India has great potential and opportunity. The country with the second-highest population is one of the main economies that has expanded at the fastest rate in recent years (1.27 billion). In recent years, the demand for printing ink has increased dramatically due to shifting lifestyles, rising disposable income, modern shopping, and the rapidly expanding packaging sector. The Indian packaging ink market is expected to continue growing at a rate of more than 12% per year in the coming years, and this trend is expected to continue for some time. Read More Business News on our website.
Insights of the Indian Ink Industry
The Indian ink industry has expanded at a CAGR of more than 8% over the past ten years, reaching an estimated market size of 232 million tons and a value of approximately INR 54 billion (approximately $830 million). Due to the rapid expansion of domestic print markets, the nation ranks among the printing ink markets with the fastest growth rates worldwide.
India has emerged as one of the Asia-Pacific’s largest ink producers and consumers. Ink usage has increased in most industry subsegments as a result of a growing middle class. However, COVID-19 has slowed growth in some of the most important ink industry sub-segments.
Present-Day Market Analysis
By the end of this year, the printing ink market is expected to reach 3,469.09 million metric tons and grow at a CAGR of more than 2.5% over the forecast period.
Because of the Coronavirus influence in 2020, different assembling plants were closed down, and the interest in bundling has declined. As a result, the packaging industry’s use of printing inks was affected. Be that as it may, the food and drink industry began recuperating and has shown a positive effect. In 2021, the industry was recovering, and manufacturers overcame numerous pandemic-created obstacles.
- Shortly, the market’s growth is anticipated to be driven primarily by rising demand from the packaging and label industry and the digital printing industry.
- On the other hand, the study market’s growth is expected to be hampered by strict disposal regulations and a decline in conventional commercial printing.
- Not withstanding, the global market is likely to soon experience lucrative growth opportunities thanks to the emergence of UV-curable and bio-based inks.
- China consumed most of the product, making Asia-Pacific the global market leader.
What the Future Holds For The Indian Ink Industry
India and the US are set to sign an agreement on semiconductor collaboration, US business secretary Gina Raimondo told. In addition, the two nations had discussed coordinating semiconductor incentive programs to prevent a subsidy race and supply glut of this essential technology. The two nations will commit to maintaining a discussion to encourage private-sector investments as part of the memorandum of understanding (MoU). Additionally, they will share information regarding commercial opportunities in the semiconductor ecosystem. Supply chain mapping, technology joint ventures, skill development, and partnerships for R&D will all be included in the agreement.
To reduce dependence on China and address supply chain issues, India and the United States are attempting to collaborate on semiconductor policy. The two nations are independently meaning to prod private area interests in the basic semiconductor industry, with India sending off a $10 billion motivation plan to bait huge interests in chip fabricating as it attempts to locally construct a limit.
For American companies looking to invest in India, diversifying supply chains will be a major focus.
- The Noel D’Cunha reports that AIPIMA wants to raise the value of the ink industry in India
They want to establish a lab in IIP that is accredited to only test printing ink. Conduct the testing, requires investment, the acquisition of equipment, and personnel. We also intend to begin the process of training qualified personnel in the printing ink industry, which will have a significant demand in the coming years. This would energize individuals with significant capabilities to search for vocation development in the ink business, and we will want to welcome them to embrace R&D work for their industry development.
- Potential: If a facility exists to ensure that printing inks meet and exceed international standards, India could become the global center for printing ink production. All of the inks used to print newspapers, magazines, flexible packaging, carton packaging, and metal packaging will be included in these inks, which will open up a huge new market for Indian business owners.
- Raw Materials; Indian Manufacturers – “Atmanirvar”
With the support of our R&D team, Atmanirvar’s a very robust plan to further enhance our internal production of essential raw materials. Our dependence on the supply of raw materials will grow as a result. Additionally, our purchase and sourcing team is constantly looking for local Indian manufacturers and working with them to develop alternatives. Being “Atmanirvar” and improving the sustainability drive will both benefit from this.
Challenges
- Despite continuing sales declines on the publication and commercial sides, packaging continues to be the fastest-growing market for ink companies. Digital and ultraviolet printing are also expanding strongly.
- Raw materials also remained a major topic of discussion as in previous years. For a variety of reasons, including environmental issues like new regulations and industrial accidents, the supply of crucial materials like photoinitiators and pigments from China has been disrupted. Costs have gone up as a result, and there are concerns about availability.
- Ink suppliers continue to face regulatory challenges as brand owners and governments target packaging requirements. For ink manufacturers, this necessitates a great deal of additional R&D.
- Opportunities accompany these difficulties. The ability of ink manufacturers to work closely with both their customers and suppliers, differentiate their goods and services, and broaden their product line can make a big difference in the market. At the point when the market is evolving quickly, the capacity for ink makers to advance with their clients is basic for their future.