Impact of COVID-19 on the Global Functional Printing Market
Functional printing refers to a process of creating functionality into two-dimensional and three-dimensional silicon-based components. It involves the printing of multiple electronic components, including ink and substrates. The growing need to produce high volumes of electronic components at low cost and increasing concerns regarding environmental sustainability are supporting the growth of the global functional printing market during the pandemic. Functional printing finds applications in the mass production of electronic devices, including radio-frequency identification (RFID) chips, light crystal display (LCD), sensors, and organic light-emitting diodes (OLED). Functional printing also increases the efficiency, durability, and reliability of the electronic components as compared to conventional production processes.
The global spread of COVID-19 has considerably impacted the functional printing sector. The swift spread of the pandemic worldwide has initiated lockdowns in numerous countries, which has led to the disruption of supply chain activities and shutting down of numerous manufacturing plants. The slowdown caused in the manufacture of products using functional printing has severely impacted the growth of such industries. It thus is expected to hamper market growth over the projected timeframe.
Industry players are focused on lowering operational costs for survival in the global functional printing market. The future manufacturing of products using functional printing in the post-lockdown period is expected to drive the market growth. The government policies and support for relaxations in the lockdowns are expected to boost the demand for functional printing over the forecast timeframe. Thus, the requirement for functional printing is expected to increase due to the rising adoption of products manufactured using the functional printing process, such as sensors, displays, lighting, and batteries. According to MRFR analysis, the global functional printing market is expected to stabilize in Q4 of 2020.