By 2027the world digital print market would have gone from $21.2 billion in 2020 for $34.2 billion, at a CAGR of 7.1% during the forecast period, 2021-2027. Digital printing systems are the advanced printing technology that uses conceptualized electronic documents using computer software for printing. Digital printing conveys images using digital layouts such as PDF and JIP and other media such as paper, fabric and ceramics. Digital printing methods are designed to provide accurate, short-run, and cost-effective color printing in a short period of time. The digital printing system is designed to deliver high quality finished products compared to the offset technique. It provides an affordable solution for personalized marketing materials such as business cards, direct mail, letters and more than traditional methods. In addition, digital printing shortens the production cycle and therefore delivers the final product faster.
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The digital printing industry is expected to witness strong growth over the forecast period, owing to the rapid adoption of inkjet printing solutions in the packaging and paper industry through flexible and cost-effective features. Further, the market will be driven by an increase in the adoption of IoT and AI-based technologies and their successful implementation across the globe. The increasing use of digital printing in consumer electronics is expected to drive demand for the various components of digital printing. In recent years, the main drivers of the digital printing market are the increase in sustainable printing solutions in the pharmaceutical, healthcare, packaging and labeling industries and the need for printing methods profitable. Additionally, the growing innovation in printing technology for Tier II and III businesses provides lucrative opportunities for manufacturers.
However, the high initial investment for digital printing plants is a significant challenge for this market. The growing popularity of digital document delivery is expected to reduce print demand; digitization of products such as financial documents, directories, advertisements and books is also affecting the market.
Impact of COVID-19 on global digital printing
COVID-19 brought down the growth level of the market in 2020, and the market is estimated to grow relatively slowly till the end of 2021. COVID-19 brought down all companies and industries including the domain digital printing. As the world slowly recovers, the way of doing business will never be the same. COVID-19 has changed market dynamics for all businesses in general. Although cutting-edge technology has played a vital role in our working lives for years, it has never relied on things like video conferencing and interacting with team members. Although business printers are used less, this will likely lead to an increase in the number of home printers purchased for consumers working from home. Printing is essential if someone needs to make hard copies of crucial documents. Alternatively, the COVID-19 pandemic has improved the demand for flexible packaging, which is considered more hygienic due to limited handling.
Global digital printing market dynamics
Drivers: developments and growing demand in the packaging and textile industries
The packaging of a product plays a vital role in marketing as it gives information about the quality and level of the product. Thus, manufacturers are looking for more attractive product packaging so that they can sell them quickly in the market. With the help of high quality graphics on substrates such as textiles, plastic films, release liners etc., packaging can be made attractive, and this can be done using digital printers as they offer benefits such as UV-curable printing, as well as much better detail, clarity and quality than their smaller counterparts. The textile industry anticipates a range of designs and colors with a rapidly changing market. However, conventional printing methods cannot meet today’s requirements. Inkjet printing technology, which was first developed for printing documents, is now gradually being used in the textile printing industry as it meets the needs of the fashion industry, accelerating thus market growth.
Constraints: strict government regulations and strong competition
The major challenges in the digital printing market are increasing competition and stringent government regulations on environmental safety are major impediments for market expansion. In many cases, disposal of ink and e-waste has hampered the market growth, which is expected during the forecast period. Lack of a proper standardization system and unfavorable tax policies of various governments are also hampering the growth of the market.
Opportunities: Growing e-commerce division
Digital printing is used in several e-commerce products and the development of the e-commerce industry will therefore drive the growth of the digital printing market. In the global scenario, e-commerce is the widely preferred retail format, especially among young customers who are inclined to shop online through their devices. M-commerce and e-commerce have rapidly increased across the world, which has increased the need for e-commerce packaging. Suppliers operating in the local market align their activities with the current market outlook. They bring more and more significant and reinforced innovations in the quality of the packaging of their products to meet consumer expectations. The growth of e-commerce is expected to create lucrative opportunities for the market over the forecast period.
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The study categorizes the digital printing market based on printhead type, ink type, application, product type, and regions.
By Outlook Printhead Type (Revenue, USD Million, 2017-2027)
Outlook by Ink Type (Revenue, USD Million, 2017-2027)
- UV-curable ink
- Aqueous ink
- Solvent ink
- Latex Ink
- Sublimation ink
By Outlook Application (Revenue, USD Million, 2017-2027)
- Plastic film or foil
- Release the liner
Outlook by Product Type (Revenue, USD Million, 2017-2027)
- Digital printers
Outlook by Region (Revenue, USD Million, 2017-2027)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
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Inkjet segment, by printhead type, accounts for the largest market share
The global digital printing market has been segmented into inkjet and laser. In 2020, the inkjet segment accounted for the largest market share of 64.51% in the global digital printing market. For home printing, an inkjet printer is a common choice. They create images by spraying thousands of microscopic ink droplets onto paper with precision, much like television and computer screens render images with thousands of pixels. Yellow, magenta and cyan ink cartridges are the most common. The printer can mix these three fundamental colors to create all the colors required for the print job. A component known as the print head rotates back and forth as paper is fed through a pair of rollers, spraying ink precisely. Although this method is much less complicated than laser printing, it is more prone to smudging.
Asia-Pacific accounts for the highest CAGR during the forecast period.
Based on regions, the global digital printing market has been segmented into North America, Asia-Pacific, Europe, South America, Middle East and Africa. Globally, Asia-Pacific is estimated to hold the highest CAGR of 8.81% in the global digital printing market during the forecast period. The region includes countries such as China, India, Japan, South Korea, Australia, Southeast Asia and the rest of Asia-Pacific. The growth of the region is mainly due to the strong economic growth of emerging national countries such as China, Indonesia, Malaysia and India.
In the Asia-Pacific region, Japan remains an important player in the global supply chain market. Organizations in the country are intensively mobilizing resources towards technology, for example, the use of multifunction printing technology for cost-effective methods. Asia-Pacific region is expected to dominate the global digital printing market during the forecast period 2021-2026 owing to growing digitalization, technological developments in industrialization, growth in textile industries, and others. China and India are the main retailers of textiles and have the maximum number of textile printing retailers. They hold the largest base of textile manufacturers. These factors are majorly contributing to the growth of the Asia-Pacific digital printing market over the forecast period.
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Main market players
The digital printing market is slightly concentrated in nature with few global players operating in the market such as Canon, Hewlett-Packard Development, Ricoh Company, Mimaki Engineering, Roland DG Corporation, Seiko Epson Corporation, Xerox Corporation, Durst Phototechnik AG, Inca Digital Printers Limited, Printronix, Electronics for Imaging, Brother Industries, Oki Electric Industry, Toshiba and Samsung Electronics. The major players have adopted strategies such as launching new products as well as strategies such as partnership and collaboration to increase its market share and increase its global penetration.