Digital Printing Market - Forecast(2024 - 2030)
Divya Paidimalla
Digital Marketing | Growth Strategy & Insights | Competitive Intelligence | B2B | SEO | SMM | Email Marketer | Expert in Lead Generation Inbound Marketing & Outbound Marketing | B2B Sales Conversion Helper.
Digital Printing Market Overview:
The Digital Printing Market size is projected to reach $43 billion by 2030, growing at a CAGR of 7.2% during the forecast period 2023-2030. Digital printing is a contemporary method of printing images, created using digital technology directly onto various media substrates. Digital printing is more accurate and cost-effective than conventional printing methods while occupying a fraction of the space. These characteristics have prompted the broad adoption of digital printing technologies, specifically in the textile and packaging industries.
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The desire for high-quality, cost-effective graphics along with environmental sustainability is expected to drive attention toward digital printing, more specifically UV-curable ink-based printing. According to the Print Authority, digital printing for up to 2000 pieces is by far the most economical in comparison to others. Apart from this, the emergence of 3D printing , sheet-fed digital printing, printed electronics and print security are going to boost the Digital Printing Market. This represents the Digital Printing Industry Outlook.
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COVID-19 / Ukraine Crisis - Impact Analysis:
Key Takeaways:
Dominance of Asia-Pacific Region
Geographically, Asia-Pacific (Digital Printing Market) is anticipated to grow at the fastest CAGR of 8.4% during the forecast period of 2023-2030. It is due to the increasing popularity of e-commerce-enabled packaged items. According to a report, by 2027, the user penetration of e-commerce would reach 72.9% in the region, which is definitely going to expand the Digital Printing Market opportunities.
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Inkjet segment holds the largest market share
According to the Digital Printing market, the Inkjet segment held the largest Digital Printing market share in 2022, i.e., 57.4%, owing to its better tonal variety and excellent color blending capability. The fact that inkjet printers account for 5% of the market for computer peripherals helps explain the dominance of inkjet print heads.
Dominance of the UV Curable Ink segment
Based on Ink Type, the UV Curable Ink Segment is anticipated to register the fastest CAGR of 7.6% during the forecast period of 2023-2030, owing to its durable color quality and reduced health hazard. Organizations like Prism Tech have started showcasing the use of UV-curable ink as part of their commitment to environmental responsibility, along with its VOC-free and 3-year outdoor durability features.
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Emergence of Advanced Printing Techniques
3D printing, sheet-fed digital printing and printed electronics are going to be key digital printing market trends. According to the Digital Printing market forecast, the 3D printing industry would grow by $7.5 billion between 2022 and 2024. A similar trend in other techniques is also anticipated in the coming years.
Demand for Print Security
According to a survey, 68% of the organizations have reported one or more print-related data losses that have caused severe disruptions of service. The reliance on printing demands a robust print-security infrastructure. This increasing demand for shielding against data breach issues is going to change the dynamics of the digital printing market opportunities in a positive manner.
Cost and complexity would hinder the growth
According to a study, 61% of CIOs find it difficult to handle the complexity of digital printing-related concerns. Moreover, the installation cost to be incurred is also higher when compared to the traditional ones. These factors are going to hamper the growth of the Digital Printing market.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Digital Printing Market. The top 10 companies in this industry are: