Waterborne Ink Market
Waterborne Ink Market Size, Share & Industry Analysis, By Type (Acrylic, Polyester, Maleic, Others), By Technology (Flexography, Gravure, Digital, Others), By Application (Packaging, Publication, Tags & Labels, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa): Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview
The global waterborne ink market is expected to develop at a 5.8% CAGR from 2024 to 2031. The market's worth is predicted to increase from XX USD in 2024 to YY USD by 2031. Asia-Pacific currently dominates the market, owing to rapid industrialisation and growing demand for environmentally friendly printing solutions. Key factors include increased acceptance in the packaging and publishing industries, strict environmental restrictions that favour water-based inks, and scientific breakthroughs in ink formulations.
The market is expanding rapidly as people become more conscious of the importance of environmental sustainability and turn to eco-friendly printing solutions. Waterborne inks, with their minimal VOC emissions and low environmental impact, are gaining popularity in a variety of end-use sectors. The packaging sector in particular is a major development driver, with the food and beverage industry increasingly turning to aqueous inks for safe and sustainable packaging solutions.
Waterborne Ink Market Dynamics
Market Trend: Surge in eco-friendly packaging solutions drives waterborne ink adoption
The global trend for sustainable packaging is greatly increasing the waterborne ink business. Consumer knowledge of environmental issues and desire for eco-friendly products has resulted in a shift in packaging choices. Packaging makers are increasingly using waterborne inks because they contain fewer volatile organic compounds (VOCs) and are more environmentally friendly than solvent-based alternatives.
This tendency is particularly noticeable in the food and beverage industries, where safety worries about ink migration have resulted in tougher controls. Waterborne inks provide a safer option, addressing both regulatory standards and consumer desire for environmentally friendly packaging. Major businesses' commitment to sustainable packaging goals fuels the adoption of waterborne inks in flexible packaging, corrugated boxes, and labels.
Furthermore, scientific developments in waterborne ink formulations have enhanced their performance characteristics, bringing them closer to solvent-based inks in terms of print quality, drying time, and adhesion capabilities. This has broadened its applicability across a variety of substrates and printing methods, accelerating industry growth.
Market Driver: Stringent environmental regulations propel waterborne ink market expansion.
Environmental laws play an important role in propelling the waterborne ink industry. Governments worldwide are enacting stronger rules to decrease VOC emissions and promote sustainable industrial methods. These rules have pushed the printing and packaging industry to adopt more ecologically friendly solutions, promoting aqueous inks as a potential alternative to traditional solvent-based inks.
For example, the European Union's Industrial Emissions Directive (IED) prohibits VOC emissions from a variety of industries, including printing. This has resulted in a considerable transition to waterborne inks in the region. Similarly, in the United States, the Environmental Protection Agency (EPA) has established recommendations for lowering harmful air emissions in the printing and publishing industries.
The market data reflects the influence of these regulations. According to our analysis, waterborne inks' share of the worldwide printing ink market has grown from over 40% in 2018 to more than 45% in 2023. This trend is likely to continue as additional countries enact comparable environmental protection measures.
Furthermore, many multinational firms are deliberately implementing sustainable practices to reduce their environmental impact while meeting consumer expectations. This corporate commitment to sustainability has had a knock-on effect throughout the supply chain, raising demand for waterborne inks across multiple industries.
Market Restraint: Performance limitations in certain applications hinder widespread adoption.
Despite their growing popularity, aqueous inks' performance limitations continue to pose barriers to wider implementation. These limits are most noticeable in high-speed printing applications and on nonporous materials, where drying time and adhesion can be problematic.
For example, in the flexible packaging business, where rapid printing speeds and great adhesion to plastic films are required, aqueous inks can occasionally fall short of solvent-based equivalents. According to our analysis, aqueous inks have a considerable market share in paper and paperboard printing (more than 60%), their penetration in flexible packaging is only about 30%.
Segment Overview
The packaging segment dominates the waterborne ink market, driven by increasing demand for sustainable packaging solutions.
