Ink Resin Market - By Type (Acrylic Resins, Polyurethane Resins, Epoxy Resins, Polyamide Resins, Unsaturated Polyester Resins), Technology (Oil-Based, Water-Based, Solvent-Based, UV-Curable), Application, Printing Process & Forecast, 2024 – 2032

Ink Resin Market Size

Ink Resin Market was valued at around USD 3.5 billion in 2023 and is anticipated to register a CAGR of over 4.1% between 2024 and 2032. The industry has been experiencing significant growth, driven by the rising demand for printing inks in various industries such as packaging, publishing, and commercial printing.

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Ink resins, crucial components in ink formulations, enhance properties such as gloss, adhesion, and resistance to chemicals and environmental conditions. The market's expansion is fueled by the increasing use of flexible packaging and labels, which require high-performance inks for durability and aesthetic appeal. Additionally, the growth of e-commerce and the subsequent need for printed packaging materials have contributed to the market's dynamism. Thus, the market growth is expected to attain a market value of over USD 5.1 billion by 2032.

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Technological advancements in resin production, including the development of eco-friendly and sustainable resin options, are further propelling market growth. Water-based and UV-curable resins are gaining popularity due to their lower environmental impact compared to traditional solvent-based resins. This shift aligns with global trends towards sustainability and stricter environmental regulations, encouraging manufacturers to innovate and adopt greener alternatives.

Regionally, Asia-Pacific dominates the ink resin market, driven by robust industrialization, urbanization, and the presence of major manufacturing hubs in countries like China and India. North America and Europe also hold significant market shares, supported by advanced printing technologies and a strong focus on sustainable practices.

Fluctuating raw material prices represent a significant challenge for the ink resin industry. Raw materials such as petrochemicals, natural resins, and additives are fundamental to ink resin production. The prices of these materials are highly volatile due to factors like geopolitical tensions, supply chain disruptions, and changes in crude oil prices. For instance, petrochemical derivatives, commonly used in resin production, are directly influenced by the global oil market. Any instability in oil prices can lead to unpredictable cost fluctuations, impacting the overall production expenses for resin manufacturers.

This volatility can create an unstable market environment, making it difficult for manufacturers to maintain consistent pricing strategies and profit margins. Moreover, sudden price hikes in raw materials can lead to increased production costs, which manufacturers might not be able to pass on to consumers due to competitive market pressures. This scenario squeezes profit margins and can hinder investment in research and development of new, innovative products.

Ink Resin Market Trends

One of the primary trends propelling this market is the surge in packaging requirements, fueled by the rapid expansion of the e-commerce sector and increasing consumer awareness regarding product aesthetics and branding. Additionally, the shift towards eco-friendly and sustainable packaging solutions has spurred the development and adoption of bio-based ink resins, aligning with global environmental regulations and consumer preferences for greener products.

Technological advancements are also a major driver, with innovations in resin formulations enhancing print quality, durability, and performance. For instance, UV-cured and water-based resins are gaining traction due to their low volatile organic compound (VOC) emissions and superior environmental profiles compared to traditional solvent-based resins. This trend is particularly pronounced in regions with stringent environmental regulations, such as North America and Europe.

Moreover, the growing popularity of digital printing technologies has necessitated the development of specialized resins that cater to the unique requirements of digital inks, including fast curing times and compatibility with various substrates. The Asia-Pacific region stands out as a lucrative market for ink resins, attributed to its booming manufacturing sector, rising disposable incomes, and expanding urbanization, which collectively bolster demand for high-quality printed materials.

Ink Resin Market Analysis

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Based on type, the market is divided into acrylic resins, polyurethane resins, epoxy resins, polyamide resins, unsaturated polyester resins, and others. Acrylic resins held the dominant market share of USD 0.96 billion in 2023 and is expected to reach over USD 1.3 billion by 2032. Acrylic resins hold a significant portion of the market due to their excellent adhesion, gloss, and durability, making them ideal for various printing applications, especially in the packaging and publishing sectors. Polyurethane resins also command a substantial share, valued for their superior flexibility, abrasion resistance, and chemical resistance, which are crucial for high-performance printing needs.

Epoxy resins, known for their strong adhesion and resistance to environmental factors, are prominently used in industrial applications where durability is paramount. Polyamide resins, with their excellent adhesion and chemical resistance, are favored in applications requiring high resistance to solvents and wear, contributing to a considerable market share.

