The ink manufacturing industry is going through changes. These changes are clear – from acquisitions to focus on sustainability, emerging opportunities, and new markets to innovations, manufacturers must adapt to these changes to remain competitive and meet the growing needs of customers. As digital printing and packaging markets continue to grow, ink manufacturing companies have to evolve.
Here, we look at some of the ways ink manufacturing companies are adapting to changes:
Changing Business Approach
A close look at the recent industry trends reveals a situation where some companies are thriving while others are disappearing due to consolidation or changes in the industry. According to Needham Inks – https://www.needham-ink.com/, ink manufacturing companies have to change their business approach to remain competitive and ensure growth in today’s fast-changing printing industry.
For instance, over the last few years, the print industry has shifted its focus from commercial sheetfed printing toward digital printing technologies. Due to this, more ink manufacturers now offer their own inkjet products. This is inevitable as the failure to meet customer needs will lead them to look for new suppliers. Manufacturers need to stay up-to-date and change their business approach so they can meet the evolving needs of their customers.
More Focus on Sustainability and Recyclability
In recent years, the ink manufacturing industry has increased emphasis on sustainability and recyclability. More consumers are interested in buying environmentally friendly products, which also drives brand owners’ decisions when sourcing products. This, in turn, impacts publications, packaging, digital printing, textiles, and other end products, where ink manufacturers come in.
Ink manufacturing companies are facing a growing mandate from customers and governments. This means adopting sustainability measures and developing solutions from renewable resources. Ink manufacturers also have to recycle and reuse products in a smart approach that is good for the environment but also economical for business operations. Adopting sustainability is a critical change that even touches on production methods and supply chains.
Embracing Emerging Opportunities
Over the years, a lot has changed in terms of industry focus segments. One interesting emerging opportunity for ink manufacturing companies is conductive inks and pastes, which is estimated to be worth $2.3 billion, according to Ink World. Pigment suppliers in the market are also reporting growth in a number of industry segments like inkjet, packaging, and UV ink.
The conductive ink market alone is creating great opportunities in different fields like smart packaging, sensors, wearables, and other emerging markets in the coming years. Ink manufacturing companies are working to take advantage of such emerging opportunities and put themselves into a position where they can grow together with their customers.
Adopting New Technology and Innovations
There’s no doubt that new technologies in the industry are changing the expectations of both print buyers and consumers. Digital printing is a perfect example, as the ability for end-users to use variable data provides a sense of personalization. Printed electronics is another growing innovative field. Through inkjet, gravure, and screenprinting innovations, new products are emerging that continue to create new demand.
New print innovations and growing consumer demands are creating new opportunities for ink manufacturing companies. The goal for manufacturers is to develop innovative products and services that will drive growth in the industry in the coming years. Those that adapt to changes and embrace ink segments that are enjoying growth will stay a step ahead.
Printing has changed over the years, and with it, so has the vast ink industry. Even as raw material costs increase and supply issues and environmental concerns pile up pressure on ink manufacturers, there are still opportunities for growth. New markets are emerging, while the IoT innovations are creating opportunities with limitless potential. The future offers great hope.