Middle East Printing Inks Market to Reach 3 Billion Dollars by 2026
Polaris Market Research has released a report on Middle East printing inks market share, size and trends
The report analysis the ink market in the Middle East by process (gravure, flexographic, lithographic, digital), by resin,by application (packaging, corrugated cardboards, folding cartons, tags andlabels), by countries, segments and offers forecast until 2026.
The Middle East printing inks market size was valued at USD 2,175.6 million in 2018 and is anticipated to grow at a CAGR of 4.5% until 2026. The region can be considered to have been offering dynamic potential opportunities for printing ink manufacturers and suppliers, owing to driving product demand form a wide range of application segments.
The expansion of the print industry in the region against a more static backdrop of the global industry growing at an annual growth rate of over 2%, which is considered as relatively lower annual growth. This has opened up opportunities for the Middle East region as an attractive target market for printing industry growth in the near future and higher market penetration for the multinational companies.
Demand for printing inks from the packaging segment is the primary factor driving its market growth in the present Middle East industry space. However, there exist certain variations within the transition to a modern wester style consumer models with packaging of any product/goods is at different stages in different nations in the region. For instance, in countries such as Saudi Arabia and Israel certain trends might have been obsolete, but in other countries such as Yemen similar trends for packaging prints might be in an early stage. However, in Turkey and UAE, same trends are in relatively developed stage.
Factors such as growth from end-use industries including flexible packaging & labels, corrugated cardboards, commercial printing, folding cartons and others have majorly driven this market. The latest trends witnessed by this industry include, rising significance of flexographic and digital inks, food-safe printing inks and shift in consumer preference towards printing inks which are environment friendly. Rise in consumer spending pattern, increasing demand for best quality flexible packaging is expected to positively affect the overall demand of the printing inks globally.
The industry is consolidated with the presence of large number of local players and moderate number of multinationals operating mainly in the developed economies such as Saudi Arabia, UAE, Turkey, Iran and Israel. This market is characterized by well establishes brands, differentiated products and high profit margins by the world majors. The major restraining factor of the market includes the stringent regulatory framework for the manufacturers.
Apart from these, there are several other geopolitical issues indirectly related to the printing inks or the printing industry of the region. The Middle East is a region of oil rich countries that also live next to resource-scare nations in relation to their large population.
Crude oil prices and legacy of the economic policies has defined the region’s economy. But, the recent dramatic fluctuations in the crude oil prices have put an increasing pressure on the nations to diversify their economies.
In a result of direct effect of the governments’ diversifications initiatives, the printing and also the publishing sector in the region has witnessed an increasing invest for the past few years. New machineries are being imported from the western world and are replacing the old machineries that has limited capacity and were in use for the last years. And with the initiation of new technologies, the automation process is expanding at it best in the present industry scenario.
The new growth of the print industry offers attractive opportunities for printers, its raw materials including printing inks, material suppliers and also the print equipment suppliers. However, along with these new trends in the regional market, instability in many of the nations such as Yemen, Syria, Afghanistan etc. has created a negative impact simultaneously. However, the fast growing and developed economies of UAE, Saudi Arabia, Oman and Turkey will augment substantial demand for printing inks over the forecast period.
The report includes all of the major country markets such as Saudi Arabia, UAE, Egypt, Morocco, Qatar, Kuwait, Oman, Bahrain and the rest of the Middle East countries. Saudi Arabia is the fastest and largest growing packaging market in the Middle East. It accounts for approximately 72% of the overall packaging market in GCC countries.
The primary driving factors for the growth of the packaging industry in the country include the highly developed petrochemical industry. It offers most of the polymers that are used in packing industry. The country is host to the highest number of food processing companies in the region and has the largest young growing population.
For more information go to www.polarismarketresearch.com