Digital Printing Market to Reach $35.71 Bn, Globally, by 2028 at 3.7% CAGR: Allied Market Research

- Increase in demand for sustainable and cost-efficient printing methods and surge in demand from the food & beverage industry drive the growth of the global digital printing market.

PORTLAND, Ore., May 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Printing Market by Type (Inkjet and Laser), Ink Type (Aqueous, Solvent, UV-curable, Dye Sublimation, Latex, and Others), and Application (Plastic Films or Foils, Textile, Glass, Paper/Books, Ceramic): Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global digital printing industry generated $25.74 billion in 2019, and is expected to reach $35.71 billion by 2028, witnessing a CAGR of 3.7% from 2021 to 2028.

Drivers, restraints, and opportunities

Increase in demand for sustainable and cost-efficient printing methods and surge in demand from the food & beverage industry drive the growth of the global digital printing market. However, high initial investment hinders the market growth. On the other hand, rise in usage of digital dyeing and printing technology in the automotive sector creates new opportunities in the coming years.

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Covid-19 Scenario

• Manufacturing activities hindered due to lockdown measures implemented by governments in various countries. In addition, supply chain disrupted and raw material shortage occurred.
• The demand from application industries such as textile, ceramic, and glass decreased due to disruptions in daily operations. However, the demand would grow steadily during the post-lockdown as daily operations get back on track.

The ink-jet segment to maintain its lead position during the forecast period

Based on type, the ink-jet segment contributed to the highest share in 2019, accounting for nearly two-thirds of the global digital printing market, and is expected to maintain its lead position during the forecast period. This is attributed to advent of next-generation cartridge-free ink-jet printers and rise in demand for high-quality output printing solutions from the household, commercial and industrial sectors. However, the laser segment is projected to manifest the highest CAGR of 4.8% from 2021 to 2028, owing to demand for advanced printing solutions to improve productivity and environment-friendly features offered to the end-users.

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The solvent segment to maintain its leadership status during the forecast period

Based on ink type, the solvent segment held the highest share in 2019, contributing to nearly one-third of the global digital printing market, and is projected to maintain its leadership status during the forecast period. This is attributed to usage in flexographic and gravure printing due to the ability to dry quickly and resist water along with implementation in publication segments such as newspapers, magazines, and catalogs. However, the UV-curable segment is estimated to portray the fastest CAGR of 4.9% from 2021 to 2028, owing to its high drying capability and usage in the automotive and consumer electronics sectors.

North America to maintain its dominance in terms of revenue by 2027

Based on region, North America contributed to the highest share in terms of revenue in 2019, holding more than one-third of the global digital printing market, and is expected to maintain its dominance by 2027. This is attributed to availability of next-generation advanced printing technologies along with the presence of prime vendors in the region. However, Asia-Pacific is expected to witness the largest CAGR of 5.5% during the forecast period, owing to deployment of digital printing applications across textile, food & beverage, and packaging industries.

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Leading market players

• Canon, Inc.
• DIC Corporation
• Epson Co. Ltd.
• Hewlett-Packard
• Konica Minolta
• Ricoh Co., Ltd.
• Sakata INX Co. Ltd.
• Toshiba
• Toyo Ink SC Holdings Co.
• Xerox Corporation

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