North American flexo inks market to grow at USD 3-billion until 2024

According to a recently report by Graphical Research, the North American flexographic printing inks market is estimated to exceed USD 3-billion by 2024. Increasing demand for flexographic printing inks in cosmetic packaging has been driving the market.

28 Aug 2019 | By Dibyajyoti Sarma

Increasing demand for inks in cosmetic packaging has been driving the market

For instance, the US cosmetic export in 2015 was over USD 2-billion in Asia Pacific countries such as Hong Kong, Japan, Korea, China, Malaysia, Vietnam, Thailand and Philippines. The US cosmetic export to China in 2015 was over USD 500-million. Further exports have increased as much as 62% in recent years among high potential markets such as Indonesia, China and Vietnam.

Meanwhile, the market growth is hindered by stringent government regulation on plastic packaging materials. Few of the government agencies, such as EPA and FDA, have implemented regulation limiting the applications of plastic packaging which may hinder market growth over the forecast timeframe.

US has been one of the leading markets of the industry, increasing usage of packaged food products in the region will substantially grow the market.

The flexible packaging market has significant CAGR. The segment is likely to grow due to rise in consumption of beverage products. For instance, in the 2017 report, American Cancer Society stated that about 50% of the population consumes sugary drinks. Such trends exhibit that North America flexographic printing inks market has brighter scope in beverage packaging industry.

Leading players present in the market are INX International Corporation, Wikoff Color Corporation, Sun Chemical Corporation, among others.

For details on the report, please visit Graphical Research.