Screen Printing Inks Market Trends
Growth Drivers
- Rising Sales of Automobiles – Cars, aircraft window and dashboard printing and decoration employing fabrics and emulsions/capillary films often need high-quality screen printing inks with good resistance as a major component.
According to estimates, global auto sales increased by over 66 million units sold in 2021. - Growing Demand for Home Decor- The flexible screen printing inks can be used for producing several home décor products including wallpapers which are the most cost-effective version of hand-screen printed wallpapers.
Challenges
- Higher Cost of Screen Printing - Screen printing is more expensive than other printing techniques as it utilizes different coloured inks, and not printing a large quantity of goods at once make it a labor-intensive procedure. Moreover, it is also an expensive kind of art as people have to pay the artist for their time if they are not doing the work by themselves. Therefore, the demand for screen printing is expected to get hampered as many people struggle with the budget required for screen printing.
- Regulations on the Usage of Volatile Organic Chemicals
- Competition Faced by the Availability of other Printing Methods
Screen Printing Inks Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
2.6% |
|
Base Year Market Size (2024) |
USD 677.41 billion |
|
Forecast Year Market Size (2037) |
USD 945.73 billion |
|
Regional Scope |
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