Functional Printing Market size is poised to surpass USD 155 billion by the end of 2033, growing at a CAGR of 20% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of functional printing was over USD 21 billion. The growth of the market can be attributed primarily to the expansion of the printing industry on the back of rising inclination towards 3D printed devices and growth in 3D printing construction processes worldwide. According to estimates, in 2021, the printing industry accounted for ~USD 77 Billion in the United States.
Practical printing applications include 3D printers, electronic printed goods, and RFID tags. The technology of functional printing is used in many industries, including automotive, electrical, healthcare, clothing, and paper. Moreover, the presence of a variety of substrates, the high-speed development of the product, the growing demand for functional printing for reducing the impact on the environment, along with the low cost of the manufacturing process are factors projected to drive the functional printing market growth over the forecast period. One of the other factors for market growth is the demand for cost-effective functional printing technologies through which manufacturers achieve high-speed printing at low costs. Also, the increased high-volume electronic production is expected to develop advanced functional printing services which are projected to boost the market growth and its sales prospect.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~20% |
|
Base Year Market Size (2022) |
~ USD 21 Billion |
|
Forecast Year Market Size (2033) |
~ USD 155 Billion |
|
Regional Scope |
|
Material (Substrates, Inks)
The global functional printing market is segmented and analyzed for demand and supply by materials into substrates, and inks. Among these segments, the inks segment captured the largest market share by end of the year 2033 in the global functional printing market owing to the increasing exports of inks and their higher utilization for multiple purposes worldwide. For instance, the export value of printing inks of India was calculated to be approximately USD 10 million during the fiscal year 2020-2021. Moreover, the higher adoption of ink printing in various end-use industries along with the surge in 3D printing is expected to augment segment growth over the forecast period. Also, various advantages offered by inks such as the ability to produce vibrant and rich colors, increased productivity, high performance, environmental benefits, and lower energy costs are also estimated to bring in lucrative growth opportunities for segment growth during the analysis period.
Technology (Inkjet Printing, Screen Printing, Flexography, Gravure Printing)
The global functional printing market is also segmented and analyzed for demand and supply by technology into inkjet printing, screen printing, flexography, gravure printing, and others. Out of these, the inkjet printing segment is attributed to holding the largest share of the market with a notable CAGR value. The major factor attributed to segment growth is the high production of cost-effective office and graphic art printers. This has led to raising the awareness level about the usage of inkjet printing for product designing, the fabrication of flat panel displays devices, biochip production, and printable electronics. In addition to that, the sales of inkjet printing technology are expected to surge owing to its numerous advantages in various supply chains. Also, it is projected that along with the growing demand for 3D printing, the utilization rate of inkjet printing is expected to evolve globally and increase the market growth of the functional printing market globally.
Our in-depth analysis of the global market includes the following segments:
|
By Material |
|
|
By Technology |
|
|
By Coating |
|
|
By Application |
|
APAC Market Statistics
The Asia Pacific functional printing market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be ascribed to the increasing number of packaging products in various industries such as food and beverage chemicals, textiles, and others in the region. For instance, packaging production in China accounts for ~48% of the printing industry. Moreover, the adoption of technologically advanced printing techniques, improved infrastructure, and the presence of numerous electronics manufacturers along with modest growth in the consumer electronics sector are expected to drive functional printing market growth in the region during the forecast period. In addition to the aforementioned factors, the rising need for packaged items including food, medicines, and others by the burgeoning population of the region is considered to be another factor anticipated to fuel market expansion.
North American Market Forecast
On the other hand, the North America functional printing market is also projected to hold a significant market share and generate noteworthy revenue. The presence of a large manufacturing base along with the high demand for functional printing from various end-use industries is attributed to be the major factor for market growth. Along with that, the rising investments by major key players in research and development activities to develop technologically advanced functional printing solutions to reduce cost are also projected to bring lucrative growth opportunities for market growth in the region. Rising government support to commercialize functional printing and the rising spending capacity of the consumer along with the increased Gross Domestic Product (GDP) are other factors that are anticipated to contribute positively to market expansion in North America.
E Ink Holdings Inc. collaborated with Sharp Display Technology Corporation (SDTC) on ePaper backplanes for its electronic readers and notepads.
GT Investment Partners sponsored a USD 40 million intellectual property-based financing solution to expand Blue Spark Technologies Inc., sales and marketing and enhance its wearable remote patient monitoring capabilities.
Author Credits: Sadaf Naaz, Mohd Shadab
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?