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...costs, increasing globalization, competition from China and India, offshore production of key substrates, and growing interest in electronic media all threaten the profitability of the printing ink market.
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Annual sales for the U.S. printing ink industry are estimated by the National Association of Printing Ink Manufacturers (NAPIM) to be $4.2 billion. Industry sources estimate the global market for ink and overprint to be in the neighborhood of $15 billion, according to Susan Anderson, a director with the management consulting firm The ChemQuest Group. North America and Western Europe each account for about 30% of the market, but printing ink sales have matured in these regions. China and India, however, are experiencing growth rates in printing of as much as 10% per year, as literacy, wealth, and manufacturing are all increasing in these countries.
Printing processes vary according to the type of substrate and end use application. Printing ink composition changes to meet the requirements of the process, substrate, and application as well. NAPIM identifies three main application areas for printing inks. Publication is the largest end-use, followed by commercial (advertising, brochures, etc.), and then packaging.
Offset or lithography inks are the major type of inks used in the U.S. These inks are typically highly viscous oil-based paste inks with a high pigment concentration. Very thin films are applied using offset blankets to transfer the ink from the litho plate to the substrate. The resins dry by oxidation or heat evaporation. About 98% of offset inks are solvent-based, with the remaining 2% energy-cured, using ultraviolet (UV) or electron beam (EB) technology, according to Steven Nerlfi, a consultant with market research firm Kusumgar, Nerlfi & Growney. The U.S. market for offset inks is estimated by Mr. Nerlfi to be valued at $1.2 billion with an overall growth rate of 1% per year. Energy-cured offset inks are leading the way, growing at 5% per year.
Web offset printing involves application of the ink to a continuous roll of substrate at high speeds, with some dried in ovens on the press and others drying through absorption into the substrate. News inks, for example, are absorbed into the substrates and use less expensive carriers such as mineral or soybean oil. With sheetfed offset inks, the resin undergoes crosslinking caused by oxidation. Metal deco inks are applied to beverage, aerosol, and other cans and require a high-temperature cure.
Demand for flexographic inks is growing at 3% per year and is currently valued at $670 million in the U.S., according to Kusumgar, Nerlfi & Growney. With flexography, the liquid ink is dispensed by anilox cells onto a plate and then transferred to the substrate. Water-based flexo inks are typically used on Kraft, corrugated, light-weight news-type paper or polyolefin film and account for about 65% of total sales. Solventborne inks mostly find application on films, but are also used on some paper substrates. Radiation-cured coatings account for less than 1% of this segment of the inks market, but are growing rapidly at 6% per year.
Gravure inks are applied to the substrate via engraved cylinders. The low viscosity liquid inks are largely solvent-based (90%) and dry through evaporation. They are used for publication and packaging applications. This process tends to be used for longer-run applications. The total market in the U.S. is valued at $570 million and is growing at 1% per year overall. Water-based gravure inks are experiencing an annual growth rate of 4% per year, according to Mr. Nerlfi.
Oil-based, letterpress inks have resins that dry via oxidation or absorption. They are viscous and are virtually all solvent-based. Use of these inks has been declining at about 2% per year in the U.S. Annual letterpress ink sales total about $85 million.
Specialty inks include screen inks, inkjet inks, thermochromic and photochromic inks, and metallic inks. Screen inks are used in billboard advertising and labeling, among other applications. Inks used in screen printing for graphic arts are valued at $25 million, with radiation-cured inks accounting for 60% of sales and growing at 5% per year. Use of solvent-based inks is declining...
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