ID: MRFR/SEM/6506-HCR | February 2021 | Region: Global | 111 pages
functional printing market is expected to grow from USD 10.52 billion in 2018 to USD 30.27 Billion by 2024, at a compound annual growth rate (CAGR) of 19.26% during the forecast period. The surge in demand for low-cost and high-speed manufacturing is one of the primary factors responsible for the growth of functional printing market. With advances in printing technologies and the availability of low-cost materials associated with printing, the companies can achieve high-speed manufacturing at lower costs. Moreover, low energy consumption and material wastage in manufacturing create a minimum impact on the environment, which drives the adoption of functional printing. Furthermore, advances in 3D printing are expected to create opportunities for this market in the coming years. Implementation of functional 3D printing for energy and environmental applications is expected to bring competitive advantages in terms of performance, product flexibility, and cost. However, the functional printing processes are complex and require a high level of accuracy to get the desired output which may hinder the growth of the market. Additionally, the current functional printing techniques are not specifically designed for the printing of electronic devices. Therefore, the companies are trying to explore the full potential of functional printing in the manufacturing of electronic devices. The key players in the functional printing Market are significantly investing in partnerships and acquisition activities to come up with innovative solutions.
Functional printing encompasses functions of 2D and 3D printing technologies and provides graphical effects like electrochromic effect and electroluminescent effect. This technology prints different electronic components with the help of substrates and ink. The interactive components used in functional printing are manufactured by utilizing a variety of printing processes such as screen printing, flexographic, offset printing, digital printing, rotogravure, and 3D printing. The printing technologies such as inkjet and aerosol printing; and screen and pad printing are opening up a broad array of potential applications in different industry verticals. Moreover, functional printing when combined with anti-counterfeiting technologies, delivers combinations of inks, coatings, and substrates to create invisible markers. Moreover, lenticular lenses, solar cells, QR codes, and bar codes can be produced with the help of functional printing.
functional printing market has been segmented on the basis of material, printing technology, application, and region.
Based on the material, the functional printing market has been segmented into substrates and inks. The substrates segment has been further segmented into glass, plastic, paper, silicon carbide, gallium nitride (GAN), and others. The inks segment has been sub-segmented into conductive inks, graphene ink, dielectric inks, and others.
On the basis of printing technology, the functional printing market has been segmented into inkjet printing, screen printing, gravure printing, flexography, and others.
Based on the application, the functional printing market has been segmented into sensors, displays, lighting, batteries, photovoltaics, RFID tags, others.
By region, the functional printing Industry has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The functional printing market is gaining momentum as some large companies are entering into functional printing as well as 3D printing markets, encouraging the overall industry to innovate at a higher rate. These large companies are heavily investing in research and development and are trying new techniques to retain and expand the customer base. Moreover, the companies are focusing on ongoing process improvements and financial flexibility to invest in optimal strategies to gain long term growth.
The prominent players in the functional printing market are HP Development Company, L.P. (US), Haiku Tech (US), Avery Dennison Corporation (US), BASF SE (Germany), Blue Spark Technologies (US), Display Corporation (US), E Ink Holdings Inc. (Taiwan), Eastman Kodak Company Ltd (US), Enfucell Oy (France) and GSI Technologies LLC (US).
Other player in functional printing market are Isorg (France), Mark Andy Inc. (US), Nanosolar Inc. (US), Novaled AG (Germany), Optomec Inc. (US), Toppan Forms Co. Ltd (Japan), Toyo Ink Sc Holding Co. Ltd (US), Vorbeck Materials Corporation (US), Xennia Technology Limited (UK), Xaar PLC (UK) among others.
The global market for functional printing is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of functional printing market has been done for North America, Europe, Asia-Pacific, and the rest of the world.
North America holds the largest market share owing to the continuous advancements in various technologies and financial support from the governments. Also, the rising demand for near-field communication (NFC) in North America and Europe regions is expected to spur the growth of the market. Moreover, the adoption of RFID tags in the retail industry is likely to fuel the growth of functional printing market. Asia-Pacific is expected to be the fastest growing region as the emerging technologies are pushing countries such as China, Japan, and India to advance to digital media. Also, the Asia-Pacific region consists of a large number of printing companies as well as electronic companies that use printing as a part of their manufacturing processes.
Functional Printing Market
Source: MRFR Analysis
|Market Size||USD 30.27 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Printing Technology, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Opportunities||With advances in printing technologies and the availability of low-cost materials associated with printing, the companies can achieve high-speed manufacturing at lower costs.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The revenues of USD 10.52 billion in 2018 are expected to rise to USD 30.27 Billion by 2024.
The North American region is expected to control the market due to signs of progress in several technologies and financial backing from the governments.
Blue Spark Technologies (US), BASF SE (Germany), E Ink Holdings Inc. (Taiwan), Display Corporation (US), Eastman Kodak Company Ltd (US), Enfucell Oy (France) and GSI Technologies LLC (US) are the market contenders.
The absence of a high level of accuracy is expected to lower the growth pace of the market.
The breakthroughs in 3D printing are predicted to transform the market's potential.