Sri Lanka: Printing Ink Market 2024

Printing Ink Market Size in Sri Lanka

The Sri Lankan printing ink market stood at $X in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Printing ink consumption peaked in 2022 and is likely to see gradual growth in years to come.

Printing Ink Exports

Exports from Sri Lanka

In 2022, shipments abroad of printing ink increased by 87% to X tons, rising for the second consecutive year after three years of decline. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 253%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, printing ink exports soared to $X in 2022. Over the period under review, exports showed a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 488% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Malta (X tons), Jordan (X tons) and Indonesia (X tons) were the main destinations of printing ink exports from Sri Lanka, together comprising 86% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Jordan (with a CAGR of +50.9%), while the other leaders experienced more modest paces of growth.

In value terms, Malta ($X) emerged as the key foreign market for printing ink exports from Sri Lanka, comprising 77% of total exports. The second position in the ranking was taken by Jordan ($X), with a 9.1% share of total exports. It was followed by Indonesia, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value to Malta amounted to +36.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (+34.7% per year) and Indonesia (+28.1% per year).

Export Prices by Country

The average printing ink export price stood at $X per ton in 2022, with an increase of 57% against the previous year. Over the period under review, the export price recorded strong growth. The growth pace was the most rapid in 2018 when the average export price increased by 137% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malta ($X per ton), while the average price for exports to Tunisia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kenya (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Printing Ink Imports

Imports into Sri Lanka

In 2022, imports of printing ink into Sri Lanka dropped significantly to X tons, which is down by -21.6% compared with the previous year. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 35%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, printing ink imports rose sharply to $X in 2022. The total import value increased at an average annual rate of +5.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 37%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, India (X tons) constituted the largest printing ink supplier to Sri Lanka, accounting for a 32% share of total imports. Moreover, printing ink imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by Switzerland (X tons), with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from India stood at -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.4% per year) and Switzerland (+62.1% per year).

In value terms, Switzerland ($X), India ($X) and China ($X) constituted the largest printing ink suppliers to Sri Lanka, with a combined 53% share of total imports. Germany, the UK, Hong Kong SAR, Singapore, Thailand, Italy, Australia, Spain, Indonesia and Malaysia lagged somewhat behind, together comprising a further 37%.

Among the main suppliers, Spain, with a CAGR of +70.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average printing ink import price amounted to $X per ton, increasing by 38% against the previous year. Overall, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, printing ink import price increased by +77.9% against 2015 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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