With the evolution of industry 4.0, the digital textile printing ink technology is constantly crossing new boundaries. According to alliedmarketresearch global digital textile printing inks market was valued at US$698 million in 2016, and is expected to reach US$2.1 billion by 2023, registering a CAGR of 17.2% from 2017 to 2023.
The report said that the reactive type of inks has occupied more than one-fourth of the market in 2016 and is expected to grow at a CAGR of 17.0% from 2017 to 2023.
The pigment type of inks is projected to grow at a CAGR of 18.8% during the forecast period.
By application, display and other segment occupied more than half share in 2016. The North America digital textile printing inks market is expected to grow at a CAGR of 17.6% during the forecast period.
In Europe, the direct disperse type of inks are expected to grow at a CAGR of 17.2% from 2017 to 2023.
In Asia-Pacific, the application of the digital textile printing inks market in the household segment is anticipated to grow at a CAGR of 20.7% during the forecast period.
The rapid growth in urbanization coupled with an upsurge in demand for corporate branding and advertisement has propelled the market for digital textile inks. The sublimation ink segment has observed major demand due to an increase in demand for dye-sublimation printer in computer printing applications.
Furthermore, the demand for pigment-based inks is anticipated to grow due to its excellent archival print life coupled with color stability. Based on the application, the display segment has perceived major growth in 2016 owing to an increase in demand for touch panels and special effects applications.
However, clothing and household segments are expected to create lucrative growth opportunities for digital printing inks market owing to an increase in textile and household decorative applications.
The inks for digital textile printing market, which is highly competitive, consists of a few major players. Globally in terms of market share, some of the major players are dominating the market. Such as Dupont, Huntsman, JK Group, Kornit, DyStar, SPGprints, BASF, Jay Chemical, Marabu, Dow Corning, EFI, Sensient, Magna Colours, Anajet, Print-Rite, Lanyu, Hongsam, INKBANK, TrendVision, INKWIN.
Key players have economically invested majorly in R&D activities to develop advanced products to cater to the requirements of the market. These players operating in the industry include AnaJet, BASF SE, DuPont, Huntsman Corporation, KIIAN Group, Hongsam, SPG Prints, LANYU Digital, Sawgrass, and Kornit Digital
Other prominent market players (not included in this report) are Marabu, Jay Chemicals, Dystar, Sensient Colors UK Ltd, JCD Digital Inkjet Technologies, Trendvision Technology, Magellan Corporation, and Print right Holdings.