June 25, 2024

Latex Ink Market is experiencing growth driven by increasing demand in Textile Printing

Market Overview:

The latex ink market has witnessed significant growth over the past few years owing to widening application in textile printing. Latex inks offer superior quality printing on various fabric types such as cotton, polyester and nylon. They provide vibrant colors, high colorfastness and wash durability important for textile printing. The availability of latex inks in different formats like flexo inks, screen inks and digital inks has boosted their adoption among textile printers. TheirVOC-free and eco-friendly composition contributes to the sustainabilitygoals of textile manufacturers. Screen printing with latex inks is very popular for mass production due to high throughput and design flexibility. Digital printing is gaining traction with manufacturers moving towards small batch production enabled by digital latex inks.

The Global Latex Ink Market is estimated to be valued at US$ 23.89 Billion in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the latex ink market are HP Inc. (United States), Epson Corporation (Japan), Canon Inc. (Japan), Roland DG Corporation (Japan), Mimaki Engineering Co., Ltd. (Japan), Seiko Epson Corporation (Japan), DuPont de Nemours, Inc. (United States), Agfa-Gevaert N.V. (Belgium), Fujifilm Holdings Corporation (Japan), Sun Chemical Corporation (United States). These players are focusing on new product launches to cater to the growing demand from textile printing industry.

The demand for latex inks is witnessing strong growth due to increasing textile printing activities around the world. The apparel industry is one of the largest applications creating high volume requirement for latex inks. Availability of diverse fabric types is further driving the market.

Geographically, the Asia Pacific region dominates the global latex ink market and the trend is expected to continue owing to presence of large textile manufacturing base and flourishing apparel industry in the region. Moreover, developing regions are projected to offer new growth opportunities for latex ink manufacturers due to shifting of textile production and growing exports.

Market Key Trends

The growing popularity of digital textile printing is a key trend in the latex ink market. It provides design flexibility andQuick Turn Around Time compared to conventional printing methods. Many players have launched aqueous and UV-curable latex inks suitable for different types of digital printers used in textile printing like direct-to-garment and direct-to-fabric printers.The product innovation to improve ink characteristics such as wash fastness,light fastness and color strength as per application requirement is another emerging trend.Latex ink manufacturers are engaged in R&D to develop sustainable latex ink solutions with reduced environmental footprint.

Porter’s Analysis

  • Threat of new entrants: Low capital requirements and existing competitive rivalry make it difficult for new companies to enter the market.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products and moderate differentiation between latex ink products.
  • Bargaining power of suppliers: Suppliers of raw materials for latex inks like pigments, resins, and binders have low to moderate bargaining power due to availability of substitute materials.
  • Threat of new substitutes: Digital printing is a major substitute but cannot match features of latex ink like high durability, scratch resistance and versatility for various applications.
  • Competitive rivalry: Intense competition exists among existing global players to continually improve product quality and expand offerings.

The North American region accounts for the largest share of the global latex ink market, with a value share of around 30% in 2024 owing to high demand from commercial print sectors. The Asia Pacific region is expected to witness the fastest growth during the forecast period due to rapid industrialization, increasing disposable incomes, and growth of the packaging industry in countries like China and India.

Geographically, the latex ink market in the Europe region holds a value share of over 25% in 2024 led by countries like Germany, UK, and Italy. Growing demand for efficient and eco-friendly printing inks from publishing and packaging industries drives the latex ink consumption.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it