Digital Printing Market size exceeded USD USD 22.7 billion 2020 and is projected to expand at over Substantial CAGR from 2020 to 2026.
Globally, the Digital Printing Market Size is predicted to reach USD 215 billion by 2027 driven by the global demand for goods and services a need for effective packaging of products that require considerable transportation and consider digital printing as the next effective technology for printing.
Digital printing is a method of printing digital images on various physical media such as stone, glass, and textiles, among others. Digital printing is an alternative to traditional printing methods that includes lithography, flexography, letterpress, offset printing, and gravure. The process negates most steps required for conventional printing methods, including film production, color proofs, printing plate creation, and disintegrating the pieces manually. Governments across the countries in the world are promoting digital printing to drive and foster sustainable consumption patterns. Digital printing is appropriate and extremely effective in comparison to conventional methods and comes with several benefits. The process is widely used currently owing to the benefits of using process and the ease of utilizing it. The digital image required for printing is shared directly with the printer in a digital format. The process is best suited for printing, especially in smaller quantities with precision-level detail. The process excludes the pre-press stages between the document file and the final product. The pre-press stages cannot be skipped in most other conventional printing methods available. In digital printing, cumbersome formatting equipment must be factored in, including film plates and photo chemicals. In this process, the first step is to have a sharp, high-resolution image for printing. Increasing demand for sustainable printing techniques and materials is expected to boost the digital printing market demand, as this technique involves virtually zero wastage. Digital printing involves an unprecedented level of precision that supersedes all conventional techniques of printing. Adoption of new technologies, especially with the introduction of new inks and dyes such as LATEX and Dye Sublimation in digital printing, are game-changers in the adoption of new technologies, especially with the introduction of new inks and dyes such as LATEX and Dye Sublimation in digital printing are expected to revolutionize game-changers in the industry and expand the horizon in terms of newer application areas and end-user industries, thereby adding to the digital printing market growth.
Since the WHO declared it a pandemic in January 2020, COVID-19 has had an unprecedented impact on the global digital printing market trends. In the case of the pandemic lockdown, there was an inadequate understanding of the spread of the pandemic, which delayed the deployment of the disaster management response in most countries. Simultaneously, the disruption of physical materials and the supply chain created challenges in the textiles, paper & newspapers, apparel, and other industries that are among the largest end users of the digital printing market. Additionally, the problems faced by the digital printing industry were compounded by the restrictions on the movement of people, which mounted the need for advertisers, who account for a large share of end-use applications, to move most advertising to online platforms. In this, digital printing suffered significant revenue losses over three quarters of 2020. However, the number of cases and the severity of the pandemic ebbing with a marked increase in the inoculation drives undertaken by governments across the world are expected to restore pre-pandemic normalcy by the end of 2021 which will assist the Digital Printing Market growth in reaching new highs.
Sustainability is a key concern for most industries and businesses in the current business scenario due to rising concerns regarding global warming and effective waste handling and management. In conventional printing technologies, the paints and dyes used can contain minuscule but traceable amounts of Volatile Organic Compounds (VOCs) that are not environment friendly. However, in the case of digital printing, there is virtually no wastage of either paints or other materials.
The global demand for goods and services has caused an upsurge in the need for effective packaging of products that require considerable transportation and consider digital printing is the next effective technology for printing. Vendors and consumers are also looking at packaging as means of advertising and marketing their brands, which will also augment the growth of digital printing. With the advent of fast fashion, textile printing has grown significantly over the past decade and is poised to witness more considerable gains by the end of the forecast period.
Consumer interest is growing due to the evolving role of printing, focusing on the impact of mobile connectivity and the Internet on the way both individuals and businesses access and communicate information. This is expected to impact every traditional printing business segment and is evolving prospects of acceptable concerning relevance, speed, and degree of interactivity of data, regardless of the medium employed.
The government across the globe is introducing regulations that are expected to encourage the digital printing market over the next decade, owing to the minimal wastage involved in this process and boosting ecologically responsible behavior. Administrations across the world are setting regulations and introducing best practices to avoid incorrect waste disposal and handling practices, especially considering international agreements such as the Paris Accord that specifically sets targets for member countries to reduce pollution in all forms by 2030.
The Digital Printing Market Trends are segmented into four dynamics, i.e., by ink, technology, substrate, and region.
By Ink, the market is sub-segmented into Aqueous, Solvent, UV Cured, Latex, and Dye Sublimation.
The Technology segment is divided into Laser and Inkjet, with the Inkjet segment being further classified into thermal inkjet, piezo crystal inkjet, electrostatic inkjet, and MEMS. By Technology, the sub-segment inkjet holds the major Digital Printing Market share and is estimated to grow approximately 30.34% CAGR during the forecast period.
By Substrate, the global market is divided into plastic film, release liner, glass, textile, and paper. By region, various major countries, including the US, UK, Germany, India, South Korea, and others, are studied region-wise. Informa significant component of digital printing solutions; although, there has been significant research and development in the types and viscosity of inks used. Aqueous is the largest segment by inks, which also plays an equally important role in market development. The dye sublimation segment accounts for among the fastest-growing segments and is further projected to grow at around 25.05% CAGR throughout the forecast period.
Based on Region, North America accounts for the leading share in the digital printing market, followed by Europe and Asia-Pacific.
North America accounts for the leading digital printing market share. The region highlights conservation efforts for the environment and minimizing wastage, which helps with market growth. Besides, cutting-edge technology development to enhance effective digital printing and research in optimizing printer machines is the major factor impacting the market growth. The US leads the regional market, followed closely by Canada, due to the presence of many notable equipment manufacturers and technology providers. Additionally, the availability of advanced technologies is a crucial driver for the region's thriving growth. Augmenting demand for safe and effective features boosts market growth in North America. Europe is the second-largest region of the global digital printing market. Increasing adoption of digital printing and government initiatives along with funding to overhaul infrastructure increase the market size. Also, the increasing adoption of connected printers and sizeable advancements in inks and technology, alongside the improving technical structure, boosts the regional Digital Printing Market growth. The Asia Pacific region is the fastest-growing digital printing market in the world. Joint efforts and initiatives and increasing investments by numerous governments in the region are expected to propel market growth. A high focus on environmental safety and security influences the regional market growth.
Major digital printing market key players use strategic initiatives such as Mergers & Acquisitions (M&A) activities, expansion, collaborations, and technology/product launches, to consolidate their competitive share. They actively work with different partners involved in the digital printing business to innovate multi-scenario solutions to improve the overall Digital Printing Industry.
On May 17th, 2020, Kornit Digital introduced an on-demand digital printing technology to make the digital printing of apparel more environment-friendly and sustainable. The company announced that the new technology would optimize the use of input feed materials such as paints, dye, and inks, which can boost end-user consumers' profitability.
|Market Size||2027: USD 215 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Inks, Substrate, Technology, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Favorable government regulations to minimize wastage & encourage environment-friendly behavior|
|Key Market Drivers||Increasing demand for sustainable printing|
The digital printing market size is estimated to reach USD 215 billion by 2027.
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).
North America will hold the largest market share during the forecast period.
The rapid growth of the end-use industries like apparel and advertising across the globe drives the digital printing market.