UV Curable Ink Market Expected to Reach $12.4 Billion by 2031—Allied Market Research

The global UV curable ink market was valued at $4.5 billion in 2021, and is projected to reach $12.4 billion by 2031, registering a CAGR of 10.8% from 2022 to 2031

UV ink is a typical printing ink that utilizes ultra-violet light to cure the inks as it is printed. The curing or drying arises through the process of chemical photosynthesis. Rise in demand for curable inks from the food & beverage is a key factor boosting the growth of  the global UV curable inks market . Increase in popularity of 3D printing is anticipated to help the UV curable ink market gain significant revenues during  the forecast period.

Increase in need for digital painting, surge in growth  of printing industry for improving efficiency with low consumption cost, and growth in packaging industries fuel the growth of the UV cure inks market during the forecast period. Moreover, growth of automotive industry, owing to increase in the sales, maintenance, and repair of vehicles across the globe boosts the demand for UV curable inks during  the forecast period.

In contrast, high regulation on disposal, decline in growth of the printing industry, and high initial costs are the possible restraints hampering the market growth. However, continuous innovation in printing inks and the development of flexographic printing are expected to offer favorable growth opportunities.

The global UV curable ink market profiles leading players that include Teikoku Printing Inks Mfg. Co., Ltd, Maxell, Ltd, Flint Group, Gans Ink & Supply Co, Marabu GmbH & Co. KG, Kao Collins Corporation, Spinks World , NUtec Digital Ink, RUCO Druckfarben, and Toyo Ink SC Holdings Co., Ltd

The UV curable ink market is segmented on the basis of type, end-use, and region. On the basis of type, the market is categorized into offset ink, flexo Ink, screen printing, digital printing, inkjet, and others. The offset ink segment dominated the global market in terms of revenue in 2021, with  35.1% of the total share. This is attributed to the fact that UV-curable offset inks offer several advantages over traditional solvent-based inks such as fast-drying, which allows for increased printing speeds and reduced production time. 

By end use, the publication & printing segment accounted for the largest share of 50.1% in 2021 and is expected to continue its dominance during the forecast period. This is attributed to the development of the publication & printing industry across the globe which in turn is expected to provide great opportunities for the global UV curable ink market. For instance, as per the European Commission, the printing enterprises of Europe generate an annual turnover of about $98.86 billion from printing on paper, plastics, or textiles.

Region-wise, the UV curable ink market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe is leading in the global UV cured inks market with a market share of 38.5% in 2021. While Asia-Pacific is expected to grow at the highest CAGR of 10.9% during the forecast period owing to rise in  demand for 3D printing and growth in environmental awareness among  the population in the Asia-Pacific is expected to boost the demand for UV curable printing in the Asia-Pacific during the forecast period. Asia Pacific is expected to be the fastest growing region over the forecast period.

China's consumer goods sector is increasing rapidly, which in turn has enhanced the performance of the UV curable ink market in the region. According to a report published by the United Nations Statistics Division, China witnessed around 28.7% of the global manufacturing output for consumer products in 2019. Furthermore, countries such as India and China are witnessing a rapid increase in the textile sector where UV curable ink is employed for 3D printing applications.

KEY FINDINGS OF STUDY

• By type the offset Ink segment dominated the market in 2021 contributing more than two-sixths of the market.
• By end-use, the publication & printing segment emerged as the global leader by acquiring around half of the market share in 2021 in terms of revenue and is anticipated to show a significant growth rate over the forecast period.
• Region-wise, Europe is the major consumer of UV curable inks among other regions. It accounted for around 40% of the global market share in 2021 and Asia-Pacific is expected to witness a lucrative growth rate over the forecast period.

COVID-19 Impact on Market

• During the COVID-19 pandemic, the UV curable inks industry was impacted in terms of distribution and logistics, due to lockdown across the globe. UV curable inks production and distribution ceased, owing to the economic downturn due to the pandemic.
• The COVID-19 pandemic disrupted the consumer goods, automobile, and publication & printing industries, resulting in reduced usage of UV curable inks in these industries.
• The global COVID-19 pandemic delayed the import & export of UV curable inks due to varied economic and legal limitations across the globe. As a result, the UV curable inks market impacted moderately in 2020. However, by the start of 2021, all the industries resumed their operation due to which the demand for UV curable inks improved in the consumer goods, automobile, and publication & printing industries.