MarketsandMarkets’ report, “Printing Ink Market by Type (Nitrocellulose, Polyurethane, Water based, Acrylic, UV Curable), Process (Gravure, Flexographic, Lithographic, Digital), Application (Cardboards, Flexible Packaging, Tags & Labels, Cartons), & Region – Global Forecasts to 2028,” estimates the market at $19 billion in 2022, and projected to reach $28.6 billion by 2028, at a CAGR of 7% from 2023 to 2028.

The growth of the market is being driven by a number of factors, including the growing demand for flexible packaging, the increasing demand for digital printing, the growing demand for sustainable printing inks, and the growth of the electronics industry.

The growing demand for flexible packaging is being driven by the increasing popularity of online shopping and the need for packaging that is both durable and attractive. Digital printing is becoming increasingly popular due to its ability to produce high-quality prints on a variety of materials. Sustainable printing inks are becoming more popular due to growing concerns about the environmental impact of traditional printing inks.

The anticipated surge in the adoption of bio-based printing inks represents a promising opportunity in the printing ink market. As sustainability and eco-consciousness gain prominence, industries are increasingly seeking environmentally friendly alternatives. Bio-based inks, derived from renewable sources and characterized by lower environmental impact and reduced volatile organic compound emissions, align well with these priorities.

Bio-based printing inks are made from renewable materials, such as vegetable oils, starches, and sugar, and are a more sustainable alternative to traditional printing inks. This growing preference for greener solutions is poised to drive demand for bio-based printing inks, thereby opening doors for market expansion and innovation in the quest for more sustainable printing practices.

The flexographic segment is expected to grow at a significant pace over the forecast period owing to its wide applications. It is designed to print strong cardboard boxes, paper bundles, folded cartons, plastic bags, dairy and beverages boxes, disposable utensils and cartons, labels, bonding adhesives, postcards, newsprint, and local supermarket packaging.