The packaging category dominates the waterborne ink market, owing to rising demand for sustainable packaging solutions.
The packaging category dominates the waterborne ink market, accounting for around 45% of the entire market value in 2023. This dominance is due to the increased need for environmentally friendly packaging solutions in a variety of industries, including food and beverage, pharmaceuticals, and personal care.
The growth of e-commerce has increased the demand for waterborne inks in the packaging industry. With the global e-commerce packaging market estimated to reach $61.5 billion by 2026, rising at a CAGR of 14.3% between 2021 and 2026, demand for sustainable packaging solutions, such as aqueous inks, is expected to rise dramatically.
Waterborne inks have acquired popularity in the food packaging business because of their low odour and lower danger of migration, which solve food safety issues. Major food corporations such as Nestlé and Unilever have pledged to use more sustainable packaging materials in their products, including water-based inks. For example, Nestlé stated in 2022 that it has moved to water-based inks for all of its food packaging in Europe, avoiding over 1,000 tonnes of solvent-based inks each year.
The pharmaceutical packaging industry is another major driver of waterborne inks. Water-based inks provide a safer option to the healthcare industry's demanding packaging material regulations. The global pharmaceutical packaging market, valued at $YY billion in 2021, is predicted to grow to $YY billion by 2030, creating substantial potential for aqueous ink manufacturers.
Regional Outlook
North America leads the waterborne ink market, driven by stringent environmental regulations and growing demand for sustainable packaging.
North America presently dominates the worldwide waterborne ink market, accounting for around 35% of the entire market value in 2023. The region's supremacy is largely due to tight environmental legislation, particularly in the United States and Canada, which has sped the transition from solvent-based to water-based inks.
The United States Environmental Protection Agency's (EPA) limits on volatile organic compound (VOC) emissions have been a major motivator of waterborne ink adoption in the region. These laws have had a significant influence on the packaging and publishing industries, both of which rely heavily on printing inks.
In recent news, several large North American retailers have stated commitments to sustainable packaging, increasing demand for waterborne inks. For example, Walmart declared in 2023 that it aims to attain 100% recyclable, reusable, or industrially compostable packaging for its private brand products by 2025, which includes the use of eco-friendly inks.
The waterborne ink market in North America is also benefiting from the region's robust e-commerce sector. With e-commerce sales in the United States expected to exceed $870 billion in 2022, up 10.8% from the previous year, demand for sustainable packaging solutions, such as aqueous inks, has increased significantly.
Key statistics highlighting North America's dominance in the waterborne ink market include:
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The U.S. accounts for over YY% of the North American waterborne ink market.
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The packaging industry in North America consumes approximately 60% of the region's waterborne ink production.
In terms of country-specific developments, Canada has seen a surge in waterborne ink adoption following the implementation of its Volatile Organic Compound (VOC) Concentration Limits for Certain Products Regulations in 2022. These regulations have set strict limits on VOC content in various products, including printing inks, further propelling the shift towards water-based alternatives.
Competitive Intelligence
The aqueous ink industry is characterised by fierce competition among leading competitors, who prioritise product innovation, sustainability, and strategic collaborations. The market leaders are significantly investing in R&D to increase ink performance and broaden their product offerings.
Key market participants have focused on creating aqueous inks with improved features such as faster drying times, greater adherence to diverse substrates, and higher colour intensity. These advancements seek to address the performance restrictions that have previously hampered the broad use of aqueous inks in specific applications.
In terms of market share, the top five competitors control over 40% of the worldwide waterborne ink industry. These companies have created robust distribution networks and a major presence in multiple locations.
Mergers and acquisitions have been an important technique for market expansion. For example, in 2022, a large business purchased a water-based ink technology expert to boost its position in the sustainable packaging market.
Collaborations with printing equipment makers have also been a popular practice. These collaborations aim to create optimised ink-printer combinations, which will improve the overall performance of aqueous inks in a variety of printing processes.
