New York, U.S., Jan. 25, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “digital printing market information by type of ink, by components, by Technology, by substrate and region – forecast to 2027” the market size to reach USD 215 billion, growing at a healthy compound annual growth rate by 2027.
Digital printing is used in different e-commerce products and the growth of the e-commerce industry will provide strong opportunities for the market over the forecast period. E-commerce in the global scenario is the widely preferred retail business, especially by young shoppers who are inclined to shop online through their smartphones. M-commerce and e-commerce have witnessed a rapid proliferation across the globe, which has enhanced the need for e-commerce packaging. Vendors operating in the regional market are aligning their business with current market expectations and bringing greater innovation and improved quality in their product packaging to meet customer expectations.
The Dominant Key Players in Digital Printing Market Covered Are:
- Hewlett-Packard Development Company LP (USA)
- Canon INC. (Japan)
- Ricoh Company
- ltd. (Japan)
- Mimaki Engineering Co.Ltd. (Japan)
- Roland DG Corporation (Japan)
- Xerox Corporation (USA)
- Seiko Epson Corporation (Japan)
- Durst Phototechnik AG (Germany)
- Electronics For Imaging Inc. (USA)
- Inca Digital Printers Limited (UK)
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Exclusively encompassed USP market:
Textile industry demand to drive market growth
The growing demand for digital printing from the textile industry will drive the growth of the market over the forecast period. The textile industry anticipates a multitude of colors and patterns with an ever-changing market. Here the classical methods cannot satisfy current needs. The inkjet printing technology which was designed for printing technologies is used today in the fabric printing industries as it caters to the fashion industry thus accelerating the growth of the market.
High initial investments to act as market restriction
High initial investments will act as market restraints during the forecast period. Maintenance and installation entail higher costs.
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Market Segmentation Covered by Research:
The digital printing market is divided based on ink type, technology, and substrate.
By ink type, the solvent ink segment will dominate the market during the forecast period. The aqueous segment will follow for technological advances in the digital printing market.
By technology, the thermal inkjet segment will dominate the market over the forecast period for consumer preference as the technology has been around for over two decades now.
By substrate, the plastic films market will spearhead the market over the forecast period for the high penetration of flexible packaging applications including food and beverage packaging solutions.
North America will dominate the digital printing market
North America will dominate this market during the forecast period. High concentration of market players, abundant availability of competent technical expertise, growing need for sustainable printing, increasing consumer interest in digital printing technologies, technological advancements in the packaging and textile industry, increasing sustainable consumer sales, high disposable income, growing demand for food packaging, changing demographics and increased use of digital printers in packaging and textile printing in the United States are contributing to the growth of the global market for digital printing in the region.
APAC will have promising growth in the digital printing market
APAC region will witness promising market growth over the forecast period. Japan being an important player in the market, organizations in the country are investing resources intensively in technology, the use of multifunction printing technology for cost-effective methods, the booming textile printing industry, and l ‘India and China being the major textile suppliers, and the presence of textile printing manufacturers add to the growth of the global digital printing market in the region.
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Impact of COVID-19 on the global digital printing market
Since the WHO declared it a pandemic in January 2020, COVID-19 has had an unprecedented impact on the global economy, which includes the digital printing market. In the case of containment, there was a good understanding of the spread of the epidemic, which delayed the deployment of disaster management response in most countries. The disruption of physical materials and the supply chain has simultaneously created challenges in the apparel, paper and newspaper, textile, and other industries that are among the largest end-users in the market. The problems encountered via the digital print industry have been compounded by the restriction of the movement of people which has made it necessary for advertisers who account for a large proportion of end-use applications to move most advertisements to the platforms in line. In this, digital prints suffered significant revenue losses over three quarters of 2020. The number of cases and the severity of the epidemic, but the decline of the pandemic with the marked increase in inoculation campaigns undertaken by Governments across the globe are likely to restore pre-pandemic normalcy by the end of 2021 which will help the market growth reach new heights.
The global digital printing market is fragmented and also competitive for the presence of different international and domestic key players. These players have incorporated innovative strategies to stay ahead and also meet growing customer demand, including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, and more.
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