DIGITAL PRINTING MARKET ANALYSIS

The global digital printing market size was valued at US$ 27.35 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18% from 2023 to 2030. The growing preference of consumers for high-quality textile printing is expected to drive growth of the global digital printing market during the forecast period. The digital printing market is driven by a number of factors, such as increasing consumer demand for customized products, technological advancements, rising e-commerce adoption, and increased marketing & advertising expenditures. A rise in demand for personalized products such as customized phone cases, mugs, and t-shirts is also driving the market growth. 

Global Digital Printing Market: Regional Insights

North America is expected to show significant growth in the global digital printing market over the forecast period. The region is witnessing increasing adoption of advanced technology, and integration of IoT across various industries. Moreover, the region has robust presence of major market players. The high rate of technological implementation in countries such as the U.S. and Canada are among other factors expected to support growth of the global digital printing market in North America over the forecast future.

Furthermore, Asia Pacific is also anticipated to exhibit robust growth in the global digital printing market over the forecast period. This is owing to rise in demand across various applications. Moreover, presence of countries such as Japan, India, and China being major consumer of the market owing to rise in demand from food and beverage industry in the region. The growing demand for food packaging and rising emphasis on packaged foods for sharing information about of composition, nutritional content, and storage life of products is driving the adoption of digital printing in the region. Thus, the region is likely to show strong growth in the near future.

Figure 1: Global Digital Printing Market Share (%), By Region, 2022

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Global Digital Printing Market Drivers:

Increasing use in highly customized labels to fuel the market growth

Major consumer-oriented manufacturers are inclining toward customized packaging in order to enhance shelf-visibility, which further helps to attract customers. As a result, the digital printing adoption is increasing rapidly all over the world. For instance, Coca-Cola, the beverage company had been an early adopter of such technology. The company also launched several campaigns based on highly-customized labels that are digitally printed. The demand for customized digital prints wrapped on glass fronts of commercial buildings is increasing. This factor is thus anticipated to boost growth of the global digital printing market over the forecast period.

High demand from textile and packaging industries to boost the market pace

Product packaging is an important aspect in marketing. It offers information about the product standard and quality. Due to this, several manufacturers are seeking attractive product packaging to boost sales. Using high-quality graphics on substrates such as plastic films, textiles, and release lines allows to create attractive packaging. For this digital printers offer advantages such as UV-cured printing. Thus, use of advanced printing technology is increasing in industries such as fabric printing and packaging. This factor is further projected to augment growth of the global digital printing market during the forecast period.

Global Digital Printing Market Opportunities:

Rise in demand from in-plant market is expected to offer multiple opportunities in the global digital printing market over the forecast period. In-plant market is an in-house document reproduction sector that caters the demands of its main organization be it a government agency, corporation, university, or any other vertical. In-plant printing offers various printing and related services. The main function of this method is to serve the parent organization, however more than 50% of in-plants are also known to insource print jobs from outside for funding equipment purchases. Thus, this factor is likely to create multiple opportunities in the global market.

Increasing growth of e-commerce industry to generate multiple opportunities in the global digital printing market over the forecast period. Several e-commerce products are making use of digital printing and with increasing growth of this industry, the demand for digital printing is likely to increase. Young shoppers largely prefer e-commerce in retail format, as this population is more inclined toward online shopping through various mediums. E-commerce industry is thus rapidly expanding all over the world. As a result, the need for digital printing will increase in the coming years significantly. This is further likely to create growth opportunities in the global digital printing market over the forecast period.

Global Digital Printing Market Trends:

Growing demand from packaging industry is trending the market

The packaging industry offers large scope for implementation of digital printing. Various packaging technologies and methods are used to serve demands for various products for particular type of brands deploying different technologies of printing. Some of the packaging industries including labels, cartons, rigid plastic packaging, metal packaging, flexible packaging, and corrugated packaging. The demand for digital printing is thus increasing in these industries with rise in growth of the overall packaging industry. This trend is further likely to continue in the global digital printing market over the forecast period.

Technological advancements is another trend in the market

Market players are making use of advanced technologies such as IoT, Artificial Intelligence, data analytics, machine learning, and more. These technological developments have largely impacted services. Large-volume printing orders are benefiting from greater print customization due to transformation in digital printing. Thus, this trend is further expected to support growth of the global digital printing market over the forecast period.

Global Digital Printing Market Restraints:

High cost and system errors to impede the market growth

Digital printing systems are at risk of errors. Along with this, the investment cost involved in digital printing is significantly high compared to conventional printing. The cost comprises purchase price and installation costs, support and maintenance costs, and the cost of ink and other consumables. Moreover, installing and maintaining digital printers is of high cost. This factor is thus expected to hinder adoption of digital printing, which in turn is likely to impede growth of the market in the coming future.

