Middle East printing inks market is estimated to grow at a CAGR of 4.5 percent throughout the forecast period to accrue around US $3.08 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
The Middle East printing industry is a diverse vertical varying from country to country. The demand for printing inks varies across nations, depending on the end-use industry dynamics of the developing or developed countries. Based on the production, Turkey was the leading market contender in the previous year amassing about 40 percent of the total production, it was followed by Saudi Arabia & Iran. On the other hand, Iraq is anticipated to attain the highest rate of growth with respect to volume, over the upcoming five years. However, Syria is projected to further decline due to the civil war conditions existing in the nation and will probably be exhibiting the worst market performance in the region.
In terms of the resin type, the Middle East printing inks market has been segmented into modified rosin, polyurethane, modified cellulose, acrylic, polyamide, hydrocarbon, and others. On the basis of application spectrum, the market is bifurcated into packaging, folding cartons, corrugated cardboards, tags & labels, and others.
The latest study includes a comprehensive analysis of the Middle East printing inks market and provides detailed insights pertaining to current market dynamics, drivers, and estimated future trends. The study further deals with numerous market restraints and opportunities that affect the industry over the predicted period. In addition, the study entails an in-depth industry analysis that highlights Porter’s five forces – bargaining power of buyer, bargaining power of supplier, threat of substitute, threat of new entrant, and degree of competition.
As per market analysts, the Middle East print industry had come down to an infliction point, with the declined growth of newspapers in the years 2011 and 2012. But the demand for the paper printing inks started rising gradually from 2013, in tandem with the rising demand for newspapers, although magazine printing played a vital role.
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Based on the recent findings of the report, the traditional offset lithography is still one of the leading printing industry segments in the regional market. However, the demand for flexographic inks has also risen tremendously owing to the emerging packaging industry of Saudi Arabia, Oman, and the UAE. In view of the present scenario, the report cites that digital printing has demonstrated robust growth as the demand for long runs has dropped, while short runs together with variable printing are becoming popular.
The popularity of newspapers might decline in the long run. The publications in several countries have to be licensed and follow the guidelines on reporting, which will limit the number of publications as well as the content being published. Also, self-censorship is widely spread across the region.
As opposed to the recent advancements and developments, the region’s printing industry is facing challenges like scarcity of skilled labor arising from the lack of educational institutes in the region.
Burgeoning investment in education has apparently propelled the book market in the Middle East. Thus, growing literacy is anticipated to influence the print media and print advertising, in a positive way. The regional growth is however predicted to be moderate. The industry is highly dominated by many major printing inks manufacturers, which makes this business space highly competitive.
The report concludes that the majors in the Middle East printing inks industry are expanding geographically, along with focus on product & technologies and merger & acquisition strategies.