Printing Ink Market

The global printing ink market is expected to see growth in both volume and value terms over the next eight years. With an anticipated CAGR of +1.4% for volume and +3.6% for value, the market is projected to reach 5.7M tons and $45B by the end of 2030. Key players in consumption, production, imports, and exports include China, India, and the United States. Color printing ink dominates both imports and exports, while the average prices fluctuate based on the country of origin.

Market Forecast

Driven by increasing demand for 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 +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 5.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $45B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Printing Ink

In 2022, approx. 5.1M tons of printing ink were consumed worldwide; remaining relatively unchanged against the previous year's figure. In general, consumption, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 5.5% against the previous year. As a result, consumption attained the peak volume of 5.2M tons. From 2021 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global printing ink market revenue reduced modestly to $33.8B in 2022, which is down by -1.5% 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, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the market value increased by 4%. Global consumption peaked at $34.4B in 2021, and then shrank modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.1M tons), India (677K tons) and the United States (543K tons), together comprising 46% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by India (with a CAGR of +15.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest printing ink markets worldwide were China ($4.8B), the United States ($4.3B) and the Philippines ($3B), with a combined 36% share of the global market. Indonesia, Japan, India, Turkey, Mexico, Brazil, Germany, Italy and South Korea lagged somewhat behind, together comprising a further 38%.

India, with a CAGR of +15.5%, saw the highest growth rate of market size in terms of 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 printing ink per capita consumption in 2022 were Japan (3.2 kg per person), Germany (2.5 kg per person) and Italy (2.4 kg per person).

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +14.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Printing Ink

In 2022, approx. 5M tons of printing ink were produced worldwide; almost unchanged from 2021. In general, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 5.4%. As a result, production reached the peak volume of 5.1M tons. From 2021 to 2022, global production growth remained at a somewhat lower figure.

In value terms, printing ink production contracted modestly to $32.3B in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 5%. Over the period under review, global production attained the maximum level at $32.5B in 2021, and then contracted in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.1M tons), India (713K tons) and the United States (556K tons), with a combined 48% share of global production.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +14.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Printing Ink

In 2022, the amount of printing ink imported worldwide dropped to 872K tons, reducing by -10.7% on the previous year's figure. Over the period under review, imports recorded a slight descent. The pace of growth was the most pronounced in 2021 when imports increased by 12%. Over the period under review, global imports reached the peak figure at 1.1M tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, printing ink imports shrank to $7.6B in 2022. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 21% against the previous year. As a result, imports reached the peak of $10.2B. From 2018 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

The countries with the highest levels of printing ink imports in 2022 were Belgium (55K tons), Germany (53K tons), France (48K tons), the United States (47K tons), Poland (36K tons), Italy (35K tons), Russia (33K tons), the UK (31K tons), the Netherlands (28K tons), Canada (26K tons), Spain (22K tons) and Austria (20K tons), together amounting to 50% of total import. Mexico (19K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Belgium (with a CAGR of +6.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest printing ink importing markets worldwide were the United States ($579M), Germany ($480M) and France ($393M), with a combined 19% share of global imports.

The United States, with a CAGR of +4.4%, saw the highest rates of growth with regard to 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.

Imports By Type

Color printing ink represented the largest imported product with an import of around 709K tons, which recorded 80% of total imports. It was distantly followed by black printing ink (181K tons), comprising a 20% share of total imports.

Color printing ink was also the fastest-growing in terms of imports, with a CAGR of -1.6% from 2012 to 2022. black printing ink (-1.9%) illustrated a downward trend over the same period. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, color printing ink ($6.1B) constitutes the largest type of printing ink imported worldwide, comprising 79% of global imports. The second position in the ranking was held by black printing ink ($1.6B), with a 21% share of global imports.

From 2012 to 2022, the average annual growth rate of the value of color printing ink imports was relatively modest.

