Expansion in globalization and trade has increased the demand for continuous inkjet inks. These inks are known to sustain in harsh weather conditions when utilized for labeling any type of packaging. This has led to an increase in higher sales of continuous inkjets inks across several brands of food, beverage, electronics & electricals, pharmaceuticals, and other verticals.
The expansion trend of the continuous inkjet inks market is anticipated to be upward. The global market is expected to touch the market valuation of more than US$ 488.6 Mn towards 2030 end, reflecting a CAGR of 4.7% over the assessment period (2020-2030)
Key Developments & Product Innovations
Labels have exhibited their significance in the development and augmentation of a brand. This has encouraged the manufacturers to push their products to fit the requirements of their end-users. Needham Ink, in 2018, declared novel halal marking inks that indicated that the company is set to fortify its market in Islamic nations such as GCC and other Islamic Asian nations.
Additionally, Squid Inks, in March 2020, launched a variety of mineral oil-free inks that discharge less odor and offer surety of no harm to the printers. The no mineral label might aid the company to fit the criteria of a few novel markets, opening new roads for entry into markets.
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Key Takeaways of Market Study
- Food sector will be the foremost end-users of the market and is slated to hold 39.8% in the global market through 2030
- As a substrate, glass is anticipated to record a CAGR of 6.1% over the projected period 2020-2030
- Water-based inks anticipated to account for almost 50% of the global market, and touch slightly above US$ 220 Mn by 2030.
- Pharmaceuticals category amid the other end-use industries likely to hold 22.9% of the market share.
COVID-19 Impact Analysis
The businesses all over the globe are experiencing challenges and losses due to the global COVID-19 pandemic. Regionally, the US holds a noteworthy uptake of continuous inkjet inks. Conversely, the devastating impact of COVID-19 on this region has decelerated packaging activities, affecting the inks sales.
Europe is the second-majorly affected region by COVID-19 outbreak and the second-biggest user of continuous inkjet ink. United Kingdom, Spain, Germany, France, and Italy being the most effected nations are poised to undergo sluggish growth till circumstances get in control. However, import-export disruptions because of the pandemic situation have limited the accessibility of raw material supply which is the biggest challenge for companies.
North America expected to expand by 1.4X throughout 2020-2030. Absolute $ prospect in the North America market is estimated to be the US $ 28 Mn during the forecast period. East Asia is expected to have an incremental prospect of US$ 61.5 Mn during the forecast period with the presence of abundant ink producers.
The major participants contribute around one-fourth of the global market. Market participants are coming up with ink solutions, for instance, UV curable inks for the inkjet printers. Inkjet Inc., in July 2018, presented a novel category of UV invisible printer which has a particular invisible ink, which could be recovered a lot faster. Such innovations are ideal for OEM graphics that could be inked without hindering products to avert forging.
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