Oil-based inks have an edge in the printing inks market in North America according to the latest study by Transparency Market Research (TMR).
As the report of TMR shows, North American printing inks market was worth US$5.3 billion in 2015, and the number is expected to jump to US$8.7 billion by 2024. The company also forecasts that the market will expand at a CAGR of 5.7% from 2016 to 2024.
According to TMR, the demand for printing inks directly depends on the prices of crude oil. The analysts believe the market is also positively impacted by the growing demand for UV-cured ink, rising population base, and increasing consumer spending on various types of products.
TMR expects that oil-based printing segment will dominate the overall market for its extensive use in commercial areas and publication. The oil-based printing inks segment has captured the largest market share of 39.9% in the North America printing inks market in 2015.
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