Europe Ink Resins Market Size, Trends & Growth Opportunity, By Type (Modified Rosin, Hydrocarbon, Modified Cellulose, Acrylic, Polyamide, Polyurethane, Others) By Application, By Technology (Solvent-based, Oil-based, Water-based, UV-curable based), By Region and Forecast till 2027.
Europe Ink Resins Market
The Europe Ink Resins market was valued at US$ 850.00 Mn in 2020, estimated to reach US$ 1,450.00 Mn in 2027 with a CAGR of 6.23% from 2021-2027.
Market Drivers: Growing demand of packaged foods and R&D and innovation in the field of resin manufacturing is driving the market growth
Ink Resin market is growing due to its increasing application in the packaging industry. Specifically, food packaging market, where there is a huge demand of flexographic packaging. The outbreak of pandemic COVID-19 has enabled a sluggish growth to the region, but the demand of food packages in various hospitals, home-care settings have increased, which has maintained the growth of the market. The food packages required proper labelling and printing which has enabled the printing inks market which in-turn has also paved the way for the resin inks market towards the growth. Moreover, there is an innovation taking place in the field of resin manufacturing. These innovation is in the form of sustainable raw materials used in the ink resins manufacturing such as bio based polymers and other green materials, which are sustainable for the environment.
Market Challenges: Fluctuating crude oil prices, are restraining the market growth
The manufacturing of ink resins is principally based on the by-products of crude oil such as polyesters, polyamides, hydrocarbons among others. The price of crude oil has witnessed high rate of fluctuation over the decade, which has made the availability of raw materials scarce at some point of time in the region. Importing the raw material from different regions or countries, becomes expensive when compared to the return on investment of the final product. Thus, the stability of raw material is important for the smooth functioning of ink resin, consequently for the ink manufacturing business.
Market Opportunities: Increase in the demand for water-based inks will provide a growth prospect for the market
The growth of the market of water-based inks is expected to be driven by the high demand from the printing and packaging industry. The presence of sustainable raw materials in the water-based inks, which thereby emit less VOC, are some of the significant factors impacting the growth of the market. Water-based inks are used in the packaging of e-commerce products and a growth in the e-commerce industry will subsequently lead to a growth in demand for water-based inks. In Europe, e-commerce is a largely preferred retail format especially among the young shoppers who are inclined towards online shopping through their smartphones or gadgets. E-commerce and m-commerce have witnessed a rapid propagation across the globe and this has augmented the need for e-commerce packaging. A growth in the e-commerce packaging industry, it is expected to significantly drive the market in the forecast period. These factors have also impacted the growth of the ink resins market in the region.
Impact of COVID-19 on Europe Ink Resins Market
Ink resin market has witnessed a negative impact of the outbreak of COVID-19 virus, in the European region. The market has faced serious effects due to lockdown or shutdown guidelines issued by the various government to avoid the spread of virus. The complete shutdown of the manufacturing industry during first two quarters of 2020, has impacted the ink resin manufacturing industry, significantly. The outbreak of pandemic has enabled the cost of raw materials to increase. The market has also witnessed an inflation in the prices of basic needs. Although, the ink resin manufacturers have diverted there businesses into finding a sustainable, demanding and trend-worthy ways to make up for the loss it had experienced in the past.
Europe Ink Resins Market, By Resin Type
The Ink Resin market by type is categorized into Modified Rosin, Hydrocarbon, Modified Cellulose, Acrylic, Polyamide, and Polyurethane and among others. The Modified Rosin type segment is expected to command the largest share of the global Ink Resin systems market in 2020. This growth is due to ease of the availability related to the modified rosin.
Europe Ink Resins Market, By Application
The Ink Resin market is expected to grow at moderate rate over the forecast period due to factors such as increasing demand for packaged food and beverages is expected to be a major contributing factor to ink resins market growth over the analysis period. Based on application, the Europe Ink Resin market is segmented into Printing & Publication and Flexible Packaging, Corrugated Cardboards & Cartons, and among others. Flexible packaging are expected to command the larger share of the Ink Resin market, by Application, in 2020. Demand of flexible packaging boxes in the packaged food industries is driving the growth of the flexible packaging segment.
Europe Ink Resins Market, By Technology
On the basis of technology, the market is segmented into Solvent-based, Oil-based, Water-based and UV-curable based. Solvent based technology is expected to dominate the market owing to the high viscosity and functionality offered by the solvents. Water based inks are expected to grow at a significant rate owing to the presence of sustainability factors and less VOC emissions in the solvent based technology.
Europe Ink Resins Market, By Region
The countries considered for the study of Germany, France, the U.K., Turkey, Switzerland, Norway, Sweden, Spain, Denmark, Finland, Iceland, Poland, Luxembourg, Netherlands, and Belgium.
The countries such as Germany, The U.K, Netherlands, and Italy are the prime countries in the Ink Resin market. The market is witnessing an increase in the growth due to an increase in the demand in flexographic packaging which are used in food packaging segment.
Recent Developments:
In April 2019: Evonik Industries had expanded production capacities for transparent polyamides (TROGAMID CX brand) in Marl Chemical Park (Germany). The aim of this project to double the specialty chemicals company’s capacity for its transparent, high-performance materials.
Key Players
Various key players are listed n this market report such as BASF SE, Royal Dsm N.V., The Dow Chemical Company, Evonik Industries, Arakawa Europe GmbH, Indulor Chemie GmbH, Huber Group, United Resins SA, Sericom Italia, Sun Chemical, etc.
Market Taxonomy
By Type
- Modified Rosin
- Hydrocarbon
- Modified Cellulose
- Acrylic
- Polyamide
- Polyurethane
- Others
By Application
- Printing & Publication
- Flexible Packaging
- Corrugated Cardboards & Cartons
- Others
By Technology
- Solvent-based
- Oil-based
- Water-based
- UV-curable based
By Country
- Germany
- UK
- France
- Turkey
- Switzerland
- Norway
- Sweden
- Spain
- Italy
- Denmark
- Finland
- Iceland
- Poland
- Luxembourg
- Netherlands
- Belgium
Key Questions Addressed by the Report
- What are the Key Opportunities in Europe Ink Resins Market?
- What will be the growth rate from 2020 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
Table of Contents
Companies Mentioned
- BASF SE
- Royal Dsm N.V.
- The Dow Chemical Company
- Evonik Industries
- Arakawa Europe GmbH
- Indulor Chemie GmbH
- Huber Group
- United Resins SA
- Sericom Italia
- Sun Chemical