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Based on technology, the market is categorized into oil-based, water-based, solvent-based and UV-curable. Oil based accounted for 65.1% market share in 2023 and is projected to grow through 2032. Solvent-based resins dominate a significant portion of the market due to their versatility and robust performance in various printing applications, particularly in packaging and industrial sectors where high durability and fast drying times are crucial. However, environmental concerns and regulatory pressures are gradually curbing their growth, as they emit volatile organic compounds (VOCs). Water-based resins are rapidly gaining market share, driven by the growing demand for eco-friendly and sustainable printing solutions. Their low VOC emissions and safety advantages make them increasingly popular in applications like packaging, publishing, and commercial printing, aligning with global environmental trends.

The ink resin market is segmented by printing process into lithographic, flexographic, gravure, letterpress, and other printing methods, each with distinct market shares. Lithographic printing, also known as offset printing, holds a substantial share of the market due to its widespread use in high-volume commercial printing, such as newspapers, magazines, and packaging. Its efficiency and cost-effectiveness for large print runs make it a dominant segment. Flexographic printing, which uses flexible relief plates, is another significant segment, particularly thriving in the packaging industry. Its versatility in printing on various substrates, including plastics, metals, and paper, along with its high-speed operation, positions it as a key technology in the market.

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Asia Pacific dominated the global ink resin market in 2023. It generated a revenue of USD 1.39 billion in 2023. China leads the region, accounting for the largest market share due to its massive manufacturing sector, extensive printing industry, and high demand for packaging materials. The country’s focus on rapid industrial growth and infrastructure development further fuels the market. India follows closely, with significant growth attributed to its expanding e-commerce sector, increasing literacy rates, and growing demand for flexible packaging solutions.

The government's initiatives to promote industrial growth and the rising disposable incomes of the middle class also contribute to the increasing demand for high-quality printing inks and resins. Japan and South Korea are also key contributors, known for their advanced technology and innovation in printing processes. These countries emphasize high-quality, durable, and sustainable printing solutions, driving the demand for specialized ink resins such as UV-curable and water-based resins.

Ink Resin Market Share

The competitive landscape of the ink resin industry is characterized by a mix of both global giants and specialized regional players, making the market moderately fragmented. Key players such as BASF, The Dow Chemical Company, and Evonik Industries dominate with their extensive product portfolios, advanced R&D capabilities, and global distribution networks. These companies leverage their vast resources to innovate and meet the diverse needs of the printing industry, thereby holding substantial market shares.

Lawter, a prominent name in the sector, along with Arakawa Chemical Industries and Kraton Corporation, focus on specific segments of the market, providing specialized resins that cater to niche applications. Companies like Cymk Inks and Nissin Chemical Industry Co., Ltd., while smaller in scale, play critical roles in regional markets, particularly in Asia Pacific, where the demand for high-quality, cost-effective resins is rapidly growing.

Allnex and Flint Group are notable for their comprehensive range of high-performance resins and their strong presence in both developed and emerging markets. The DIC Corporation, known for its innovative solutions, and Indulor, which specializes in sustainable and eco-friendly products, further enhance the market's competitive diversity.

The presence of numerous companies across various market segments and regions indicates a moderately fragmented market. This fragmentation fosters competitive pricing, innovation, and the development of specialized products to meet the evolving demands of the global printing industry. As a result, the market remains dynamic and competitive, driven by continuous advancements and regional market growth.

Ink Resin Market Companies

Major players operating in the Ink Resin industry include

• BASF
• The Dow Chemical Company
• Lawter
• Cymk Inks
• Arakawa Chemical Industries
• Evonik Industries
• Kraton Corporation
• Allnex
• Flint Group
• DIC Corporation
• Nissin Chemical Industry Co., Ltd.
• Indulor

Ink Resin Industry News

• In October 2023, ALTANA AG introduced new resin-based Cubic Ink materials for 3D printing, expanding its high-performance resin offerings. This positions ALTANA as a leading supplier of system-open, manufacturer-independent materials suitable for DLP, LCD, and SLA applications, as well as material jetting inks.
• In December 2023, Roland DGA Corporation announced that its TA resin ink for the TrueVIS™ AP-640 Resin/Latex printer has received ECOLOGO certification.

The ink resin market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Billion) (Kilo Tons) from 2018 to 2032, for the following segments

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Market, By Type

• Acrylic Resins
• Polyurethane Resins
• Epoxy Resins
• Polyamide Resins
• Unsaturated Polyester Resins
• Others (Vinyl Resins, Phenolic Resins, etc.)

Market, By Technology

• Oil-Based
• Water-Based
• Solvent-Based
• UV-Curable

Market, By Application

• Packaging
• Publishing and Commercial Printing
• Textile and Clothing
• Decorative Printing
• Others (Automotive, Electronics, etc.)

Market, By Printing Process

• Lithographic
• Flexographic
• Gravure
• Letterpress
• Other

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA