The flexographic ink market is projected to reach USD 4.16 Billion by 2022, at a CAGR of 4.89% between 2017 and 2022. The various end-use applications of flexographic ink include corrugated cardboards, flexible packaging, folding cartons, and tags & labels. The current demand of flexographic ink in the packaging, publication, and commercial sectors is driving the flexographic ink market. The demand for flexographic ink has increased in recent years due to their increased consumption by the growing packaging industry in the Asia-Pacific region. This increased consumption can be attributed to the region’s rising population, which has, in turn, contributed to the growth of the Asia-Pacific flexographic ink market.
Expansions and new product launches were the key strategies adopted by the major players in the flexographic ink market between 2014 and 2016. These strategies have helped companies operating in this market to enhance their product portfolios and expand their global presence. The leading market players focused on entering new markets by launching technologically advanced and innovative flexographic ink for varied applications. Companies have also adopted partnerships and mergers & acquisitions as strategies to strengthen their position in the flexographic ink market. These strategies accounted for a collaborative share of 30.0% of all strategic developments that took place in the flexographic ink market between 2014 and 2016.
Some of the leading manufacturers of flexographic ink include DIC Corporation (Japan), Siegwerk Druckfarben AG & Co. KGaA (Germany), Sakata Inx (Japan), Toyo Ink S.C. Holdings Co. Ltd. (Japan), Flint Group (Luxembourg), and T&K Toka (Japan), among others. These companies have adopted various organic and inorganic growth strategies to enhance their businesses and increase their shares in the flexographic ink market.
The Asia-Pacific region is considered to be the most active region, in terms of strategic initiatives, in the flexographic ink market. In December 2016, Sun Chemical Corporation, a subsidiary of DIC Corporation, constructed a new plant of liquid inks for packaging applications in Turkey’s Aliaða Organize Sanayi Bölgesi (ALOSBI). This plant is expected to help increase the company’s production capacity in the growing markets of Europe and the Middle East & Africa. Similarly, in March 2015, Toyo Ink SC Holdings Co., Ltd. merged Toyo Ink Chemicals Taiwan Co., Ltd. and Toyo Ink Taiwan Co., Ltd. into a single operating entity, to help expand the company’s capacity. This development strategy helped the company in reinforcing its presence in the flexographic ink market.
DIC Corporation (Japan) and Toyo Ink S.C. Holdings Co. Ltd. (Japan) are the most active players in the flexographic ink market. These companies accounted for the largest share of all developmental activities that took place in the flexographic ink market between 2014 and 2016. As part of their organic growth strategies, these companies focus on enhancing their flexographic ink product portfolios and expanding their presence in the European and North American regions.
Another key player that established a strong foothold in the flexographic ink market is Sakata Inx (Japan). The company concentrates on expanding its customer base through new product launches and expansions. In February 2015, INX International Ink Co., a wholly own subsidiary of Sakata Inx, started the operation of its new 63,000 square-foot facility in Ohio (U.S.) for the production of water- and paste-based ink. This enhanced capacity enabled Sakata Inx to meet the growing demand for flexographic ink from the various end-use applications.
Flexographic Ink Market by Technology (Water, Solvent, and UV Based), Resin Type (Nitrocellulose, Polyamides, Polyurethane, Acrylic), Application (Corrugated Cardboards, Flexible Packaging, Tags & Labels, Folding Cartons) - Global Forecast to 2022
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