Ink Resin Market Size, Share, Opportunities, And Trends By Resin Type (Modified Rosin, Hydrocarbon, Acrylic, Polyamide, Polyurethane, Others), By Technology (Oil-Based, Solvent-Based, Water-Based, UV-Curable), By Industry Vertical (Printing, Paints And Coating, Manufacturing, Automotive, Others), And By Geography - Forecasts From 2022 To 2027

The ink resin market is expected to reach US$2.685 billion by the end of 2027, increasing from US$1.926 billion in 2020, and growing at a CAGR of 4.86% during the forecast period.

Ink resins have a number of applications across various industries due to their superior properties such as stability, enriched gloss, high solvency, good flow, better surface appearance, and performance. The growth of the e-commerce industry and the growing demand for retail-ready packaging are the major factors propelling the demand for ink resins worldwide. Rising automotive production and an increase in infrastructure spending will further add impetus to the demand for these resins. The Asia Pacific held a significant market share and is projected to grow at an impressive rate owing to rising disposable income, an increase in infrastructure spending, and a budding e-commerce industry during the forecast period.

Rise in demand for Ink resins to drive market growth

Ink resins are widely employed in the packaging industry, due to an increase in consumer spending and online shopping along with the demand for processed and packaged foods and beverages. The shift of consumer preference towards packaged food and other retailed products, along with the need to maintain proper brand sentiment among consumers toward the product, is projected to fuel the demand for higher-quality printing inks. Rising demand for packaging usage in a variety of applications is estimated to further catalyze the global ink resins market in the next few years. Further, a rise in demand for ink resins for printing and publication is projected to create lucrative opportunities for the ink resins market in the future. Printing ink manufacturers use these ink resins as raw materials to provide significant characteristics to printing inks. These characteristics encapsulate high solid content, gloss, viscosity, and improved pigment wetting. The broad range of applications of ink resins in the different end-user industries verticals is expected to accelerate the ink resins market in the near future.

Restraints

It is expected that the market growth for ink resins will be hampered by the escalating raw material costs and price fluctuations. In addition, the fluctuating price of crude oil, the shift from a traditional to a digital economy, and the cost-intensive nature of technological innovations are some of the major factors that are anticipated to restrain market growth over the course of the forecast period.

Geographical insights

In terms of geographical segmentation, the ink resins market can be segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific region is expected to hold a dominant share of the global ink resins market, followed by Europe, and North America, during the projected period. This can be attributed to the intense competition and the availability of greater production capacity of ink resins in the Asia Pacific region. China accounted for a substantial share of the demand and production of these ink resins in this region. Rising economic growth in emerging economies of the region, such as China and India, is predicted to propel the market in the next few years. North America is considered the second leading market in the worldwide ink resins market after Asia-Pacific. The US is augmenting the market in this region, which is credited to the tremendous demand for packaged food, as well as other retail items and the developing food and beverages industry. Europe is another region that has a considerable share of the global ink resins market. Significant contributors to the regional market are Germany, France, the UK, and Switzerland, despite the fact that the area is foreseen to witness moderate development during the projected period due to slower development of end users and economic slowdown. South America is expected to account for a noteworthy CAGR due to the stimulating economy and soaring growth latent of Brazil and Mexico. Further, in the forecasted years, the market in the Middle East and Africa region is set to grow at an impressive CAGR owing to the lucrative opportunities offered by the travel industry.

COVID-19 impact on the Ink Resin Market

The COVID-19 pandemic outbreak had a significant negative impact on the ink resins market globally. Disposable income for a lot of people decreased as a result of the outbreak of the coronavirus across many different countries. According to the UN International Labour Organisation, in January 2021, about 255 million jobs in 2020 were affected worldwide, resulting in layoffs or reduced work hours, which resulted in a decline of 8.3% in global income throughout 2020. As a result, demand for many retail items in addition to packaged goods decreased, which in turn had a significant impact on the demand for these ink resins in printing. Multiple manufacturing plants had to suspend or, in some cases, scale down industrial operations as a result of the lockdowns ordered by the governments, which had a significant negative impact on the demand for ink resins on the global market.

Segmentation

The ink resin market has been analyzed through the following segments:

• By Resin Type
  • Modified Rosin
  • Hydrocarbon
  • Acrylic
  • Polyamide
  • Polyurethane
  • Others
• By Technology
  • Oil-Based
  • Solvent-Based
  • Water-Based
  • UV-Curable
• By Industry Vertical
  • Printing
  • Paints and Coating
  • Manufacturing
  • Automotive
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • UAE
    • Israel
    • South Africa
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Taiwan
    • Others