Published By : 21 Oct 2016 | Published By : QYRESEARCH
The availability of raw materials and rich resources to produce paper is contributing to the stable growth of the South Africa printing inks market. The rising concerns regarding environmental conservation are prompting manufacturers to develop eco-friendly and innovative products, which is likely to augur well for the growth of the market. According to a report by Transparency Market Research, the valuation of the market was US$85.89 mn in 2015 and is poised to rise to US$155.13 mn by the end of 2024, expanding at 6.9% CAGR from 2016 to 2024.
Increasing Demand for Packaged Consumer Products to Fuel Growth Prospects
The key end users of the South Africa printing inks market include packaging, publication and commercial printing, metals and cans, and textiles. The increasing demand for packaged consumer products is contributing to the growth of the packaging industry. The publication and commercial printing segment accounts for a significant share in the overall market. However, the steadily rising shift towards digital media from print is expected to impede the growth of this segment over the forecast period. Due to contraction of their overlying industry in the country, the textiles and metal cans segments are estimated to remain less attractive throughout the forecast period.
Offset Printing Inks to Hold Dominant Share
On the basis of application, the South Africa market for printing inks is segmented into digital printing, flexography, offset printing, gravure printing, screen printing, and specialty printing. Offset printing inks will continue to dominate the market in terms of volume until the end of 2024. The growth of this segment can be attributed to their increasing demand in the publication and commercial printing and packaging sectors. Moreover, the constant rise in their application in its end-use industries is fuelling the growth of the segment.
The digital printing inks segment is likely to rise at a significant growth rate during the same period owing to sweeping shift towards digitization in South Africa. On the other hand, the screen printing inks segment is estimated to rise at a sluggish pace owing to dwindling demand for screen printing in the country.