Global Flexographic Printing Ink Market to Hit $11B by 2024
A study by Global Markets Insights Inc. indicated that the global flexographic printing ink market should exceed $11 billion by 2024.
According to Yahoo Finance, the report stated that increasing product demand in the flexible packaging industry has driven the market's growth over the past few years. The overall flexible packaging industry should grow 4 percent by 2024, as well.
The report also credited the growing popularity of UV-cured flexographic printing inks for contributing to the growth. Because the ink dries quickly, the printing rate is fast, so suppliers can meet demand quickly. Furthermore, it doesn't include any volatile organic compounds, so many companies prefer to use it for food and beverage packaging.
In the Asia-Pacific region, the growth in the food and beverage, pharmaceutical, and cosmetic industries, due to improved consumer lifestyle, contributed to the boost in this particular ink market. Europe is also expected to see approximately 4.5 percent growth for flexographic printing inks between now and 2024.