(EMAILWIRE.COM, March 27, 2024 ) According to the latest analysis by Virtue Market Research, the Global Water-based Inkjet Inks Market was valued at $9.39 Billion in 2023 and is projected to reach a market size of $11.71 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 2.8%.
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The global water-based inkjet inks market is experiencing significant growth, driven by various factors that are shaping its trajectory over the long term. One key market driver is the increasing demand for environmentally friendly printing solutions. As environmental concerns continue to rise, industries are shifting towards sustainable practices, including the use of water-based inks that have lower VOC emissions and are less harmful to the environment compared to solvent-based inks. This long-term trend is expected to fuel the growth of the water-based inkjet inks market as more industries adopt eco-friendly printing solutions.
The COVID-19 pandemic has had a mixed impact on the water-based inkjet inks market. While the initial lockdowns and disruptions in supply chains posed challenges for the market, there has been a resurgence in demand as economies have reopened. The pandemic has also highlighted the importance of hygiene and safety, leading to increased demand for packaging and labeling, which are major end-users of water-based inkjet inks. Overall, the market has shown resilience during the pandemic and is expected to recover and grow steadily in the coming years.
In the short term, a key market driver for water-based inkjet inks is the growing popularity of digital printing technologies. Digital printing offers several advantages over traditional printing methods, including faster turnaround times, lower costs for short print runs, and the ability to customize prints easily. As industries increasingly adopt digital printing technologies, the demand for water-based inkjet inks is expected to rise, driving market growth in the short term.
One major opportunity in the water-based inkjet inks market is the growing demand for sustainable packaging solutions. With increasing awareness about environmental issues, consumers are seeking products that are packaged in eco-friendly materials. Water-based inkjet inks offer a sustainable solution for printing on packaging materials, as they are non-toxic and do not emit harmful chemicals. This presents a significant opportunity for manufacturers of water-based inkjet inks to capitalize on the growing demand for sustainable packaging solutions.
A trend observed in the water-based inkjet inks market is the development of innovative products with enhanced performance characteristics. Manufacturers are focusing on improving the color gamut, print quality, and durability of water-based inks to meet the evolving needs of customers. Additionally, there is a trend towards the development of water-based inks that are compatible with a wide range of substrates, allowing for greater versatility in printing applications. This trend towards innovation is expected to drive market growth and provide new opportunities for players in the water-based inkjet inks market.
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Segmentation Analysis:
The global Water-based Inkjet Inks Market segmentation includes:
By Type:
• Dye-based Inks
• Pigment-based Inks
• Hybrid Inks
The largest segment by type in the global water-based inkjet inks market is Pigment-based Inks. Pigment-based inks offer higher lightfastness, water resistance, and durability compared to dye-based inks, making them suitable for outdoor uses and prints that require longevity. They are commonly used in printing fine art, fabrics, labels, and packaging, contributing to their significant market share.
The fastest-growing segment by type is Hybrid Inks. Hybrid inks combine the benefits of both dye-based and pigment-based inks, offering color brightness and tensile strength. They are increasingly used in textiles, packaging, signs, and graphics, driving their rapid growth in the water-based inkjet inks market.
By Printer Type:
• Desktop Inkjet Printers
• Large Format Inkjet Printers
• Industrial Inkjet Printers
The largest segment by printer type in the global water-based inkjet inks market is Large Format Inkjet Printers. Large format printers are designed to print on larger-sized media such as banners, posters, and signs, requiring water-based inks that offer vivid colors, good print quality, and longevity on diverse substrates. This contributes to the significant market share of large format inkjet printers in the water-based inkjet inks market.
The fastest-growing segment by printer type is Industrial Inkjet Printers. Industrial inkjet printers are used for various industrial applications including packaging, textiles, and ceramics. The demand for high-quality prints, color accuracy, adhesion, and durability on various surfaces is driving the use of water-based inkjet inks in industrial printers, leading to their rapid growth in the market.
By End User:
• Packaging and Labeling
• Textiles and Apparel
• Advertising and Graphics
• Publishing and Media
• Ceramics and Glass
• Others
The largest segment by end-user in the global water-based inkjet inks market is Textiles and Apparel. Water-based inkjet inks are widely used in the textile sector for printing on a variety of textiles including apparel, home goods, and accessories. The brilliant colors, high color penetration, and washability of water-based inks make them ideal for textile printing, contributing to their significant market share.
The fastest-growing segment by end-user is Ceramics and Glass. Water-based inkjet inks are used in the ceramics and glass sectors for printing on glass panels, ceramic tiles, and other substrates. The high-quality prints with exceptional adherence and durability produced using water-based inks are driving their rapid growth in the ceramics and glass industries.
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Regional Analysis:
The largest segment by region in the global water-based inkjet inks market is North America. The presence of well-known companies in the printing sector, technological advancements, and a high adoption rate of digital printing technologies are driving the demand for water-based inkjet inks in North America. Industries such as packaging, textiles, advertising, and publishing are major drivers of the market in this region.
The fastest-growing segment by region is Asia Pacific. The expanding use of digital printing technology, growth of the packaging and advertising sectors, and market potential in countries like China, Japan, and South Korea are driving the rapid growth of the water-based inkjet inks market in Asia Pacific. Industries such as textiles, advertising, and packaging are major contributors to the growth of the market in this region.
Latest Industry Developments:
1. Focus on Research and Development: Companies in the water-based inkjet inks market are increasingly focusing on research and development (R&D) to develop innovative products with improved performance characteristics. Recent developments in R&D have led to the introduction of water-based inks that offer enhanced color gamut, print quality, and durability. These innovations help companies differentiate their products in the market and attract customers looking for high-performance printing solutions.
2. Strategic Collaborations and Partnerships: Another trend in the market is the increasing number of collaborations and partnerships between companies to enhance their market share. By collaborating with technology providers, manufacturers can access new technologies and expertise to improve their product offerings. Additionally, partnerships with distributors and retailers help companies expand their market reach and increase their sales channels. Recent collaborations and partnerships have led to the development of new products and expanded distribution networks, contributing to market growth.
3. Expansion into Emerging Markets: Companies are also expanding their presence in emerging markets to enhance their market share. Emerging markets offer significant growth opportunities due to increasing industrialization, urbanization, and disposable incomes. By expanding into these markets, companies can tap into new customer bases and increase their sales volumes. Recent developments in this area include the establishment of manufacturing facilities and distribution networks in emerging markets, allowing companies to better serve local customers and strengthen their market position.
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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.