Press release
Printing Inks Market : Growing Demand for Packaged Consumer Products behind High Growth By 2024
According to Transparency Market Research (TMR), the South Africa printing inks market is estimated to reach US$155.13 mn by 2024. On the basis of revenue, the packaging sector is anticipated to expand at the fastest pace during the forecast period. Apart from the packaging sector, the commercial as well as a publication printing industries are also anticipated to be key and use segments within the South Africa printing inks market. On the basis of application, it is anticipated that the offset printing ink segment will lead in the printing inks market in South Africa on account of the constant expansion in its end use industries.
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Growing Demand for Packaged Consumer Products behind High Growth of Printing Inks Market
According to the lead author of this report, "metal cans, packaging, commercial printing, textiles, and publication are the primary end users of printing inks in South Africa and the growth of these industries is majorly behind the heightened demand of printing inks." The rising demand for packaged consumer products in South Africa and therefore the increasing need for printing inks in the packaging industry is one of the primary factors fuelling the growth of this Market in the country.
Digitization to Threaten Demand for Printing Inks in South Africa
On the other hand the gradual shift from print media to digital media is anticipated to slow down the growth of the printing inks Market in South Africa, said a TMR analyst. In addition to this, the decline of the textile as well as the metal cans Market will also hamper the demand for printing inks in South Africa. Another trend which is impacting the market is booking tickets online, making reservations online, reading e-books, purchasing e-tickets, making online travel reservations, or hotel reservations, which in turn has resulted in a significant reduction in the use of paper-based communication, subsequently leading to a reduction in printing inks. All in all, the South Africa printing inks market is anticipated to be threatened by the growing trend of digitalization. Nevertheless digital printing and growth of the digital media is not entirely impacting the market in the negative manner, as digital printing is being used extensively in finance, textiles, desktop publishing, advertising, and architectural designs on account of its speed and flexibility as compared to conventional printing.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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