The Microprinting Market was valued at USD 541.2 million in 2018 and is expected to reach USD 751.8 million by 2024 at a CAGR of 5.91%.
Microprinting Market Synopsis
The Microprinting Market was valued at USD 541.2 million in 2018 and is expected to reach USD 751.8 million by 2024 at a CAGR of 5.91%. Microprinting technologies involve the process of printing extremely small text and designs that generally are not legible for the naked eye. On printing those images and texts, the image or text will be cast as small dots. Advanced image sensors are required to produce copies of such images and texts. Thus Microprinting technologies are used in preventing fraudulent activities. Recently, the technologies are utilized in the wineries to prevent fraudulent activities, as wines are generally a costly commodity that faces major counterfeit activities, and is very difficult for a layman to identify the counterfeit activity. Therefore wine manufacturers are highly benefitting from the technology; this factor is expected to present a lucrative growth opportunity for the Microprinting industry in the forecast period.
The Federal reserve system of the United States and European Central Banks are increasingly utilizing several counterfeit technologies in reducing fraudulent activities. The majority of the bank notes utilize paper made out of cotton fibers to add to their strength and individuality. On the other hand, the miniaturized electronic components, high-end personal care devices are utilizing microprinting technology in differentiating their products from fake ones.
COVID 19 ANALYSIS:
The COVID has impacted the growth of several industrial sectors. The production activities and logistics have been reduced significantly in several industrial sectors. The declining economic condition of several countries has also affected several industries. Such factors have adversely affected the overall growth of the Microprinting industry as well.
Additionally, the consumer electronic products have been reduced in several countries; especially in China which is considered as the major manufacturer of consumer electronics have reduced their production rates due to pandemic. Since China has been severely affected by the pandemic, the crucial production activities were only carried out throughout the pandemic. The reduced production of consumer electronics in China has significantly reduced the Microprinting market demand in recent years.
Several governmental organizations are focusing on increasingly introducing the products and services that intensively utilize microprinting technology. The Identity cards, licenses, and other security tools produced by governmental organizations aid the overall growth of the Microprinting industry.
The increasing counterfeit activities in the currencies and checks in several countries are also propelling the overall growth of the Microprinting market. The development in technologies such as the advent of magnetic inks and other special inks are also driving the Microprinting market growth.
The increasing demand for consumer electronics in the Asia-pacific region is considered as the primary factor that is expected to stimulate the overall growth of the Microprinting industry. On the other hand, the rising sales of computer hardware, software, fixed-line telephones; accessories of mobile phones are intensively using the microprinting technology for providing the product information have also impacted the Microprinting market growth in recent years.
The diverse range of end-use applications of the Microprinting industry and novel technology integrated with the existing technologies are expected to increase the overall Microprinting market value in the forecast period.
The digitalization of documents to reduce the usage of papers has significantly impacted the growth of the Microprinting market. A large number of corporate companies are increasingly becoming responsible for protecting the environment. Such organizations are digitalizing their documents and have intensively utilized digital wallets. Such factors are restraining the growth of the Microprinting industry.
The major challenge in utilizing magnetic ink to print the texts or images and challenges in the MICR readers are expected to hinder the overall growth of the Microprinting industry. The imperfection in their mechanism is projecting potential challenges in the growth of the Microprinting industry.
The limitations of micro printing needles and the cost incurred for the manufacturing of the printers are challenging for the overall growth of the Microprinting market.
Cumulative Growth Analysis:
Microprinting technology is essentially used in the consumer electronics and packaging industries across the Asia-pacific region. Several developing countries are showcasing increased demand for packaged foods and beverages. On the other hand, micro printing technologies are used in identifying counterfeit activities in the wineries. The Microprinting market value was at USD 541.2 million in the year 2018 and is expected to reach over USD 751.8 million by the year 2024 while registering a CAGR of 5.91%. The varied end-use applications of the Microprinting industry are expected to increase the Microprinting market value during the forecast period.
The defense sectors of various countries are also immensely utilizing microprinting technologies to evaluate the authenticity of the documents. The duplicity of the documents in the defense sector can cause the loss of crucial data.
Value Chain Analysis:
Micro Printing techniques are widely used for checking the validity of checks and currencies. The increasing fraudulent activities across the globe have propelled various inventions in the type of inks and printing methodologies. Especially, the magnetic inks and MICR readers are intensively used by the banking and financial sectors to validate the checks; the checks are generally handled roughly, which can cause adverse impacts on the printed information. However, the special characters printed using the magnetic inks stay readable and thereby reduce the risk of financial loss.
Other than the banking and financial sectors, microprinting technologies are expected to be used in various other industries such as the biochemical industry, pharmaceutical, medical-surgical manufacturing companies, and packaging & labeling industries. Such a wide range of end-user applications is expected to increase the Microprinting market value in the forecast period.
Based on Type:
Based on Print type:
Based on Substrate:
Based on Application:
Based on Techniques:
Among other countries, Asia-pacific countries are dominating in the microprinting market share. The increasing development in the consumer electronic industries in the Asia-pacific region has propelled the growth of the Microprinting market. The outer cartages of the consumer electronics require micro printing to print the product information. China, being the leading manufacturer of consumer electronics and is exporting to other countries is creating immense opportunities for the overall growth of the microprinting industry.
Whereas, North America is expecting growing demand for the production of BFSI and packing sectors owing to the rising demand for packaged foods and beverages in the region. The increasing disposable income and changing lifestyle are increasing the demand for the packing industries. The growth of these packaging industries is highly influencing the growth of the Microprinting industry. On the other hand, the affordable printing and scanning solutions in North America are also fueling the Microprinting market growth. A recent study shows that there was over 75% of counterfeited American Dollars which value over USD 70 million floating across the country. Such reports have further propelled the Micro Printing market growth.
Microprinting technologies are undergoing intensive research to be utilized in various fields. Microprinting is expected to be used in biotechnology, biosensing applications while manufacturing artificial cells. These artificial cells help bioscientists in analyzing the actions that take place in the cell membrane. Such technologies are expected to grow the understanding of how pathogens or drugs penetrate the cell membrane.
Microprinting technologies are utilized in manufacturing smart textiles. The Nanography involves small water-based color particles where the particles adhere to any surface or fabric without being immersed completely. The surface area of the inks used to design the smart textiles is within the range between 450-500 nanometers.
This report has covered:
|Market Size||USD 751.8 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Ink Type, Substrate Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Opportunities||The government organizations are implementing the use of microprinting in a major way.|
|Key Market Drivers||
CAGR of 5.91% is the rate of the growth the market is progressing at.
The market recorded USD 541.2 million in 2018.
The countless government standards and regulations for upgrading security for currency and certificates are fueling the growth of the microprinting market.
Asia-Pacific is the region which is going to lead the microprinting market.
The wide adoption of micro printing technology in countries of China, Japan, and India is leading to the growth of the market. Thus, Asia Pacific region is gaining the most of the spotlight.