Digital Textile Printing Machine Market to Reach $1,248 Mn, Globally, by 2024 at 10.0% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 20, 2018 /PRNewswire/ --
Increase in consciousness towards fashion among consumers, abundance of creativity and design flexibility, and availability of sustainable and eco-friendly printing methods drive the growth of the global digital textile printing machine market
Allied Market Research published a report, titled, Digital Textile Printing Machine Market by Process Type (Direct-to-garment (DTG) and Direct-to-fabric (DTF)) and Application (Clothing & Apparel, Home Furnishing, Advertisement, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2024. The research offers detailed analyses of the market dynamics, key investment pockets, major market segments, drivers & opportunities, and competitive landscape. According to the report, the global digital textile printing machine market generated $647 million in 2017, and is expected to reach $1,248 million by 2024, growing at a CAGR of 10.0% from 2018 to 2024.
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Surge in consciousness toward fashion and trends among consumers and growing adoption of sustainable and eco-friendly printing methods drive the growth of the market. However, intense competition from traditional printing methods and harmful effects associated with digital textile printers restrain the market growth. Conversely, high speed of producing products using printer and surge in creative and skilled personnel create new opportunities for the market growth.
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Direct-to-garment segment to witness the fastest growth, direct-to-fabric segment to dominate through 2024
The direct-to-garment (DTG) segment is expected to grow at the fastest CAGR of 10.3% from 2018 to 2024 due to high efficiency of DTG printers for short-run orders and their extensive use in the production of customized garments such as sportswear, pillow covers, tees, bottom wear, tops, and others. However, the direct-to-fabric (DTF) segment accounted for more than half of the market share in 2017 and is expected to remain dominant through the forecast period. This is because of the ability of DTF printers to print on a variety of materials such as cotton, rayon, silks, polyester blends, and others. Moreover, enhanced speed, higher print quality, and superior color gamut provided by DTF printers offer lucrative prospects for the growth of the market.
Clothing & apparel segment to dominate through 2024
The clothing & apparel segment contributed about 43% of the total market share in 2017 and would maintain its lead through 2024, owing to surge in demand for high-quality graphics, images, and different types of prints on fabrics. The ability of digital textile printers to print efficiently in less time on a variety of fabrics such as cotton, poly blends, silks, linen, jersey, and others is a key factor boosting their adoption among end users. However, the others segment, which comprises industrial furnishing, corporate furnishing, packaging, sports, healthcare, civil defense, and automotive, would grow at the fastest CAGR of 11.5% from 2018 to 2024 owing to easy customization of printing on fabrics using grand format inkjet printers and characteristics of such printers such as high speed, creativity, and large color options.
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Asia-Pacific to register the fastest growth during forecast period
Europe contributed about 37% of the total market share in 2017, while Asia-Pacific is expected to grab the largest market share by 2024, registering the fastest CAGR of 12.8% from 2017 to 2024. The growth of the Asia-Pacific region is driven by growing consciousness toward latest trends for varied styles and multicolored designs. The other regions analyzed in the study include North America and LAMEA (Latin America, Middle East, and Africa).
Key Industry Players
The leading players analyzed in the report include Durst Group, Electronics for Imaging (EFI), Inc., Konica Minolta, Kornit Digital, Mimaki, ROQ International, Sawgrass Technologies, Inc., Seiko Epson Corporation, SPG Prints B.V., and The M&R Company. These players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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