The global economy is experiencing what most economists and supply chain experts say is the most unprecedented supply chain volatility in recent memory. Demand for products continues to surpass supply and, as a result, global raw material and freight availability has been heavily impacted. According to European Printing Ink Association (EuPIA), demands for printing ink products continue to surpass supply and global raw material and freight availability has been heavily impacted. The association further explains that the shipping container costs in some routes have increased by 8-10 times the norm.
Printing ink producers expect supply chain strains to continue throughout 2022. Even as some of these constraints ease and the recovery moves forward, there remains global uncertainty regarding a resurgence of the COVID-19 pandemic, erratic consumer purchasing behaviours, and potential trade barriers. This situation, driven by a global pandemic which continues to cause manufacturing shutdowns in many countries, was exacerbated first by a homebound consumer base purchasing more items than usual and outside of peak seasons and, second, by the revival of the economy in all regions of the world, which led to a surge in demand.