The global ink solvents Market is projected worth US$ 658.3 Million by 2026 and the market is projected to showcase 4.9% CAGR during the forecast period. The ink solvents market is driven by inexpensive nature and non-coating properties that are important factors which are promoting the market positively.
Low VOC emission of inks and an increase in demand for ink solvents in several industries are the key factors driving the bio-based ink solvents market. The packaging industry is constantly growing; thus, the printing has expanded its strong foothold in the global inks industry. Also, the advent of solvent-based inks in advertising and textiles applications has increased the demand for ink solvents. Excellent printing quality, image stability, and adaptability in the printing on any substrate are driving the demand in the printing inks industry, thus expanding the growth of ink solvents market. Moreover, the development in technologies and launch of bio-based solvents have led to the replacement of traditional solvents. The rise in demand for bio-based inks is projected to fuel the ink solvents market during the forecast period.
The demand for petroleum-based solvents has been declining due to the rise in the number of strict government regulations over increased VOC emissions from printing inks, paints and coatings, and industrial cleaning products; an increase in environmental awareness. Less destructive and environment-friendly ink solvents are substituting the petroleum-based solvents. These factors are projected to drive the bio-based ink solvents during the forecast period.
The global ink solvents market is segmented into solvent type, type, process, and region. On the basis of solvent type, On the basis of solvent type, the global ink solvents market is segmented into Alcohol, ketones, hydrocarbons, and others which includes Ethers & Esters. On the basis of by type, the global ink solvents market is segmented into conventional and bio-based. On the basis of by process, the global ink solvents market is segmented into Flexography, Gravure, and others which includes screen and digital. On the basis of the region the global ink solvents market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Based on the solvent type, the global ink solvents market is mainly segmented into three sub-segments that include hydrocarbons, alcohol, and ketones. The hydrocarbon solvents are prepared from hydrogen and carbon atoms. The rise in consumption of ink solvents in the printing inks industry is estimated to drive the global ink solvents market during the forecast period.
The Asia Pacific region is expected to grow significantly at high CAGR during the forecast period. The rise in demand for ink solvents in developing countries of the Asia Pacific region is expected to contribute to the growth of ink solvents market globally. Increase in digitalization, and rapid urbanization in China and India are increasing the demand for ink solvents market in the Asia Pacific region. The market in North America has already developed due to the significant usage of traditional ink solvents in advertising applications.
The major players associated with the global ink solvents market are Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., Royal Dutch Shell plc, Celanese Corporation, DowDuPont Inc., VertecBiosolvents, Eastman Chemical Company, Yip’s Chemical Holdings Limited, INEOS AG, and Sasol Limited Group etc.Key players in the global ink solvents market are focused on continuous product innovation in order to manufacture innovative ink solvents for effective applications. Additionally, the key manufacturers are taking strategic initiatives such as product launch, merger and acquisition and developing strategic partnerships with other established players in the global ink solvents in order to expand their business geographically.
Market By Solvent Type
Market By Type
Market By Process
Market By Region