The Middle East printing inks market is estimated to reach USD 3.08 billion by 2026 growing at a CAGR of 4.5% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Middle East Printing Inks Market Size By Process (Gravure, Flexographic, Lithographic, Digital), By Resin (Modified Rosin, Modified Cellulose, Acrylic, Polyurethane, Hydrocarbon, Polyamide), By Application (Packaging, Corrugated Cardboards, Folding Cartons, Tags & Labels), By Countries] Segments & Forecast, 2019 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2018, Saudi Arabia dominated the market, in terms of revenue and accounted for the majority share in the Middle East region.
The print industry in the Middle East region is a diverse market space and varies from country to country. With every developed or developing country’s end-use industry dynamics, demand for printing inks in the countries vary significantly every year. In terms of volume or production, Turkey was the leader last year accounting for around 40% of the industry production, which was followed by Saudi Arabia and Iran.
Iraq on the other hand is projected to achieve the highest growth rate in terms of volume over the next five years. Syria on the contrary is anticipated to further deteriorate owing to the civil war conditions prevailing in the nation and will account for the worst market performance in the region.
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Middle East print industry was considered to be at an infliction point, as the growth of newspapers declined in 2011 and 2012. But from 2013 onwards, demand slowly started to increase for paper printing inks as newspapers demand started rising but the major role was though played by magazine printing.
The traditional offset lithography still is among the leading segments of printing industry in the regional market, however flexographic inks has been witnessing tremendous rise in its demand patterns due to the developing packaging industry in Saudi Arabia, UAE and even Oman. In the present industry scenario, digital printing showed a robust growth, as demand for long runs has been shrinking and short runs along with variable printing are gaining popularity.
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The overall popularity of newspapers in the region is high, but there might be situations that it gets tail off in the long run. In many countries the publications must be licensed and follow guidelines on reporting, that in turn will limit the number and content of publishing. Self-censorship is widespread in the region.
In contrary to the recent developments or advancements, the region’s printing industry has been facing further challenges. This is owing to the fact that lack of educational institutes in the region has resulted in shortage of skilled labor. However, the situation is changing at a slow pace and investments in the educational sector has been growing.
The book market in the Middle East has been fueled by increasing investment in education throughout the region. Rising literacy is anticipated to positively affect the print media and print advertising adoption. However, growth in the region will be moderate and will vary across every country.
The industry is dominated by numerous major manufacturers of printing inks resulting into high level of competition. The industry is consolidated in nature, with majors expanding in terms of geography, product & technologies along with merger and acquisition strategies. Major business players are shifting their focus and investing in R&D to avoid volatile petroleum prices and uncertainty regarding their availability.
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