IndustryARC updated the market research study on “Digital Printing Market”- Forecast (2024 - 2030)
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.
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 of3D 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:
The pandemic altered the dynamics of the digital printing sector. The digital printing industry was compelled to change its focus to online transactions and methods due to abrupt shutdown restrictions everywhere in the world. This led to an initial decline in the industry, which is expected to level off with the growing popularity of e-commerce.
Global supply chains have been seriously harmed by the Ukraine crisis and energy costs have risen sharply. Since the war started, prices for gasoline and diesel have doubled. As a result, other printing-related inputs, which are generated from petroleum, have increased in price, thus increasing the cost of printed goods.
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.
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.
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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:
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Frequently Asked Questions:
i.?What is the growth rate of the Digital Printing market during the forecast period?
The Digital Printing Market is estimated to grow at a CAGR of 7.2% during the forecast period 2023-2030.
ii.?What is the predicted growth of the Global Digital Printing Market size from 2022 to 2030?
The global Digital Printing Market size is estimated at US$24 billion in 2022. It is projected to reach US$43 billion by 2030.
iii.?What are the leading market players in the Digital Printing Market?
Hewlett Packard Enterprise, Canon Inc., Ricoh Company Ltd., Seiko Epson Corporation and Xerox Corporation are the leading players in the Digital Printing market.
iv.?What are the major trends that would shape the future market?
The emergence of sheet-fed digital printing and printed electronics would increase the popularity of digital printing significantly. The growing prevalence of green printing and the health hazards associated with offset printing would shift the emphasis toward digital printing.
v.?What are the driving factors and opportunities in the market?
Growing demand for high-quality, cost-effective graphics and the possibilities of incorporating AI, ML and IoT into digital printing is rapidly driving the Digital Printing market growth. The major upcoming Digital Printing Market opportunities would be based on the application of 3D printing in various sectors.