Ajit Singh, CFO & BU Head - Narrow Web Division, Siegwerk India, 0
In a recent interaction with CEO Insights, he shared his valuable insights on various aspects pertaining to the current packaging inks market in India. Below are the excerpts from the exclusive interview –
What are some of the emerging trends that we can expect to witness in the packaging inks market in 2024?
Driven by environmental initiatives and regulatory changes such as the ones enforced by the FSSAI, the packaging inks market is moving towards greener and sustainable solutions. Companies are now increasingly focusing on using renewable and recyclable items because customers are more aware of their duties towards the earth and are demanding more flexible packaging. Furthermore, the rising demand for flexible packaging is amplifying the need for inks that are adaptable, cost-effective, and compliant with evolving health and safety standards, signifying an industry that is increasingly aligning innovation with sustainability.
How do you see the current scenario for manufacturing and color-matching facilities of inks in India?
Although the ink industry in India is showing tremendous progress in recent times, there are also a few key challenges that we are witnessing. For instance, we are undertaking great strides in Siegwerk’s blending center, which is a clear indication of our dedication towards quality inks that are also compliant to all industry standards and regulations. But it’s not all smooth sailing – the industry grapples with issues like getting the right materials and keeping up with the rapid changes in technology and rules. Thus, it is paramount for the ink industry players to ensure that they have all the measure in place to quickly adapt to the constantly evolving market dynamics.
Briefly explain the impact of FSSAI and BIS regulations such as the ban on Toluene on the chemical manufacturing companies.
In response to FSSAI and BIS regulations, including the ban on toluene, chemical manufacturing companies are strategically leveraging these changes even though till now the pace of change is slow. We are seeing a lot of new innovation coming to the fore in terms of developing alternative substances that not only adhere to these regulatory requirements, but also position these organizations as environmentally responsible leaders. This strategic alignment with health and safety-focused regulations enables these companies to access new market segments and secure a competitive advantage. Additionally, the inclination of various brand owners towards transitioning to regulation-compliant inks in the wake of emerging new standards is a commendable development. This trend is indicative of a broader commitment to corporate responsibility and environmental stewardship. Brands recognize the growing consumer concern over the environmental and health implications of packaging materials. Adopting compliant inks is a proactive strategy to mitigate potential regulatory and public relations challenges in the future. This transition could be advantageous in fostering new market opportunities and enhancing brand image.
According to you, what does the future hold for packaging inks market in India?
Going forward, the future looks very bright for the Indian packaging inks market. With India being the fastest growing economy, the packaging sector in the country is driven majorly from the massive demand from the F&B and medicines industries. Thus, there is no doubt that the demand for packaging inks will continue to grow in the coming days as well. Also, the constant push towards environmentally friendly and compliant inks isn’t just good for the planet, but is also sparking a lot of innovation within the industry. As a result, companies leading the charge in sustainable solutions are set to grow, especially as people increasingly look for packaging that is not just functional, but also has a personal touch.
In response to FSSAI and BIS regulations, including the ban on toluene, chemical manufacturing companies are strategically leveraging these changes even though till now the pace of change is slow. We are seeing a lot of new innovation coming to the fore in terms of developing alternative substances that not only adhere to these regulatory requirements, but also position these organizations as environmentally responsible leaders. This strategic alignment with health and safety-focused regulations enables these companies to access new market segments and secure a competitive advantage. Additionally, the inclination of various brand owners towards transitioning to regulation-compliant inks in the wake of emerging new standards is a commendable development. This trend is indicative of a broader commitment to corporate responsibility and environmental stewardship. Brands recognize the growing consumer concern over the environmental and health implications of packaging materials. Adopting compliant inks is a proactive strategy to mitigate potential regulatory and public relations challenges in the future. This transition could be advantageous in fostering new market opportunities and enhancing brand image.
The inclination of various brand owners towards transitioning to regulation-compliant inks in the wake of emerging new standards is a commendable development.
According to you, what does the future hold for packaging inks market in India?
Going forward, the future looks very bright for the Indian packaging inks market. With India being the fastest growing economy, the packaging sector in the country is driven majorly from the massive demand from the F&B and medicines industries. Thus, there is no doubt that the demand for packaging inks will continue to grow in the coming days as well. Also, the constant push towards environmentally friendly and compliant inks isn’t just good for the planet, but is also sparking a lot of innovation within the industry. As a result, companies leading the charge in sustainable solutions are set to grow, especially as people increasingly look for packaging that is not just functional, but also has a personal touch.