The global digital printing market is growing at a rapid pace, mainly due to the rising uses of digital printing technologies in packaging. Besides, increasing upgrades in digital printing technology and rising RD funding initiatives of public-private sectors are other major growth drivers. Increasing demand for sustainable printing due to rising global warming concerns escalate market shares.
The Covid-19 pandemic fostered the utilization of digital printing technologies, disrupting normal supply and consumer purchasing patterns. Total printed packaging volumes and digital print in packaging rose globally to meet fluctuating demand from packaging buyers. Favorable government regulations to minimize VOC emissions in printing and wastages would support the market growth throughout the assessment period.
With rising developments in data processing, programming, digital printing, and finishing, the market is expected to perceive significant traction in the next few years. According to Market Research Future (MRFR), the valuation of global digital printing market demand is estimated to rise to exponential heights by 2027, growing at a whopping CAGR during the forecast period (2020 – 2027).
Spurring rise in the packaging and textiles industries substantiates the market size. With the advent of fast fashion and textile printing, the market has grown significantly over the past few years. It is poised to witness more considerable gains by the end of the forecast period. Businesses are also looking at packaging as means of advertising and marketing their brand.
This, alongside the rising consumer interest in digital printing, is expected to impact the growth of the market. Digitization has emerged as a game-changer for the printing industry. Product personalization, innovation, and the introduction of managed print services are strongly aligned with the rising possibilities of digital printing.
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Global Digital Printing Market - Segmentation
The report is segmented into ink, substrates, technologies, and regions. The ink segment is sub-segmented into Solvent, Aqueous, UV Cured, Dye Sublimation, Latex, and others. The dye sublimation segment accounts for the largest market share and is expected to grow at the highest CAGR throughout the forecast period. Simultaneously, the sub-segment Aqueous is playing an equally important role in market development.
The substrate segment is sub-segmented into release liner, plastic film, glass, textile, paper, and others. The technology segment is sub-segmented into laser and inkjet. The sub-segment inkjet is bifurcated into piezo crystal inkjet, thermal inkjet, electrostatic inkjet, and MEMS. Among these, the sub-segment inkjet holds the largest market share and is estimated to grow at an impressive CAGR during the forecast period.
Global Digital Printing Market - Geographical Analysis
North America leads the global digital printing market demand. The region highlights environment conservation efforts, minimizing wastage. Besides, vast developments in digital printing and substantial RD investments in optimizing printer machines drive the market growth.
The presence of notable industry players, augmenting demand for digital printing technology, and the availability of advanced technologies are major growth drivers. Additionally, augmenting demand for safe and effective features boosts the market size.
Digital Printing Market - Competitive Analysis
The digital printing market appears highly competitive due to the presence of several well-established players. Industry players adopt strategic approaches, such as collaborations, mergers acquisitions, expansion, and new technologies/product launches to gain a larger competitive share. Industry players make substantial investments to drive R D to develop new products technologies and increase their global footprints.
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Players active in the global digital printing market include Hewlett-Packard Development Company, LP (US), Canon, Inc. (Japan), Ricoh Company, Ltd. (Japan), Roland DG Corporation (Japan), Xerox Corporation (US), Seiko Epson Corporation (Japan), Durst Phototechnik AG (Germany), Electronics For Imaging, INC.(US), and Inca Digital Printers Limited (UK), among others.
Industry/ Innovation/ Related News
Sep. 10, 2021 --- Accurate Box Co., a manufacturer of litho-laminated corrugated packaging, announced its foray into the digital printing space to offer more options to its customers when manufacturing boxes. The company has purchased a new high-speed digital printer manufactured by Digital Printing Inc. The machine can print on uncoated sheets using a 4-color process and is capable of double-sided printing on boxes in-house at lower costs and lower minimums.
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