GIA did not respond to an interview request, but in a statement announcing its new report, "Printing Inks: A Global Strategic Business Report," the market research firm said, "Partly dented by the recent global meltdown, and the soaring raw materials prices, the global printing inks industry is projected to grow moderately over the near term."

The report also noted, "The industry continues to face severe pricing pressures, arising from spiking raw material costs, a scenario that is expected to continue over the near future."

GIA said the US will continue to be the lead market for printer ink in both volume and revenue, adding Europe will benefit from rising sales of UV as well as free radical and cationic inks. But it also predicted Asia will show the most growth, noting, "Rising demand for sleek magazine and catalog covers is driving the use of radiation curing inks in the publishing sector. Asia-Pacific, particularly China and India, represent the fastest growing printing inks markets."

Environment friendly inks such as vegetable oil-based inks and water-based inks are gaining popularity in many markets but GIA also stressed the likely growing demand for digital ink, fuelled in part by the growth of internal graphics departments facilitating professional-quality, in-house printing.