Turkey: Ink Market 2024

Ink Market Size in Turkey

In 2021, the Turkish ink market decreased by -3.6% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption, however, recorded a pronounced setback. Ink consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Ink Production in Turkey

In value terms, ink production expanded sharply to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a slight contraction. The pace of growth was the most pronounced in 2019 with an increase of 41%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Ink Exports

Exports from Turkey

In 2021, shipments abroad of inks (excluding printing ink) decreased by -2.4% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +84.6% against 2018 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 53% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, ink exports dropped markedly to $X in 2021. Overall, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 102%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Bangladesh (X tons), Iran (X tons) and Bulgaria (X tons) were the main destinations of ink exports from Turkey, together comprising 58% of total exports. Italy, Egypt, Uzbekistan, Romania, Israel, Pakistan, Libya, Serbia, Georgia and Lebanon lagged somewhat behind, together comprising a further 34%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Serbia (with a CAGR of +89.3%), while the other leaders experienced more modest paces of growth.

In value terms, Iran ($X), Bangladesh ($X) and Italy ($X) appeared to be the largest markets for ink exported from Turkey worldwide, with a combined 55% share of total exports. These countries were followed by Bulgaria, Egypt, Uzbekistan, Israel, Pakistan, Romania, Libya, Serbia, Georgia and Lebanon, which together accounted for a further 30%.

Among the main countries of destination, Serbia, with a CAGR of +73.2%, 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

In 2021, the average ink export price amounted to $X per ton, waning by -15.8% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 44% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lebanon ($X per ton), while the average price for exports to Serbia ($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 Lebanon (+22.0%), while the prices for the other major destinations experienced more modest paces of growth.

Ink Imports

Imports into Turkey

For the fourth consecutive year, Turkey recorded growth in overseas purchases of inks (excluding printing ink), which increased by 13% to X tons in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +8.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +113.4% against 2012 indices. The most prominent rate of growth was recorded in 2013 with an increase of 19% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, ink imports reduced to $X in 2021. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 36% against the previous year. Imports peaked at $X in 2020, and then fell in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of ink to Turkey, accounting for a 44% share of total imports. Moreover, ink imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. Germany (X tons) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+7.4% per year) and Germany (+5.4% per year).

In value terms, China ($X), Japan ($X) and Italy ($X) appeared to be the largest ink suppliers to Turkey, with a combined 49% share of total imports. These countries were followed by Germany, the UK, the Netherlands, the United States, Taiwan (Chinese), India, France and South Korea, which together accounted for a further 35%.

In terms of the main suppliers, India, with a CAGR of +21.5%, saw the highest growth rate of 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 2021, the average ink import price amounted to $X per ton, shrinking by -18.2% against the previous year. Overall, the import price saw a pronounced curtailment. The pace of growth appeared the most rapid in 2018 an increase of 15%. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($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 (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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