Smithers Pira – Packaging market is forecast to grow to 3.6 million tonnes and USD 44.7 billion by 2023
The market for inks and coatings in 2018 will consume 3.4 million tonnes, with a value of USD 39.1 billion, according to Smithers Pira’s new report “The Future of Global Ink Markets to 2023” . By 2023, the market is forecast to grow to 3.6 million tonnes and USD 44.7 billion– a 9% growth in volume, and a much higher growth in value of 14%.
The higher value growth is a consequence of the broad-based technological shift from analogue printing to higher value digital printing processes; a wider use of higher value inks in analogue processes, such as low-migration inks and premium inks for high-speed presses; and increases in raw material prices in 2017/2018, driven by some acute raw material shortages and significant price rises in other parts of the supply chain during 2016–18.
The global demand for packaging inks is forecast to grow strongly, driven by a number of factors. Among these are demographic changes. The global population is projected to increase from 7.38 billion in 2015 to 8.18 billion by 2025, and at the same time there is an increasing rate of urbanisation – the global proportion of urban dwellers will increase from 53.9% to 58.3% between 2015 and 2025, according to recent UN statistics. This has the impact of bringing the new generation of city dwellers into modern consumption patterns, including those for packaged goods.