The global ink solvent market has been driven by the range of its application in various sectors such as packaging, corrugated, publication, and others. Moreover, it is estimated that the packaging segment is set to witness the highest growth in the market due to the growing consumption of ink solvent in the production of glazed and transparent paper over the forecast period, 2017-2023.
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A few years back, alcohol was mainly used in the printing machines. It was mainly used to reduce the surface tension, and impart corrosion resistance action to machines. Moreover, its high cost, toxic characteristics, lower control of conductivity, and other features are hampered its market growth over the assessment period. It is projected that the green & bio-based segment is set to grow at a significant rate owing to its extraordinary features such as recyclability, low miscibility, higher boiling point, and others.
Market Segmentation
The global ink solvent market is segregated into the chemistry type, product type, process, and application. On the basis of the chemistry type, the market is further categorized into alcohols, acetates, hydrocarbons, and other segments. On the basis of the product type, the market is segmented into conventional, green & bio-based, and other segments. On the basis of the process, the market is classified into flexographic, and gravure segments. On the basis of the application, the market is segregated into packaging, corrugated, publication, and others.
Market Scenario
The green & bio-based segment is anticipated to observe a higher CAGR due to an increased demand for eco-friendly solvents in corrugated cardboard, paper, plastic packaging, Tetra Pak® packaging and adhesive labels for food products.
The packaging is the leading application segment in the market and is anticipated to observe a notable growth due to extensive use of ink solvents on printing labels, price tag, and other materials.
Regional Analysis
The global ink solvent market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for ink-solvents in various applications such as magazines, catalogs, periodicals, directories, and others.
The North America region is growing significantly in the market due to increasing mergers & acquisitions of Ink Solvent product among the major companies. It is predicted that growing investments in the end-use industries is likely to drive the market in the region during the forecast period. The growing consumption of Ink-Solvent in packaging sector has propelled countries such as the U.S., Canada, and Mexico to achieve a stunning growth in the market as they provide excellent flexibility, stability and low maintenance to the product.
The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of ink solvent on labels, wood laminates, and others. Additionally, the growing demand for bio-based solvents is projected to boost the market in the Latin American region.
Competitive Analysis
Some of the major players functioning in the global ink solvent market are Arkema S.A. (France), Ashland (U.S.), BASF SE (Germany), Celanese Corporation (U.S.), The Dow Chemical Company (U.S.), Eastman Chemical Company (U.S.), Evonik Industries AG (Germany), INEOS (U.K.), OMNOVA Solutions Inc (U.S.), and Royal Dutch Shell plc (the Netherlands) among others.
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