Ink Resins Market to Witness Widespread Expansion by 2030
Southeast Asia Ink Resins Market: Introduction
In terms of value, the ink resins market in Southeast Asia is expected to reach ~US$ 700 Mn by 2030, expanding at a CAGR of ~6% during the forecast period. Indonesia dominated the ink resins market in Southeast Asia in 2019. It is estimated to lead the ink resins market in the region during the forecast period. Rapid growth in packaging and commercial printing applications in urban as well as semi-urban areas in Southeast Asia is estimated to boost the inks market, thereby propelling the ink resins market in the region.
Key Drivers of Southeast Asia Ink Resins Market
The ink resins market in Southeast Asia is primarily driven by growth of the printing industry in the region. Increase in production of inks and lower manufacturing cost in Southeast Asia are projected to propel the demand for resins in production of inks. Southeast Asia is a major hub for printing and packaging sectors. This is likely to augment the demand for ink resins in the region. Rise in the level of literacy is expected to boost the print media industry in Southeast Asia. Newspapers, books, and others segments are expected to expand at a rapid pace in the region in the near future. This is anticipated to drive the inks market, as inks are used in books to create attractive images. Demand for ink resins is high in Southeast Asia, owing to the growth in production of various types of inks in the region.
Modified Rosin to Witness High Demand in Southeast Asia Ink Resins Market
In terms of volume, the modified rosin segment is anticipated to expand at a significant pace in Southeast Asia during the forecast period. The segment accounted for a prominent share of the ink resins market in the region in 2019. Majority of gum rosin used in the manufacture of modified rosin is obtained from Indonesia. Hydrocarbon resins are extensively used in Southeast Asia due to their features such as resistance to heat, chemicals, and moisture; high cross-linking density in cured materials; and availability in solvent-borne and solid varieties. Key characteristics of polyamide resins include durability; strong binding; and excellent resistance to friction, abrasion, oils, and solvents.
Increased Usage of Ink Resins in Lithographic Printing Process
Printing inks are used in the lithographic printing process. These inks consumed the maximum amount of ink resins in Southeast Asia in 2019. Growth of the lithography segment can be ascribed to the increase in usage of lithographic printing process in publishing and commercial printing. The gravure printing process is employed in a wide range of applications such as wall covers, food manufacturing, fine arts, and photograph reproduction. Flexography printing process is primarily employed in food, flexible packaging, and medical packaging industries. Technological innovations have made printing processes more efficient, leading to less requirement of printing inks. This has adversely affected the printing inks industry, thereby hampering the ink resins market in Southeast Asia.
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Indonesia Held Prominent Share of Southeast Asia Ink Resins Market in 2019
In terms of volume, Indonesia accounted for leading share of the ink resins market in Southeast Asia in 2019, led by the presence of large numbers of printing ink manufacturers in the country. Printing inks are manufactured by multinational as well as domestic companies in Southeast Asia. Ink resins, which are used as raw materials in the printing ink industry, are consumed significantly in the region, especially in countries such as Indonesia, Malaysia, and Thailand, where printing inks are manufactured in large quantities. Certain raw materials, such as gum rosin, are produced in Indonesia. Indonesia was the leading consumer of ink resins in Southeast Asia in 2019, as it produces a large quantity of printing inks. Furthermore, Malaysia is a major hub for printing ink companies, and therefore, a key consumer of ink resins.
Domestic Players Accounted for Majority of Market Share in 2019
The ink resins market in Southeast Asia is fragmented, with the presence of large numbers of domestic players. Prominent players operating in the ink resins market in the region include DIC Graphics (Thailand) Co., Ltd., BASF SE, The Dow Chemical Company, DSM Coating Resins B.V., Evonik Industries AG, Lawter Inc., and Resins and Plastics Limited.
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