The digitization of books is a major emerging trend at the present time. This shift toward digitization has occurred due to the changing preference of customers. People now prefer reading books on e-readers and tablets rather than buying paper-based books, which has given birth to new possibilities in the book industry. This is leading to the increasing demand for digital inks. A digital-based image can be printed directly into a variety of media by making use of digital inks. Moreover, these inks enable on-demand printing, thereby making the process quicker and cost-effective. The government is also increasing the focus on the usage of water-based digital inks, as the utilization of traditional solvent-based inks have harmful effects on the environment in terms of product disposal and manufacturing waste disposal.
As per a research conducted by P&S Intelligence, in 2016, the global digital inks market generated a revenue of $1,147.4 million and is predicted to grow at a 5.4% CAGR in the coming years. The several application areas of digital inks are office printing, textile, publication, industrial printing, packaging, commercial printing, and decorative printing. Among these, the largest demand for digital inks was created for the commercial printing application during the time period 2013–2016 and the situation is going to be the same in the near future as well. Digital inks are used extensively for commercial printing of products such as brochure, stationery, and catalogue. Furthermore, high-resolution printing is required for these application areas, which further results in high consumption of digital inks. The fastest growth in demand for digital inks is projected to be witnessed by the office printing application.
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The expansion of packaging industry is also contributing considerably to the rising demand for digital inks. The industry is among the prime consumers of digital inks in several regions, such as Asia-Pacific, North America, South America, and Middle-East and Africa. The requirement for packaged consumer goods is expected to grow substantially due to the rising youth population, continuously changing lifestyles of consumers, and increasing gross domestic product. The use of digital inks provides cost-effective packaging production with no volume limits, reduces the time taken for printing, significantly decreases capital-intensive inventory, minimizes waste generation, and reduces the requirement for storage space. Because of these advantages, digital printing is utilized in various applications such as labels, flexible packaging, rigid containers, and retail bags and snacks.
The adoption of environment-friendly digital inks is increasing as people are becoming more conscious toward the rapid degradation of the environment. In order to improve the efficiency and decrease the harmful effects of inorganic and toxic materials utilized in traditional inks, consumers are focusing on adopting environment-friendly digital inks, such as ultraviolet (UV)-cured and water-based digital inks. Solvent-based digital inks produce fumes and odor, which can cause discomfort to humans. Due to these factors, consumers have started using water-based and UV-cured digital inks, which is further compelling the manufacturers to invest in research and development activities for the development of environment-friendly digital inks.