Ink Market

The global market for inks (excluding printing ink) is expected to see a positive consumption trend with an anticipated increase in market volume and value. The market performance is forecasted to grow with a CAGR of +2.6% in volume and +3.7% in value from 2022 to 2030, reaching 356K tons and $7.8B respectively by the end of 2030. Consumption of inks increased in 2022, with China, the United States, and India leading in consumption volumes. Production and exports also showed growth, while imports and export prices experienced fluctuations. Detailed analysis of consumption, production, imports, and exports trends provided for a comprehensive understanding of the global inks market.

Market Forecast

Driven by increasing demand for inks (excluding printing ink) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 356K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $7.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Inks (Excluding Printing Ink)

In 2022, consumption of inks (excluding printing ink) increased by 2.5% to 289K tons, rising for the sixth year in a row after two years of decline. The total consumption volume increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs in 2022 and is likely to see gradual growth in the immediate term.

The global ink market value expanded remarkably to $5.9B in 2022, increasing by 5.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked in 2022 and is likely to see gradual growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (45K tons), the United States (36K tons) and India (25K tons), with a combined 37% share of global consumption. Indonesia, Greece, Italy, Japan, the Philippines, Singapore, Thailand, Germany, the Netherlands and Turkey lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +13.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest ink markets worldwide were the United States ($597M), Germany ($532M) and Italy ($515M), with a combined 28% share of the global market. China, the Netherlands, Japan, India, Indonesia, Singapore, Turkey, Thailand, the Philippines and Greece lagged somewhat behind, together comprising a further 24%.

Thailand, with a CAGR of +13.0%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of ink per capita consumption in 2022 were Singapore (1,270 kg per 1000 persons), Greece (1,162 kg per 1000 persons) and the Netherlands (278 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +12.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Inks (Excluding Printing Ink)

In 2022, the amount of inks (excluding printing ink) produced worldwide expanded modestly to 273K tons, growing by 3.6% against the previous year. The total output volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 13% against the previous year. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in years to come.

In value terms, ink production expanded slightly to $3.9B in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible contraction. The growth pace was the most rapid in 2018 when the production volume increased by 18%. Over the period under review, global production reached the maximum level at $5.4B in 2014; however, from 2015 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (73K tons), the United States (38K tons) and India (21K tons), together accounting for 48% of global production. Japan, Greece, Germany, Italy, Indonesia, South Korea, the Philippines, the UK, Taiwan (Chinese) and Saudi Arabia lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Saudi Arabia (with a CAGR of +31.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Inks (Excluding Printing Ink)

In 2022, after two years of growth, there was decline in purchases abroad of inks (excluding printing ink), when their volume decreased by -1.1% to 182K tons. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 26%. Global imports peaked at 184K tons in 2021, and then fell in the following year.

In value terms, ink imports shrank to $6.2B in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 83%. Global imports peaked at $7.1B in 2021, and then contracted in the following year.

Imports By Country

The purchases of the twelve major importers of inks (excluding printing ink), namely the Netherlands, China, Germany, France, Singapore, India, Indonesia, Thailand, the UK, Italy, Belgium and the United States, represented more than half of total import. Bangladesh (3.8K tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Indonesia (with a CAGR of +14.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest ink importing markets worldwide were Germany ($1.6B), the Netherlands ($1.1B) and France ($683M), with a combined 53% share of global imports. The UK, Italy, China, Singapore, Indonesia, Belgium, Thailand, the United States, India and Bangladesh lagged somewhat behind, together comprising a further 22%.

Indonesia, with a CAGR of +20.7%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average ink import price stood at $34,006 per ton in 2022, falling by -12.6% against the previous year. In general, the import price recorded a slight descent. The pace of growth appeared the most rapid in 2018 an increase of 44%. Global import price peaked at $43,079 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($110,199 per ton), while Bangladesh ($5,965 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Inks (Excluding Printing Ink)

In 2022, overseas shipments of inks (excluding printing ink) increased by 0.2% to 165K tons, rising for the fifth consecutive year after four years of decline. The total export volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 29% against the previous year. Over the period under review, the global exports attained the maximum at 167K tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, ink exports dropped to $4.9B in 2022. In general, exports, however, saw a slight decrease. The pace of growth was the most pronounced in 2018 when exports increased by 83% against the previous year. Over the period under review, the global exports attained the maximum at $6.8B in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, China (44K tons), distantly followed by the Netherlands (22K tons), Germany (16K tons) and France (11K tons) were the major exporters of inks (excluding printing ink), together committing 57% of total exports. The following exporters - the UK (7.3K tons), the United States (6.1K tons), Japan (4.8K tons), South Korea (4K tons), Singapore (3.9K tons), Malaysia (3.8K tons), Spain (3.4K tons), Hong Kong SAR (3.2K tons) and Guatemala (3.2K tons) - together made up 24% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +12.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest ink supplying countries worldwide were Germany ($1.4B), the Netherlands ($1.2B) and the UK ($376M), together accounting for 62% of global exports. China, France, the United States, Singapore, Japan, Spain, Malaysia, Hong Kong SAR, South Korea and Guatemala lagged somewhat behind, together comprising a further 24%.

Among the main exporting countries, Guatemala, with a CAGR of +11.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average ink export price amounted to $29,462 per ton, falling by -11.8% against the previous year. Overall, the export price saw a perceptible downturn. The pace of growth was the most pronounced in 2018 when the average export price increased by 42% against the previous year. Over the period under review, the average export prices hit record highs at $40,657 per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($86,601 per ton), while Guatemala ($4,470 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+6.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform