The Global Digital printing market is forecast to reach $17.5 billion by 2026, growing at a CAGR of 12.1% from 2021 to 2026. The market growth is attributed to the factors such as rapid industrialisation, growing demand from textile and packaging industries and others. Moreover, growing demand of printing for e-commerce also boosts the market growth. Globally, development of wide range of options, rise in adoption in textile industry and advertising, and increasing usage of UV Curable Ink and dye sublimation are the prime growth drivers of global digital print heads. In addition, increase in demand for decor, home furnishing and vehicle wraps and emerging economies such as China, India and others will create new opportunities for digital offset printers market. However, higher cost of initial investment are the key restraints for the sector.
Digital Printing Market Segment Analysis – By Ink Type
Digital printing market is segmented into Aqueous, Solvent, UV-cured, Latex, Dye sublimation and others. The UV- Cured ink type segment held the highest market share in 2020 at 36.2%. Moreover, it is anticipated to witness the significant market growth during the forecast period 2021-2026. UV inks do not dry in the air. They don’t have evaporative properties and don’t need them. Like liquid plastics, they respond only to exposure to UV radiation, which allows the liquid to solidify. This ensures that approximately 100 % of the ink amount is used, which greatly decreases printing costs. Furthermore, since the ink does not dry until it is healed, it is possible to leave the printing cells with ink on them, even during the weekend, without the need for cleaning and without dried-on ink. UV inks provide other advantages such as being more environmentally sustainable than solvent-based inks, strong clarity, light-fastness, smearing tolerance, clear contrast and a pleasant gloss.
Digital Printing Market Segment Analysis – By Print Head Type
Laser print head type segment held a market share of digital printing in 2020 at 31.2%. Moreover, it is anticipated to witness the fastest market growth during the forecast period 2021-2026. The increasing need for advanced printing technology to improve flexibility and performance of the whole workflow is a major factor driving the growth of laser printers. Laser printers had the luxury of providing bright, smooth black text and images in colour. Laser printers are capable of engendering a very excellent print and are non-impact printers with a countless set of fonts and are simplex in nature. Laser printers are both cost-effective and have high output speeds as opposed to the inkjet printers. Lasers can manage massive workload involving a printer suitable of servicing wider teams or projects. Lasers are getting increasingly available, and regular or super-sized pellets have an exceptional life cycle, producing excellent outcomes even on plain paper, and have become the cornerstone of work unit design.
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Digital Printing Market Segment Analysis – By Geography
APAC region is anticipated to observe the significant market growth during the forecast period 2021-2026 at 15.0%. The market growth is attributed to rapid growth in industrialisation that has created increase in demand for digital printing. Technological developments along with increasing methods of printing are also fuelling the market growth. Moreover increase in demand from textile industry, packaging industry and others leverages a positive impact on the market growth in this region. In January 2019, Kornit Digital launches the Atlas, Direct-to-garment printing platform. Atlas has been built in a scalable and future-proof way, allowing the introduction of technological developments in the future with ease. This type of product releases allows leading companies in the market to communicate with their buyers properly. Moreover, according to the consumer tastes the companies could respond. In March 2019, ScanTrust unveiled a new authentication system using its protected digitally printed QR codes on HP Indigo. This was to support brands and industrial companies identify and monitor products in the combat against counterfeiting and facilitate traceability of the supply chain. Such product developments, research and developments in developing the ways of printing by the market players is boosting the market growth of digital printing.
Digital Printing Market Drivers
Growth in demand from textile industry
The textile industry anticipates a great variety of patterns and colours with a rapidly changing market. Nevertheless, conventional printing methods can not satisfy the current demands. Inkjet printing technology, which was initially developed for printing on documents, is now progressively being used in the fabric printing industry because it suits the demand of the fashion sector thereby accelerating market growth.
Growing e-commerce sector
Digital printing is used in a number of e-commerce products and a growth in the e-commerce industry will subsequently lead to a growth of digital printing market. In the global scenario, e-commerce is the largely preferred retail format especially among young shoppers who are inclined towards online shopping through their smartphones. E-commerce and m-commerce have witnessed a rapid proliferation across the globe and this has augmented the need for e-commerce packaging. Vendors operating in the regional market are aligning their businesses with the current market expectations and are bringing in greater innovation and enhanced quality in the packaging of their products to meet customer expectations. A growth in the e-commerce industry, is expected to significantly drive the market in the forecast period.
Digital Printing Market Challenges
High initial investment
High cost of the equipment and installation cost hinders the market growth of digital printing. Moreover high cost of inks, maintenance and support costs also plays the role in hindering the market growth.
Digital Printing Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the digital printing market. As of 2020, the market for digital printing market is consolidated with the top players including Canon Inc., Hewlett-Packard Development Company LP, Mimaki Engineering Co., Ltd., Ricoh Company, Ltd., RoLAnd Dg Corporation, Xerox Corporation, Durst Phototechnik AG, Seiko Epson Corporation, Inca Digital Printers Limited, Electronics for Imaging Inc. and among others.
In April 2020, Domino Digital Printing Solutions launched UV97BK, a new food packaging compliant UV-curable black ink available for use with Domino’s K600i high-resolution digital inkjet printer.
In January 2020, Konica Minolta launched Digital Print Enrichment Press named MGI JETvarnish 3D One. This digital embellishment press provides sensory print applications for printers of every size.
Fast multimedia connectivity, interactivity and an ‘always going’ culture in acquaintances have fuelled market development.
Moreover, the development of the packaging and textile industries and the decrease in the cost of digital printer printing per system speed up the growth of digital printing technology worldwide.
APAC region is anticipated to dominate the global digital printing market in the forecast period 2021-2026 owing to growing digitization, industrialisation technological developments, growth of textile industries and others.
A. 3D Printing Market
B. Large Format Inkjet Printers Market
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