LONDON--(BUSINESS WIRE)--The ink resins market is expected to grow by USD 962.48 million during 2020-2024, expanding at a CAGR of about 5%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Ink Resins Market: Increasing demand for flexible packaging in China to drive growth
Increase in economic development and the growth of the e-commerce sector has been driving the flexible packaging market in China. The country is home to some of the most successful and largest e-commerce brands such as Alibaba. China also has more than 5,000 convertor companies that are specialized in combining raw materials such as paper, plastic, cellulose, and aluminum and convert them to produce flexible packaging products. In addition, the country is witnessing increased demand for delicate and soft products made of glass and plaster of Paris that require flexible packaging. All these factors are contributing to the growth of the global ink resins market.
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As per Technavio, the rising demand for green-resins technology for offset ink makers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Ink Resins Market: Rising Demand for Green-resins Technology for Offset Ink Makers
Growing concerns over the use of plastics and the rising number of regulations regarding the use of plastic resins has increased the preference for green resins among end-users. This is compelling market vendors to introduce green resins made of recycled materials. For instance, Hexion offers a new resin platform for offset inks under the brand Eco-Rez that contains up to 12% higher renewable content than prior products. Similarly, LORAMA GROUP offers the Lorama Polysaccharide Resin Technology (LPRT) system, which aids in a significant saving of manufacturing costs with reduced VOC emissions. This will help manufacturers to meet environmental regulations and thus such developments are expected to have a positive impact on the growth of the global ink resins market during the forecast period.
“Growing demand for flexographic printing and increase in production and consumption of cosmetic products will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Ink Resins Market: Segmentation Analysis
This market research report segments the ink resins market by Process (Lithography printing, Flexography printing, Gravure printing, and Others) and Geography (APAC, Europe, North America, MEA, and South America).
The lithography printing segment led the global ink resins market in 2019. Vendors operating in the segment are focusing on the development of new variants of lithography-based printing solutions. In addition, the high demand for lithography printing from books, posters, newspapers, maps, and packaging papers is contributing to the overall growth of the segment.
The APAC region led the ink resins market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing demand for online shopping and packaged food and beverages in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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