India: Ink Market 2022

Ink Market Size in India

The Indian ink market stood at $X in 2021, standing approx. at the previous year. Overall, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +74.3% against 2012 indices. Ink consumption peaked in 2021 and is expected to retain growth in the immediate term.

Ink Production in India

In value terms, ink production contracted slightly to $X in 2021 estimated in export price. In general, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +35.4% against 2016 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 25% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then dropped modestly in the following year.

Ink Exports

Exports from India

In 2021, overseas shipments of inks (excluding printing ink) were finally on the rise to reach X tons after three years of decline. Over the period under review, exports enjoyed a slight expansion. The pace of growth was the most pronounced in 2013 when exports increased by 91% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, ink exports skyrocketed to $X in 2021. In general, exports enjoyed perceptible growth. The most prominent rate of growth was recorded in 2013 when exports increased by 113% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nepal (X tons), Bangladesh (X tons) and China (X tons) were the main destinations of ink exports from India, with a combined 38% share of total exports. These countries were followed by Indonesia, Nigeria, the United Arab Emirates, Turkey, Sri Lanka, Ethiopia, Kenya, Tanzania, Iran and Egypt, which together accounted for a further 43%.

From 2012 to 2021, the biggest increases were in Iran (with a CAGR of +35.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Bangladesh ($X) and Indonesia ($X) appeared to be the largest markets for ink exported from India worldwide, together comprising 34% of total exports. The United Arab Emirates, Nepal, Nigeria, Turkey, Sri Lanka, Iran, Egypt, Kenya, Tanzania and Ethiopia lagged somewhat behind, together accounting for a further 41%.

In terms of the main countries of destination, Ethiopia, with a CAGR of +37.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average ink export price stood at $X per ton in 2021, with a decrease of -3.4% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2013 an increase of 11% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020, and then reduced slightly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Nepal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Ink Imports

Imports into India

In 2021, approx. X tons of inks (excluding printing ink) were imported into India; surging by 39% on 2020. Overall, total imports indicated a measured increase from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, ink imports soared to $X in 2021. Over the period under review, total imports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -27.4% against 2014 indices. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest ink supplier to India, with a 66% share of total imports. Moreover, ink imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold. South Korea (X tons) ranked third in terms of total imports with a 4.4% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.7% per year) and South Korea (-3.6% per year).

In value terms, China ($X) constituted the largest supplier of ink to India, comprising 49% of total imports. The second position in the ranking was held by Germany ($X), with a 13% share of total imports. It was followed by Japan, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.1% per year) and Japan (-0.2% per year).

Import Prices by Country

The average ink import price stood at $X per ton in 2021, waning by -2% against the previous year. In general, the import price showed a perceptible curtailment. The pace of growth was the most pronounced in 2013 when the average import price increased by 16% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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