Import Prices By Type

The average printing ink import price stood at $8,723 per ton in 2022, rising by 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2017 when the average import price increased by 14%. As a result, import price reached the peak level of $9,402 per ton. From 2018 to 2022, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was black printing ink ($8,937 per ton), while the price for color printing ink stood at $8,624 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by black printing ink (+2.0%).

Import Prices By Country

In 2022, the average printing ink import price amounted to $8,723 per ton, with an increase of 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2017 when the average import price increased by 14% against the previous year. As a result, import price reached the peak level of $9,402 per ton. From 2018 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($13,497 per ton), while Belgium ($3,562 per ton) was amongst the lowest.

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

Exports

World Exports of Printing Ink

In 2022, global printing ink exports shrank to 824K tons, waning by -5.3% against 2021 figures. Overall, exports recorded a mild setback. The most prominent rate of growth was recorded in 2021 when exports increased by 8.2% against the previous year. Over the period under review, the global exports hit record highs at 989K tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, printing ink exports declined slightly to $6.7B in 2022. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 19%. As a result, the exports reached the peak of $9B. From 2018 to 2022, the growth of the global exports remained at a lower figure.

Exports By Country

In 2022, Germany (182K tons), distantly followed by the Netherlands (85K tons), the United States (61K tons), India (47K tons) and Spain (41K tons) were the main exporters of printing ink, together comprising 50% of total exports. Italy (35K tons), Japan (33K tons), China (30K tons), Belgium (27K tons), France (26K tons), South Korea (25K tons), Luxembourg (21K tons) and Turkey (20K tons) followed a long way behind the leaders.

Exports from Germany decreased at an average annual rate of -4.8% from 2012 to 2022. At the same time, Turkey (+12.3%), Luxembourg (+8.7%), Spain (+5.5%), India (+2.6%), Japan (+2.1%) and China (+1.8%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +12.3% from 2012-2022. Belgium and France experienced a relatively flat trend pattern. By contrast, Italy (-2.0%), the Netherlands (-2.3%), South Korea (-4.2%) and the United States (-6.0%) illustrated a downward trend over the same period. While the share of Spain (+2.6 p.p.), India (+2.1 p.p.), Turkey (+1.8 p.p.) and Luxembourg (+1.6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the United States (-4.1 p.p.) and Germany (-7.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($957M), the United States ($758M) and Japan ($657M) were the countries with the highest levels of exports in 2022, together comprising 35% of global exports. The Netherlands, France, Belgium, Italy, Spain, India, China, South Korea, Turkey and Luxembourg lagged somewhat behind, together comprising a further 35%.

Among the main exporting countries, Turkey, with a CAGR of +14.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Color printing ink was the main exported product with an export of about 651K tons, which recorded 78% of total exports. It was distantly followed by black printing ink (180K tons), generating a 22% share of total exports.

Color printing ink was also the fastest-growing in terms of exports, with a CAGR of -1.6% from 2012 to 2022. black printing ink (-2.3%) illustrated a downward trend over the same period. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, color printing ink ($5.2B) remains the largest type of printing ink supplied worldwide, comprising 78% of global exports. The second position in the ranking was held by black printing ink ($1.5B), with a 22% share of global exports.

For color printing ink, exports remained relatively stable over the period from 2012-2022.

Export Prices By Type

The average printing ink export price stood at $8,116 per ton in 2022, surging by 4.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2017 an increase of 17%. As a result, the export price reached the peak level of $9,091 per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably amongst the major exported products. In 2022, the product with the highest price was black printing ink ($8,251 per ton), while the average price for exports of color printing ink totaled $8,057 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by black printing ink (+1.9%).

Export Prices By Country

In 2022, the average printing ink export price amounted to $8,116 per ton, rising by 4.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 17% against the previous year. As a result, the export price reached the peak level of $9,091 per ton. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($19,916 per ton), while Luxembourg ($4,151 per ton) was amongst the lowest.

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

Source: IndexBox Market Intelligence Platform