The global digital printing market is estimated to garner a sizeable revenue and grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for sustainable printing, and developments in textile and packaging industries. In 2019, textiles were the world’s 7th most traded product, with a total worldwide trade amounting for more than USD 800 billion. Textile trade represents about 4 percent of the total world trade. Along with these, the rise in adoption of laser and inkjet printing solutions, and upsurge in adoption of IoT and artificial intelligence technologies around the world are also expected to drive market growth in the forthcoming years. Furthermore, innovation in printing technologies for small and medium sized organizations, and escalating emphasis on green printing are projected to offer ample growth opportunities to the market in the near future.
The market is segmented by ink type into UV-cured, aqueous, solvent, latex, and dye sublimation, out of which, the UV-cured segment is anticipated to observe robust growth rate in the global digital printing market. This can be accounted to the lesser time taken by this ink to get set and dry, and its high durability and suitability for printing on a variety of materials. In addition, UV-cured ink is also considered to be more environment-friendly as it allows printers to use ink without toxins. This is also a significant factor assessed to boost the growth of this market segment in the future. Moreover, on the basis of printing process, the inkjet segment is predicted to occupy the largest share over the forecast period as this printing process is the most widely used technique owing to its low cost and high quality of output.CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global digital printing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing penetration of digital platforms solutions and end-to-end digitized value creation chains, and growing adoption of e-commerce in the region. According to the Indian Brand Equity Foundation, Indian e-commerce sector is projected to grow from 4% of the total food and grocery, apparel and consumer electronics retail trade in 2020 to 8% by the end of 2025.
Apart from these, rising advancements associated with digital printing technologies is also projected to accelerate the market growth in the region in the coming years. Additionally, the market in North America is evaluated to gather the largest share during the forecast period ascribing to the rapid growth of textile and packaging industries, and surging demand for packaged goods in the region.
The global digital printing market is further classified on the basis of region as follows:
Our in-depth analysis of the global digital printing market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for sustainable printing worldwide, and developments in textile and packaging industries.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Growing demand for e-books and digital advertisements is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing penetration of digital platforms solutions and end-to-end digitized value creation chains, and growing adoption of e-commerce in the region.
The major players in the market are Canon, Inc., Mimaki Engineering Co., Ltd., Roland DG Corporation, Xerox Corporation, Seiko Epson Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by printing process, ink type, packaging, and by region.
The inkjet segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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