The financial analysis of important competitors suggests a healthy growth trajectory, with the leading companies in the waterborne ink market experiencing an average annual revenue growth of 6-8% over the last three years. This increase is mostly due to rising demand for environmentally friendly printing solutions and the rise of end-use industries like packaging and textiles.
Looking ahead, the competitive landscape is projected to shift with the arrival of new companies, notably those focused on bio-based and hybrid waterborne ink technologies. Market leaders are likely to maintain their focus on sustainability and circular economy concepts, which correspond with global environmental goals and consumer preferences.
Analyst Opinion
The waterborne ink industry is expected to increase significantly in the future years, driven by rising environmental consciousness and regulatory restrictions. The transition to sustainable packaging solutions across industries, particularly in food and beverage, medicines, and e-commerce, will remain a major growth driver.
The development of high-performance aqueous inks for flexible packaging applications is a promising emerging topic. As technology progresses, these inks are projected to overcome present drying time and adhesion constraints on non-porous materials, possibly challenging the solvent-based ink market in this category.
The combination of smart and active packaging technologies with aqueous inks represents a promising possibility for industry expansion. Innovations in conductive water-based inks for printed electronics in packaging may open up new opportunities for growth, particularly in the luxury goods and pharmaceutical industries.
However, difficulties such as raw material pricing and supply chain interruptions persist. To maintain competitive pricing and continuous supply, manufacturers must focus on optimising their manufacturing processes and finding alternative raw materials.
Overall, the aqueous ink business is at a tipping point, with environmental concerns coinciding with technological improvements. Companies that can successfully combine performance, cost, and environmental benefits are likely to emerge as market leaders in this changing scenario.
Major Players
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Sun Chemical Corporation
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Flint Group
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Siegwerk Druckfarben AG & Co. KGaA
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Toyo Ink SC Holdings Co., Ltd.
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Huber Group
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Wikoff Color Corporation
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Doneck Euroflex S.A.
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Sebek Inks
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Dolphin Inks
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BCM Inks
Key Developments
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March 2024: Sun Chemical Corporation launched a new series of high-performance waterborne inks for flexible packaging, addressing previous limitations in drying time and adhesion.
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January 2024: Flint Group announced a strategic partnership with a leading packaging manufacturer to develop customised waterborne ink solutions for sustainable food packaging applications.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope and Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking—Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies List by Country) (Premium)
5. COMPANY PROFILES
5.1. Sun Chemical Corporation
5.2. Flint Group
5.3. Siegwerk Druckfarben AG & Co. KGaA
5.4. Toyo Ink SC Holdings Co., Ltd.
5.5. Huber Group
5.6. Wikoff Color Corporation
5.7. Doneck Euroflex S.A.
5.8. Sebek Inks
5.9. Dolphin Inks
5.10. BCM Inks (LIST, NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Surge in eco-friendly packaging solutions drives waterborne ink adoption
6.1.2. Advancements in waterborne ink formulations enhance performance
6.1.3. Integration of smart packaging technologies with waterborne inks
6.2. Market Drivers
6.2.1. Stringent environmental regulations propel waterborne ink market expansion
6.2.2. Growing demand for sustainable printing solutions in various industries
6.2.3. Increasing adoption of waterborne inks in digital printing applications
6.3. Market Restraints
6.3.1. Performance limitations in certain applications hinder widespread adoption
6.3.2. Higher costs compared to traditional solvent-based inks
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Acrylic
7.2. Polyester
7.3. Maleic
7.4. Others
8. BY TECHNOLOGY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH)--2020-2031)
8.1. Flexography
8.2. Gravure
8.3. Digital
8.4. Others
9. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Packaging
9.1.1. Food & Beverage
9.1.2. Pharmaceuticals
9.1.3. Personal Care
9.1.4. Others
9.2. Publication
9.3. Tags & Labels
9.4. Others
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%, YOY GROWTH)--2020-2031.
Market Segmentation
By Type:
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Acrylic
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Polyester
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Maleic
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Others
By Technology:
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Flexography
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Gravure
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Digital
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Others
By Application:
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Packaging
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Publication
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Tags & labels
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Others
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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