March 18, 2020
As per the report titled ‘North America Flexographic Printing Inks Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, North America flexographic printing inks market is projected to surpass USD 3 billion by 2024.
Surging demand for flexographic printing inks for cosmetic packaging is the primary growth driver of North America flexographic printing inks market. Growing self-conscious population has led to an increased preference for cosmetic products, propelling the market outlook. Citing an instance, in 2015, U.S. cosmetic export to Asia Pacific countries like China, Japan, Korea, Malaysia, Thailand, Vietnam and Philippines was worth USD 2 billion. The exports to China alone was valued at USD 500 million. Increasing cosmetic exports from the U.S., especially in emerging markets such as Indonesia, China and Vietnam will foster the market growth during the forecast period.
On the reverse, strict regulations set by agencies such as EPA and FDA on the use of plastic packaging materials may hinder the growth of North America flexographic printing inks industry in the coming years.
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According to the research report, flexographic printing inks industry in North America is regionally bifurcated into U.S. and Canada, wherein the U.S. market is slated to witness considerable growth during the study period. Heavy usage of flexible packaging owing to rising consumption of beverage & food products coupled with surging exports of cosmetics is driving the demand for product in U.S. According to the American Cancer Society, 50% of the American population consumes sugary drinks. Flourishing food & beverage packaging industry will further enhance the adoption of flexographic printing inks in the forthcoming years.
Major players of flexographic printing inks market in North America are Wikoff Color Corporation, INX International Corporation, and Sun Chemical Corporation.
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