The global ink solvents market size is projected to exceed around USD 658.3 million by 2026, the market is estimated to grow at 4.9% CAGR during the forecast period. The significant growth in the printing industry in developing nations is one of the factors that is expected to boost the growth of the global ink solvents market.
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The solvent is a liquid substance that melts a solute. Water is one of the most common solvents used in various end-use industries. The solvents are mainly used in polymers,printing inks,cosmetics, paints and coatings, and pharmaceuticals. In the case of printing inks, the solvents are used to liquefy the pigments that help in the drying of inks. Moreover, the low-boiling-point solvents disappear rapidly, parting the pigment on the external area of the substrate. Ink solvents are inks that are mostly used as solvent-based inks in several printing applications. Mostly, there are two types of solvent that are used in the printing inks industry which include hydrocarbon and oxygenated solvents. The oxygenated solvents comprise oxygen in their molecule arrangement. Solvent inks are resulting from the petroleum-based materials and are broadly used as additives in the production of various products in end-use industries such as cosmetics, paints, and consumer goods etc. The hydrocarbon solvents are prepared from hydrogen and carbon atoms which include aromatic solvents such asxylene, toluene, hexane, and gasoline. Solvent inks are robust and flexible. The rise in usage of ink solvents in the printing inks industry is estimated to drive the global ink solvents market in the coming years.
The VOC emission of inks is low and increase in demand for these ink solvents in various industries are the important factors that are driving the bio-based ink solvents market. There is continuous evolution in the packaging industry, thus, the printing industry has strengthened its foothold in the ink solvents industry. Additionally, the introduction of solvent-based inks in advertising and textiles applications has fuelled the demand for ink solvents across the globe. In addition, the development in advanced printing technologies and the introduction of bio-based solvents results in the replacement of conventional solvents. Increase in demand for bio-based inks is expected to fuel the ink solvents market during the forecast period.
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The ink solvents market in the Asia Pacific is likely to expand at a significant CAGR during the forecast period. Increase in usage of flexography printing inks in developing countries such as India, China, Indonesia and other countries is estimated to create profitable opportunities for the key manufacturers of the ink solvents in the coming years due to the rapid urbanization, growing world population, rapid development of the packaging industry, an increase in the number of textile and advertising applications. Furthermore, the rise in digitization in developed countries such as the U.S., Germany, and Canada is projected to create huge opportunities for the solvent inks market. This is estimated to drive the demand for ink solvents in North America and Europe in the forecast period.
The global ink solvents market is segmented into solvent type, by type, by 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.
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., Vertec Biosolvents, Eastman Chemical Company, Yip’s Chemical Holdings Limited, INEOS AG, and Sasol Limited Group etc. The important players in the global ink solvents market are constantly focusing on the product innovation strategy in order to expand its product portfolio and increase their customer base in the developing nations. There is a moderate degree of competition among the established players in the global ink solvents market. Moreover, the key players are also strategically focused conforming a partnership and product launch in order to compete in the global ink solvents market and strengthen their foothold in the ink solvents market.
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