Research firm MarketsandMarkets, which produces market research studies that regularly cover a wide variety of global industries, releases a report on the outlook for digital inks in the next four years. The report projects the digital inks market globally will be worth $4.17 billion by 2023, up from $2.71 billion in 2018.
The report predicts compound annual growth of 9.1 percent through 2023, driven primarily by the increasing demand for digitally printed soft signage. The report also cites the extensive use of digital inks in ceramics printing, and it says that packaging is the fastest-growing segment of the digital inks market because of the high demand for label printing.
When it comes to types of ink, solvent-based accounted for the largest share of the digital inks market in 2018. The report says that solvent-based digital inks are the most cost-effective digital inks and are widely used in advertising and promotion, ceramics tiles printing, and packaging applications.
Based on substrate, the plastics segment is estimated to account for the largest share of the digital inks market in 2018. Digitally printed plastics can be used on point-of-purchase displays, labels, nameplates, light box displays, industrial graphics, exhibition graphics, and promotional graphics and membrane switches.
Based on application, the advertising and promotion segment is estimated to be the largest application segment of the digital inks market in 2018. This large share can be attributed to the rising demand for digital inks in point-of-sale displays, point-of-purchase displays, and other digital soft signage printing in the retail end-use market.
The digital inks market in Asia Pacific, including China, is expected to witness the highest growth during the forecast period.
The report notes that key players in the digital inks market include Sun Chemical (U.S.), INX International (U.S.), Toyo Ink SC Holdings Co. (Japan), JK Group (Italy), and Nazdar Co. (U.S.), among others.