Stringent regulations by governments and high competition to limit the market growth

Growing competition among market players and stringent government regulations regarding environmental safety are anticipated to hinder growth of the global digital printing market over the forecast period. Several times, e-waste and ink disposal create environmental concerns. Along with this, the lack of suitable standardization system as well as unfavorable taxation policies are also acting as constrain in growth of the market. However, with increasing focus of market players on developing products that adhere to government regulation is expected to support growth of the global digital printing market over the forecast period.    

Figure 2: Global Digital Printing Market Share (%), By Printhead Type Segment, 2022

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Global Digital Printing Market Segmentation:

The global digital printing market report is segmented into Printhead Type, Ink Type, Application Type, and Product Type.

Based on Printhead Type, the market is segmented into Inkjet, Laser. Out of which, Inkjet is expected to dominate the global market over the forecast period and this is attributed to the widespread adoption of inkjets. Inkjet printer is most commonly used in home printing. These printers can spray thousands of microscopic ink droplets on a paper to create images. Due to their various advantages, inkjets are increasingly being adopted. This in turn is driving growth of this segment.

Laser segment is also expected to witness significant growth in the near future and this is owing to the benefits of laser printheads such has rapid prints with fade- and smudge-resistant papers. Laser printers use a powder called toner, which is fused onto the paper, for creating permanent images. These printers are popular for their rapid printing. Due to various other advantages of laser printheads their adoption is increasing rapidly, which is further driving growth of this segment.

Based on Ink Type, the market is segmented into UV-Cured Ink, Aqueous Ink, Solvent Ink, Latex Ink, and Dye Sublimation Ink. Out of which, UV-Cured Ink is expected to dominate the global market over the forecast period and this is attributed to the increasing adoption of UV-cured inks. UV inks get cured when they are exposed to UV light. The use of this type of ink is increasing in various applications especially in vehicles. Thus, the segment is likely to show substantial growth in the near future.

Latex segment is also expected to witness significant growth in the near future and this is owing to the multiple advantages of latex ink across various applications. Latex inks are scratch-resistant and waterproof. It offers different lifetime depending on the where it is used. Along with being chemical and water resistant, latex printing is also abrasion- and scratch-resistant. Due to such advantages, adoption of latex ink is increasing, which is further driving growth of the market.

Based on Application Type, the market is segmented into Plastic Film or Foil, Release Liner, Glass, Textile, Paper, Ceramic, and Others. Out of which, Plastic Film or Foil is expected to dominate the global market over the forecast period and this is attributed to the growing use in packaging and advertising. The use of plastic films is widespread in different applications such as labels, plastic bags, packaging, and others. Plastic is usually used for packaging with printed design to make it more attractive. With its growing use in packaging and advertising industry, the segment is likely to gain substantial growth in the coming future.

Release Liner segment is also expected to witness significant growth in the near future and this is owing to the growing applications of release liners in industries such as graphics films, labels, medical, hygiene, food and bakery, and envelops among others. Release liners are available in various colors and they can be printed under the low surface energy coating. With increasing applications of release liners across various industries, the segment is anticipated to show increasing growth in the coming years.  

Based on Product Type, the market is segmented into Digital Printers, Ink, and Printhead. Out of which, Ink is expected to dominate the global market over the forecast period and this is attributed to the availability of wide range of inks for digital printing. There are various types of inks used for digital printing and each one of them offers different characteristics. With increasing adoption of digital printing, the demand for printing inks is increasing, which in turn is driving the market growth.

Digital Printers segment is also expected to witness significant growth in the near future and this is owing to the growing technological advancements leading to development of advanced digital printers. Several market players are investing in R&D for developing innovative and advanced products. This in turn is likely to support growth of this segment.

Global Digital Printing Market: Key Developments

In February 2021, Canon Empowers Business developed the new image RUNNER ADVAMCE DX, and with this launch, the company has begun its digital transformation journey.

In August 2021, Mimaki Engineering entered into partnership with Shapeways, a leading 3D printing output service. With this partnership, the company will offer advanced full-color 3D printing services.

In July 2021, Roland DG announced the launch of CAMM-1 GR2-640/540 Vinyl Cutters having Seamless Print-then-Cut workflow. The company aims to expand its business with the launch of this novel product.

In May 2021, Xerox announced joint venture with State of Victoria for solving the global issue of aging infrastructure.

In May 2021, Epson and National Geographic announced partnerships for encouraging business and consumers for addressing major issues around climate change.

Global Digital Printing Market: Key Companies Insights

The global digital printing market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global digital printing market are Canon, Brother Industries, Hewlett-Packard Development, Printronix, Ricoh Digital Painting Company, Inca Digital Printers Limited, Mimaki Engineering, Electronics For Imaging, Roland Dg Corporation, Durst Phototechnik AG, Xerox Corporation, and Seiko Epson Corporation.

*Definition:

Digital printing is a method of printing from a computer-based image directly to a variety of media. This eliminates the need for printing plates, allowing jobs to be produced at a fraction of the time of traditional methods. This type of printing has been around for quite a while, but has now become the standard for many print-on-demand services. It is also a great option for small-run and personalized projects.