UV Curable Ink Market Research, 2031
The global UV curable ink market was valued at $4.5 billion in 2021, and is projected to reach $12.4 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031.
Report Key Highlighters:
- The UV Curable ink market study covers 20 countries. The research includes a segment analysis of each country in terms of both value ($million) and volume (tons) for the projected period 2021-2031.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
- Over 3,700 product literatures, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the market.
- The UV Curable ink market is highly fragmented, with several players including 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. Also tracked key strategies such as acquisitions, product launches, mergers, expansion etc. of the players operating in the UV Curable ink market.
UV curing ink is specially formulated ink that stays liquid until it is exposed to strong ultraviolet light for curing. The UV light cross-links with the constituents in the ink and gets converted into a strong polymer. This reaction is very instant. UV curable ink does not depend on absorption into substrates for drying as it does not contain solvents.
Increase in demand for UV curable ink in several printing applications, owing to superior characteristics, such as low volatile organic compound content, reduced drying time, and high bonding qualities are anticipated to propel the market growth. Technological advancements in the field have decreased the risk of fading, bubble formations, and de-lamination which are expected to drive the growth of the market. The UV curable ink possesses low viscosity, therefore, decreases wastage by lower penetration into the printing materials. In addition, due to low viscosity, these may also be utilized for application on rigid surfaces, hence increasing the demand for UV curing ink.
The UV curable ink market is likely to witness noteworthy growth, owing to its bio-compatible properties. Low pollutant emission, low energy usage essential for product manufacturing, and waste reduction are anticipated to have a positive impact on market growth. Furthermore, surge in productivity and increase in printing throughput offered by UV curable inks are anticipated to drive the growth of UV curable inks market during the forecast period.
However, volatile raw material prices hinder the UV curable inks market growth during the forecast period. Moreover, increase in demand for ultraviolet inks in 3D printing for consumer goods, medical, and automotive applications is anticipated to drive the market growth during the forecast period.
An increase in demand for apparel from the fashion industry coupled with the growth of e-commerce platforms has led the textile sector to witness significant growth where UV curable ink is widely used for 3D printing.
Offset UV curable ink is a type of ink that is cured using ultraviolet (UV) light and is commonly used in offset printing, a traditional printing method used in the packaging industry for printing on paperboard, corrugated cardboard, and other substrates. This is anticipated to act as one of the key drivers responsible for the growth of the UV curable ink market.
Furthermore, an increase in disposable income has surged the number of potential car buyers in both developed and developing economies where UV-curable ink is widely used for printing display panels, knobs, upholstery, and thermoforming purposes. This is projected to propel the demand for UV-curable coatings in the growing automotive sector. However, factors such as volatility in raw material prices and the easy availability of substitutes may hamper the growth of the UV curable ink market during the forecast period.
However, volatility in raw material prices and availability of substitutes is expected to hinder the growth of the UV curable ink market. UV curable ink is made from several raw materials such as oligomers, monomers, pigments, additives and photoinitiators. Factors such as tight product availability and increase in fuel prices have led to rapid fluctuations in the price of raw materials used to manufacture UV-curable ink.
In addition, the easy availability of substitutes such as water-based ink, electron beam inkjet ink, and others are anticipated to hamper the expansion of the market. However, advantages such as superior performance, eco-friendliness, and faster Curable time make it a preferred choice for many applications. Additionally, its precise printing capabilities make it suitable for high-quality and accurate printing needs, which are crucial in many industries, including the automotive sector.
On the contrary, increase in awareness for eco-friendly products has surged the popularity of UV curable ink owing to its minimal or no volatile organic compounds (VOCs) levels. Furthermore, UV curable ink requires less or no drying and provides operational flexibility. These factors increase preference of UV curable ink for coating applications in various end use sectors. This is anticipated to increase sales of UV curable ink in several end-use sectors; thus creating lucrative opportunities for the market. 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. On the basis of end use, it is divided into automobile, consumer goods, medical, publication & printing, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The offset ink segment accounted for the largest share of the global UV curable ink market in terms of revenue, in 2021. UV printing is the same as conventional offset printing, but there are differences in the ink itself and the method of drying it. UV curable inks are used while using UV printing, which are designed to dry and cure when exposed to ultraviolet light sources inside the press. UV inks can be bolder and more vibrant than traditional offset inks, and sheets arrive in the delivery stacker immediately ready for the next operation. This provides cleaner lines and a reduced chance of potential smudging, leading to a more effective workflow and improved turnaround times.
