Digital Printing Market Analysis
Market Research Future (MRFR) projects the global digital printing market is projected to grow from USD 27.32 billion in 2022 to USD 47.15 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.1% during the forecast period (2022 – 2030).
Increasing Demand for Sustainable Printing
Due to increased concerns about global warming and effective waste treatment and management, sustainability is a top priority for most industries and enterprises in today’s business environment. Paints and dyes used in traditional printing procedures may include trace levels of environmentally harmful Volatile Organic Compounds (VOCs). However, there is essentially no waste of paints or other ingredients in the case of digital printing.
The Global Market to Witness Growth Post COVID-19 Pandemic
COVID-19 has had an extraordinary influence on the global economy, particularly the digital printing business, since the WHO declared it a pandemic in January 2020. In the instance of the pandemic lockdown, there was an insufficient understanding of the pandemic’s spread, which delayed the deployment of crisis management response in most countries.
Concurrently, the disruption of physical materials and the supply chain posed issues in the textiles, paper & newspapers, apparel, and other industries that are among the main end users of the digital printing market. Furthermore, the digital printing industry’s problems were exacerbated by constraints on people’s movement, which increased the need for advertisers, who account for a large share of end use applications, to shift most advertising to online platforms.
This resulted in considerable revenue losses for digital printing over the first three quarters of 2020. However, with a significant increase in vaccination campaigns done by governments around the world, the number of cases and intensity of the pandemic are predicted to wane by the end of 2021, assisting market growth in reaching new highs.
Market Segmentation
The global digital printing market has been segmented into ink, technology, and substrate.
By ink, the global digital printing market has been segmented into Aqueous, Solvent, UV Cured, Latex, and Dye Sublimation.
By technology, the global digital printing market has been segmented into Laser and Inkjet.
By substrate, the global digital printing market has been divided into plastic film, release liner, glass, textile, and paper.
Regional Analysis
North America to Dominate the Global Market
North America holds the largest proportion of the worldwide digital printing market. The region emphasizes environmental conservation and waste reduction, which aids market growth. Furthermore, the development of cutting-edge technology to improve effective digital printing and research into optimizing printer machines is a crucial element influencing the market growth.
Due to the presence of several important equipment manufacturers and technology suppliers, the United States leads the regional market, closely followed by Canada. Furthermore, the availability of new technologies is a critical driver of the region’s brisk expansion.
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Key Players
Hewlett-Packard Development Company, L.P. (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)
Industry News
On May 17th, 2020, Kornit Digital launched an on-demand digital printing technology to make digital printing of apparel more environmentally friendly and sustainable. The company said that the new technology would optimize the usage of input feed materials like paints, dyes, and inks, potentially increasing the profitability of end user consumers.
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