Ink Resin Market - Forecasts from 2024 to 2029

The ink resin market is projected to grow from US$2.337 billion in 2024 to US$2.902 billion in 2029 at a CAGR of 4.43%.

Ink resins have several applications across various industries due to their superior properties. These include stability, enriched gloss, high solvency, good flow, better surface appearance, and performance. The growth of the e-commerce industry and the growing demand for retail-ready packaging are the major factors propelling the demand for ink resins worldwide.

Rising automotive production and increased infrastructure spending will further stimulate the demand for these resins. Regions such as North America, Europe, and Asia Pacific are anticipated to show significant growth during the forecast period, fuelled by booming industrial productivity and a growing e-commerce industry.

Ink Resin Market Drivers:

• The rise in end-user demand drives the market growth.

Ink resins are widely employed in the packaging industry as they impart an important characteristic of finished packaging ink used for labeling. An increase in consumer spending and online shopping, along with the shift of consumer preference towards packaged food and other retailed products, is bolstering the demand for qualitative ink, thereby driving ink resin's demand.

Further, a rise in demand for ink resins for printing and publication is projected to create lucrative opportunities for the ink resins market in the future. Printing ink manufacturers use these resins as raw materials to provide significant characteristics to printing inks. The broad range of applications of ink resins in the different end-user industries verticals is expected to accelerate the ink resins market in the forecast period.

• Growing automotive production propels the overall market expansion.

Owing to their high-performance benefits, ink resins are used as binders, adhesives, and reinforcement agents for various automotive parts such as door panels, dashboards, and engine components. With the improvement in lifestyle and rapid urbanization followed by investment in technological innovation, the demand for new and fuel-efficient vehicles is experiencing a significant boom, owing to which overall production volume has also increased.

As per the data provided by the International Organization of Motor Vehicle Manufacturers, in 2023, global vehicle production stood at 93.54 million units, signifying a 10.26% increase over 2022's production scale. Additionally, the global vehicle sales reached 92.72 million units, which also witnessed an 11.8% increase over 2022's sales volume.

Besides the global level, automotive production & sales in major regions, namely Asia, the Americas, and Europe, also experienced positive growth. For instance, vehicle production experienced 10.17% growth in Asia in 2023, whereas the Americas and Europe witnessed 7.7% and 13.2% growth in their production volume.

• Technological innovations in printing have stimulated the market expansion.

Ink resin acts as a connection material, and owing to their low viscosity and excellent color saturation, such resins are majorly used in printing applications to achieve high-quality prints. Over the years, printing technology has witnessed a significant change, with innovations such as inkjet, offset flexo, digital, and cloud printing replacing traditional methods. With such upgrades, the demand for high-performance resins that offer fast turnaround and drying times has also increased, providing a new growth prospect to the overall market.

Companies such as DSM Corporation, BSF, Evonik Industries, and Dow Chemical Company are investing to optimize the growing market opportunity in major sectors. These include printing, packaging, and automotive, which has led these major players to invest in strategies such as product innovations and launches.

Ink Resin Market Restraints:

• The price volatility of raw materials will restrain the market expansion.

Ink resin, especially hydrocarbon-based resins, is heavily driven by crude oil. The fluctuating oil prices globally have made it difficult for ink resin manufacturers to maintain a proper raw material supply chain, hampering the overall production. Additionally, the growing digital shift, followed by the cost-intensive nature of technological innovations, has further restricted the expansion of the ink-resin market.

Ink Resin Market Geographical Outlook

• Asia Pacific and North America are poised to grow quickly.

In terms of geographical segmentation, the ink resins market can be segmented into North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The Asia Pacific region is expected to hold a significant share, which can be attributed to the bolstering growth in end-users, intense competition, and the availability of greater production capacity of ink resins in the region.

Major regional economies, namely India, China, South Korea, and Japan, among others, are witnessing positive growth in industrial productivity. Major sectors, such as automotive and manufacturing, are experiencing significant growth. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2023, China's automotive production witnessed 11.6% growth, whereas India, Japan, and South Korea experienced 7.3%, 14.8%, and 13.1% growth in production, respectively.

Likewise, according to the Department of Economic Affairs "Monthly Economic Review," in September 2023, India's Index of Industrial Production expanded by 5.8%, which witnessed a 2.5% increase over September 2022.

Ink Resin Market Key Developments

• July 2024: Hubergroup Chemicals announced to showcase a broad portfolio of tits UV inks and varnishes for offset printing at the eleventh "IST UV Days" in Germany. The presented portfolio will include products for non-absorbent substrates as well.
• February 2023: WACKER unveiled "VINNOL(R)," a new line of the company's solid resins suitable for printing inks, solvent-borne coating, and UV-curing systems. The resin's low viscosity can be applied to formulate paper, wood, and film coating.
• October 2022: DuPont unveiled a new set of digital commercial ink products, namely "Artistri(R) Brite P5500", "Artistri(R) Xite P2700", and "P3600 pigment inks". The new products will be used to print apparel and home furnishings.
• March 2022: ALTANA launched its two high-performance resin-based printing materials series, "High Material" and "Prototyping," which offer high heat deflection features and mechanical and other thermomechanical properties that make them ideal for 3D printing applications.

The Ink Resin market is segmented as follows:

By Resin Type

• Modified Rosin
• Hydrocarbon
• Acrylic
• Polyamide
• Polyurethane
• Others

By Technology

• Oil-Based
• Solvent-Based
• Water-Based
• UV-Curable

By End-User Industry

• Printing
• Paints and Coatings
• Manufacturing
• Automotive
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• UAE
• Israel
• South Africa
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Taiwan
• Others