New York, USA, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Digital Printing Market information by Ink Type, by Components, by Technology, by Substrate and Region – forecast to 2027” 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 growth in the e-commerce industry will offer robust opportunities for the market in the forecast period. E-commerce in the global scenario is the largely preferred retail especially among young shoppers that are inclined towards online shopping through their smartphones. M-commerce and e-commerce have witnessed a rapid proliferation across the world and this has improved the need for e-commerce packaging. Vendors that operate in the regional market are aligning their business with the current market expectations and are bringing in greater innovation and improved quality in the packaging of their products to cater customer expectations.
Dominant Key Players on Digital Printing Market Covered are:
Hewlett-Packard Development Company L.P. (US)
Canon INC. (Japan)
Mimaki EngineeringCo. Ltd. (Japan)
Roland DG Corporation (Japan)
Xerox Corporation (US)
Seiko Epson Corporation (Japan)
Durst Phototechnik AG (Germany)
Electronics For Imaging Inc. (US)
Inca Digital Printers Limited (UK)
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Market USP Exclusively Encompassed:
Demand from Textile Industry to Boost Market Growth
The growing demand for digital printing from the textile industry will boost market growth over the forecast period. The textile industry anticipates multitude of colors and patterns with a changing market. Here the conventional methods cannot satisfy the current needs. Inkjet printing technology that was made to print technologies is today being utilized in fabric printing industries as it caters to the fashion sector thus accelerating market growth.
High Initial Investments to act as Market Restraint
High initial investments will act as market restraints over the forecast period. The maintenance and installation incur higher costs.
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Segmentation of Market Covered in the Research:
The digital printing market is bifurcated based on ink type, technology, and substrate.
By ink type, the solvent ink segment will lead the market over the forecast period. This will be followed by the aqueous segment for the 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 to Command Digital Printing Market
North America will command this market in the forecast period. High concentration of market players, the abundant availability of competent technical expertise, increasing need for sustainable printing, rising consumer interest in digital printing technologies, technological advances in the packaging and textile industry, increasing consumer durable sales, high disposable income, rising demand for packaged foods, demographic changes, and the increased use of digital printers in packaging and textile printing in the US are adding to the global digital printing market growth in the region.
APAC to Have Promising Growth in Digital Printing Market
The APAC region will have promising growth in the market over the forecast period. Japan being a significant participant in the market, organizations in the country intensely putting resources into the technology, use of multifunction printing technology for cost-efficient methods, booming textile printing industry, and India & China being the main textile suppliers, and the presence of textile printing manufacturers are adding the global digital printing market growth in the region.
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COVID-19 Impact on the Global Digital Printing Market
Ever since 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 the lockdown, there was a good understanding of the spread of the outbreak this delayed the deployment of the disaster management response in most countries. The disruption of physical materials & supply chain simultaneously created challenges in the apparel, paper and newspapers, textiles, and other industries which are among the largest end users for the market. The problems faced via the digital printing industry were compounded with the restriction on the movement of people that mounted the need for advertisers that account for a large share of end use applications to move most advertising to online platforms. In this, digital printings suffered significant revenue losses over three quarters of 2020. The number of cases & severity of the outbreak however of the pandemic ebbing with the marked increase in the inoculation drives undertaken by the governments across the world are likely to restore pre-pandemic normalcy by the end of 2021 that will assist the market growth in reaching new highs.
The global digital printing market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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