The global digital printing market is expected to be worth 28.23 Billion USD in 2023. It is expected to grow at a CAGR of 6.7% during the forecast period and reach a value of 39.05 Billion USD by 2028.
Digital printing is a cutting-edge form of production that allows you to print from digital files. The process of printing digital-based images that may be directly printed onto various media substrates is known as digital printing (paper, photo paper, canvas, fabric, synthetics, cardstock, and other substrates). In contrast to traditional offset printing, digital printing does not require a printing plate.
The manuscript is re-created on a computer and then printed straight onto the material of your choice with digital printing. Lithography, flexography, gravure, letterpress, and other more traditional technologies are all alternatives to digital printing. Digital printing technology eliminates several mechanical stages typically necessary for more traditional printing methods, such as manually stripping components together, manufacturing plates, or creating films and color proofs.
MARKET DRIVERS:
In marketing, a product's packaging conveys information about the product's quality and standard. As a result, product makers want their products' packaging to be more appealing to sell them more swiftly on the market. Printing high-quality graphics on substrates such as plastic films, textiles, release liners, and other materials can make packaging more appealing. Digital printers offer advantages such as UV-cured printing, as well as far superior detail, clarity, and quality when compared to their smaller counterparts. These printers may also change colors, text, and graphics to satisfy customers' needs for numerous languages, regional preferences, or targeted marketing. In the label industry, digital printing is already established, while electrophotography and inkjet are gaining market share.
MARKET RESTRAINTS:
Digital printers require a significant upfront expenditure. Furthermore, installation and maintenance costs are higher. The intricacy of digital printer design is one of the key reasons for its high cost. The amount of toner and inkjet required varies depending on the application. Furthermore, the ink used in inkjet technology is extremely expensive. As a result of all of these issues, the overall cost of digital printers has increased.
Impact of COVID-19 on the Digital Printing Market:
The COVID-19 pandemic hampered the market growth of digital printers, primarily through the shutdown of production units. Since digital printers are not essential goods, global distribution was halted in 2020, resulting in a loss in revenue for the players. Moreover, the practice of working from home due to worldwide lockdowns decreased the demand for digital printers because documentation and transfer of information happened digitally across cloud-based platforms, eliminating the need for paper.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
CAGR |
6.7% |
Segments Covered |
By Type, Ink, Application & Region |
Various Analyses Covered |
Global, Regional and Country Level Analysis; Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global digital printing market has been segmented and sub-segmented into the following categories.
Digital Printing Market – By Type:
The inkjet printer is the most popular sector in the global digital printing business due to its availability, ease of installation, and cost-effectiveness. Inkjet printers are used instead of laser printers for print copy, scan, color print, fabric, and flex prints. Laser printing is a costly choice due to the high costs of machinery, maintenance, and printing.
Digital Printing Market – By Ink:
Aqueous ink is the most prominent type of ink used in most printers. Aqueous ink is a colorant that comes in the form of pigment, dye, or a combination of both, and it has characteristics like evaporation, open time, and nozzle wetting. Other ink types, such as solvent and dye sublimation, are expected to maintain market share per market demand.
Digital Printing Market – By Application:
Plastic films and foils presently dominate the market due to their growing application in the packaging and advertising industries. Plastic films and foils are frequently used in product packaging with a plastic cover or package that includes a digitally printed design of information, styling, and appealing packaging. Digital printing is second only to paper and books in terms of popularity. The most typical applications of digital printing are paper and books. Thanks to modern printing technology that allows manufacturers to print on fabric with fine detail, fabric printing has recently become a hot trend in the market.
Digital Printing Market – By Region:
With a market value of $10.9 billion in 2021, North America is the leading region in the global digital printing market, with a growth rate of 1.7 percent projected. As the number of online services grows, more businesses are likely to turn to digital printing providers for large document requirements. As the number of people who use computers grows, so does the number of people who use digital technologies, which necessitates the usage of printing services. In 2020, the number of services delivered online is likely to rise, creating an opportunity for the industry.
Due to several growing countries like India, Pakistan, the Philippines, and other Southeast Asian countries ramping up infrastructure in textile printing and exporting, Asia Pacific is predicted to grow at a CAGR of 5.5 percent and emerge as a prospective region. The total number of hardcopy printers sold worldwide was 94.23 million.
KEY MARKET PLAYERS:
Seiko Epson, HP (US), Xerox (US), Canon (Japan), Ricoh (Japan), Panasonic (Japan), Konica Minolta (Japan), Toshiba (Japan), Toyo Ink (Japan), Durst Phototechnik (Italy) and Samsung (South Korea) are a few of the noteworthy players in the global digital printers market.
RECENT HAPPENINGS IN THE MARKET:
FAQ's
Digital printing is the process of printing digital-based images directly onto a variety of media substrates.
North America is the leading region in the global digital printing market.
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