North America is experiencing a massive escalation in the need for UV cure printing inks since last few years, all thanks to the current growth of the packaged materials industry. The recent growth in the printing of packaged materials is foreseen to stimulate the UV cure printing inks market in North America in the next few years to come.
The North American UV cure printing inks market manifests a somewhat fragmented competitive landscape. Domestic participants are accounting for a large share of the North American UV cure printing inks market. Siegwerk Druckfarben AG & Co., E. I. du Pont de Nemours and Co., Marabu North America, Electronics For Imaging Inc., KGaA, INX International Ink Co, and Toyo Ink America LLC are some of the prominent players that are flourishing in the market.
According to the report titled “UV Cure Printing Inks Market” by Transparency Market Research, UV cure printing inks market is expected to expand at 10.30% CAGR over the period of forecast from 2016-2024. The UV Cure Printing Inks Market is projected to be valued at US$865.9 mn by the end of 2024.
Flexibility of UV-cured Printing Inks to Trigger Market Growth
There has been rising penetration of digital media across the region of North America and it is being reflected positively on the burgeoning sales of UV cure printing inks in this region. This tendency is estimated to continue in the coming years, thereby influencing the North American market greatly.
There is a rising inclination towards digital media as compared to the traditional printing in advertising, architectural designs, desktop publishing, fine arts and textiles. All thanks to the flexibility that UV cure printing inks come with. Such a trend is estimated to steer America market for UV cure printing inks towards substantial growth over the next few years to come.
However, there is another side of the story as well. Although the prospect of growth of the North America market for UV cure printing inks seems to be quite bright, foray of e-commerce and the electronic versions of several daily-use applications like e-coupons, e-literature, e-tickets are likely pose obstacle in the growth trajectory of the North American UV cure printing inks market over the period of forecast.
The constant fall in paper-based communication channels, such as letters is also forecasted to curb the growth of UV cure printing inks market in the forthcoming years, observes the market research study.
Canada and the U.S. comprise the main domestic markets for the North American UV cure printing inks market. In terms of revenue, the U.S. has emerged as the main contributor towards the overall market and is estimated to continue with its dominance throughout the period of forecast. With the impending upswing in the need for commercial and publication printing in several industries, the U.S. market for UV cure printing inks is likely to be valued around US$678.5 mn by the end of the forecast timeframe.
Canada has so far displayed robust growth in the need for UV cure printing inks in the last few years. The rising trend of e-books and e-commerce is estimated restrict the need for commercial and publication printing in Canada. Such a trend, in all likelihood, will reduce the sales volume of UV cure printing inks in this country. This is going to affect the overall progress of this domestic market adversely during the period of forecast.