By end use, the publication & printing segment accounted for the largest share of revenue in 2021 owing to the high demand for unique and individualized consumer goods, with attractive colors that are fostered by the UV curable inks. However, the consumer goods segment is expected to grow at the highest CAGR of 11.4% during the forecast period owing to UV curable ink is used in the production of textiles, including clothing, bags, and accessories.
The ink can be used to print designs and logos onto fabrics, providing a high-quality and long-lasting print that is resistant to fading and wear. Another popular use of UV-curable ink in consumer goods is in the production of furniture and flooring. The ink is used to print designs, patterns, and textures onto wood and other materials, providing a durable and long-lasting finish that is resistant to wear and tear.
Region-wise, Europe is a significant contributor to the global demand for UV-curable inks. Europe is expected to show lucrative growth during the forecast period, owing to an increase in demand for environment-friendly inks in various end-use industries. In North America, the demand for UV curable ink is rising rapidly, owing to the presence of various electronics manufacturers, including Texas Instruments, Avago, Micron, and Intel. These electronics manufacturers are engaged in producing analog and digital semiconductor technologies which are anticipated to boost the demand for UV-curable inks during the forecast period. Asia Pacific is expected to be the fastest-growing region over the forecast period owing to the rising popularity of 3D printing.
Major players operating in the global UV curable ink market includes 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. These players adopted several growth strategies such as expansion and acquisition to strengthen their position in the market.
COVID-19 Impact on Market
- The COVID-19 pandemic has caused huge losses in the economy around the globe, leading to uncertainty in the automotive, printing, consumer goods, textile manufacturing, and other sectors.
- According to a report published by SIAM in April 2020, sale of passenger vehicles, commercial vehicles and two-wheeler vehicles has declined by 51%, 88% and 40% respectively in March 2020.
- Several automobile manufacturing companies have either shutdown or shrank their operations due to the risk of infections among the workforces. This has temporarily hampered the demand for UV curable ink market.
- Additionally, there is a shift of investments from other sectors towards healthcare, leading to a contraction in the demand for premium textile products.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the uv curable ink market analysis from 2021 to 2031 to identify the prevailing uv curable ink market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the uv curable ink market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global uv curable ink market trends, key players, market segments, application areas, and market growth strategies.
UV Curable Ink Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 12.4 billion |
 Growth Rate | CAGR of 10.8% |
 Forecast period | 2021 - 2031 |
 Report Pages | 200 |
 By Type |
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 By End Use |
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 By Region |
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 Key Market Players | Toyo Ink SC Holdings Co., Ltd, Maxell, Ltd, Spinks World , .Kao Collins Corporation, RUCO Druckfarben, Nutec Digital Ink Pvt. Ltd., flint group, Teikoku Printing Inks Mfg. Co., Ltd, Marabu GmbH & Co. KG, Gans Ink & Supply Co. |
Analyst Review
According to the CXO of the leading companies, rise in demand for UV curable inks from consumer goods and the medical sector to improve energy efficiency, increase in 3D printing popularity across the globe, and surge in adoption of eco-friendly curable technology are the key factors driving the growth of UV curable inks market. The adoption of UV curable ink is expected to rise across various sectors such as automobiles, consumer goods, publications, and others, owing to rise in environmental awareness,. UV curable ink does not emit volatile organic compounds(VOCs) which is a dangerous element, unlike conventional printing technologies. Thus, UV curable ink is an eco-friendly curable technology due to which its adoption is rising globally as the environmental awareness is growing among the population across the globe. The demand for the UV curable ink is rising rapidly in the Asia-Pacific owing to surge in demand for unique and environment-friendly inks in the medicine, consumer goods, and automobile industries.
The market value of UV curable ink is expected to be $12.4 billion in 2031.
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.
Growth in medical sector in developed & developing economies, owing to rise in consumer health awareness and increase in geriatric population boost the UV curable inks demand in medical application.
The growth in adoption of these inks because of their high-performance efficiency, especially in the 3D printing sector and low environmental impact is projected to drive the growth of the global market.
The report covers profiles of key industry participants such as 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.
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