic, and vehicle sales in the US decreased by 15% from 2019 to 2020. Despite these ill effects of end-use industries, the UV cured printing ink market began reviving in late 2020 due to significant measures taken by governments, e.g., well-coordinated vaccination drives. This is expected to provide the impetus for the resurgence of the UV cured printing inks market in the coming year.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the UV cured printing inks market include, Sun Chemical, Teikoku Printing Inks Mfg. Co., Ltd., Maxell, Ltd., Kao Collins Corporation, Marabu, NUtec Digital Ink (Pty) Ltd, TOKYO PRINTING INK MFG CO., LTD., FUJIFILM Specialty Ink Systems Limited, T and K TOKA Corporation, MIMAKI ENGINEERING CO., LTD., Flint Group, Kao Collins Corporation, NUtec Digital Ink (Pty) Ltd, and RUCO Druckfarben, among others.