The ink resins market is projected to grow from USD 3.3 billion in 2021 to USD 3.8 billion by 2026, at a CAGR of 3.4% between 2021 and 2026. Increasing environmental protection standards for the printing ink industry, growth of packaging and energy curable inks industries, increasing demand for UV-cured inks, and new resin technologies are the key factors contributing to the growth of the ink resins market. However, increasing demand for e-books, stringent environmental regulations against VOC, and price rise of ink resin feedstock hinder market growth. The major opportunities in the ink resins market are in emerging markets such as India, China, Brazil, and Mexico. The printing industry in Asia Pacific, South America, and the Middle East & Africa is expected to have a good growth rate during the forecast period. Simultaneously, increasing environmental protection standards are expected to have a positive demand due to their environmental benefits.
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The key market players are Lawter (US), BASF SE (Germany), Covestro AG (Germany), The Dow Chemical Company (US), Evonik Industries AG (Germany), Kraton Corporation (US), Arakawa Chemical Industries, Ltd. (Japan), Hydrite Chemical Co. (US), Indulor Chemie GmbH (Germany), and IGM Resins (Netherlands). These players have adopted various strategies, such as acquisition, expansion, agreement and research & development to grow in the market. Agreement was the key strategy adopted by the major players between 2017 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.
BASF SE has 11 divisions that are aggregated into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions, based on its business models. Ink resins are offered under the Industrial Solutions segment. In April 2021, Azelis made public its new distribution agreement with BASF, effective immediately, for the dispersions, additives, and resins ranges in Australia & New Zealand (ANZ). The products subject to the agreement are commonly used in coatings, adhesives, sealants, and elastomers (CASE), and construction applications.
The Dow Chemical Company is headquartered in Michigan, US, and operates 106 manufacturing sites in 31 countries globally with approximately 35,700 employees working in three main segments: Packaging and Specialty Plastics, Industrial Intermediates and Infrastructure, and Performance Materials and Coatings. Ink resins are offered under the Performance Materials and Coatings segment. The company’s manufacturing, processing, marketing, and R&D facilities, as well as regional purchasing offices and distribution centers, are spread across the world.
The synthetic paper market is set to grow at a significant CAGR during the forecast period.
Features of synthetic paper are indoor/outdoor uses, achievability, lamination feasibility, time needed for ink drying and surface adhesion.
Synthetic paper is a blend of calcium-carbonate and polypropylene resin.
This results in the fabrication of paper not only with printing but also results in durability and tear resistance of plastic.
Rising investment in the construction sector helps in development of market growth.
China and India hold a larger market size with increasing emphasis on eco-friendly products mainly in the tag and label category.
