The Digital Printing Market size is estimated to reach $43 billion by 2030, growing at a CAGR of 7.2% during the forecast period 2023-2030, according to a recent report published by IndustryARC. The digital printing industry is growing due to the increasing demand for cost-effective, sustainable printing methods that maintain an exceptional aesthetic appeal. Apart from this, the emergence of various technological advancements pertaining to print security and their possible alignment with digital printing would also prove to have a synergistic effect on the Digital Printing Market trends.
Read the full report here - Digital Printing Market By Print Head Type (Inkjet & Laser), By Ink Type (Aqueous Ink, UV-Cured Ink, Solvent Ink, Latex Ink, Dye Sublimation Ink & Others), By Substrate (Plastic films or foils, Release Liner, Glass, Textile, Paper, Ceramic & Others), By Application (Books, Commercial Printing, Packaging & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030.
Asia-Pacific accounted for a significant market share in 2022:
Asia-Pacific held the largest Digital Printing Market share in 2022, accounting for 41% of the total market. It is anticipated to grow at the fastest CAGR of 8.4% during the forecast period of 2023–2030, due to the growing preference for packaged goods in the area. According to a report, 70% of the people in Asia would belong to the consuming class by 2030. This would subsequently increase the demand for packaged goods, thus proliferating the retail and e-commerce industries in the region and ultimately leading to the growth of the Digital Printing Market.
Digital Printing Market Growth Drivers:
Inclination toward IT Expertise due to the Penetration of Technological Advancements and Print-associated Security Concerns:
A transition in the suppliers of digital printing from traditional print vendors to IT service providers is projected with the rise of technologies like artificial intelligence, machine learning and the internet of things. Business needs such as professional support, print security, cloud printing, etc. would be some of the trends that would serve as the foundation for this change. Therefore, acquiring IT providers could be an effective way of tackling the transition in a smooth manner.
Apart from this, technological advancements like 3D printing would attract a large pool of investors from different domains. According to a report, a $7 billion rise in the market size of 3D printing is anticipated in just two years, i.e., 2022–2024. The increasing penetration of modern printing techniques and the demand for expertise would contribute largely to the growth of the Digital Printing Market.
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Growing demand for Cost-effective and Sustainable Printing with Exceptional Aesthetics in the Packaging Industry:
The use of digital printing in the packaging industry is largely based on time and expense constraints. Digital printing does not require plates, which significantly reduces the cost incurred. At the same time, the absence of pre-press stages and the ease of printing proofs confer an advantage from a time perspective. Apart from this, the demand for flexible packaging plays a vital role in asserting the dominance of digital printing.
According to a key member of the Flexible Packaging Association, in comparison to the production of rigid clamshell containers, 780,000 flexible pouches require 74% less natural gas, 64% less crude oil and 87% less coal. Thus, the need for a sustainable approach to resources in combination with cost-effectiveness is going to contribute positively to the Digital Printing Industry Outlook.
Scope of Report:
- In September 2022, Hewlett Packard Enterprise unveiled the HP PageWide T700i Press, a digital web-fed platform that enables greater operational efficiency for high-volume production.
- In February 2021, Konica Minolta launched the PKG-675i, a digital inkjet printer for corrugated packaging, to address the demand for mail orders, the internet and e-commerce.
Digital Printing Market: Competitive Landscape
Key companies profiled in the Digital Printing Market report are Hewlett Packard Enterprise, Canon Inc., Ricoh Company Ltd., Seiko Epson Corporation, Xerox Corporation, Toshiba Co. Ltd., Konica Minolta, Mimaki Engineering Co. Ltd., Roland DG Corporation and Durst Phototechnik AG.
Mr. Venkat Reddy