Digital Printing Market Outlook 2031
The global digital printing market size was valued at around USD 26.46 Billion in 2022 and is estimated to reach around USD 47.43 Billion by 2031, expanding at a CAGR of 6.7% during the forecast period, 2023 – 2031. High-quality prints, short runs, and the ability to personalize are some key factors attributed to the market growth.
Digital printing refers to a method of printing digital-based images onto a variety of mediums. Digital files such as Portable Document Format (PDF) files, Tag Image File Format (TIFF) files, Photoshop Document (PSD) files, and others are sent directly to the digital printing press to print on a variety of mediums including paper, fabric, and others.
Digital printing produces prints on demand rapidly with cost-effective short print runs. It uses more colors in the printing process such as cyan, magenta, blue, green, and specialty dry inks for metallic effects than traditional offset printing. Latest advancements such as the Internet of Things (IoT), machine learning, Artificial Intelligence (AI), and data analytics enable digital printing to be more personalized than conventional printing technologies.
The digital printing industry has been affected by the COVID-19 pandemic like several other industries. The pandemic has led people to stay at home as the government imposed lockdowns. The demand for eCommerce sites was fuelled so as did the demand for carton packaging to ship products. Similarly, during the pandemic, several businesses started using flexible packaging as it is a more hygienic packaging option owing to less handling. Moreover, food delivery services further adopted disposable packaging. Thus, the digital printing market is subjected to see considerable growth during and post-pandemic.
Digital Printing Market Dynamics
Major Drivers
High adoption of digital printers as they offer quick printing options than other printing methods is expected to drive the market. Many industries nowadays are adopting digital printing methods because of the tight deadlines as it helps in fast printing for the graphics as well as fabric designing.
- For instance, in November 2021, Continental signed an agreement to acquire Trelleborg’s printing solutions business. Thereby, the technology company complements its surface solutions and printing technology portfolio to enhance its presence with industrial customers.
Furthermore, the cost-effectiveness of digital printing solutions is further expected to fuel the market. Digital printers do not require any vast setups for printing purposes thus it helps in saving money and time.
Existing Restraints
Digital printers require high initial investments, which are anticipated to hamper the growth of the market in the coming years. Emergence of digital advertisements, digital documents, online signage, e-books, and other digital platforms hinders the growth of the market.
Emerging Opportunities
Development in technology in digital printing is expected to create lucrative opportunities for the market. The advancements in cloud printing services give people access to connect their phones to the printers. It is further cost-effective as buying new servers costs a lot, thus cloud printing comes in handy in terms of cost.
- For instance, in December 2022, Domino Printing Sciences global leader in coding, marking, and digital printing technologies – will implement Oracle Fusion Cloud Applications Suite for finance, and customer experience, offering flexibility to support its new business models, such as advanced solutions and outcome-based services, and delivering greater business insight to boost customer lifecycle management.
Scope of Digital Printing Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Digital Printing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Laser and Inkjet), Ink Type (Solvent, Latex, UV-cured, Aqueous, Dye Sublimation, and Others), Substrate (Fabric, Glass, Paper, Plastic Films or Foils, Ceramics, and Others), and Application (Packaging, Books, Commercial Printing, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Panasonic Life Solutions India Pvt. Ltd.; Smurfit Kappa; KYOCERA Corporation; WestRock Company.; TOSHIBA CORPORATION; Hewlett Packard Enterprise Development LP; Canon Inc.; AVERY DENNISON CORPORATION.; Amcor plc; ARC Document Solutions, LLC; SAMSUNG; Seiko Epson Corporation; Konica Minolta, Inc.; Electronics for Imaging, Inc.; Printronix; Xerox Corporation.; DURST GROUP AG; Ricoh; MIMAKI ENGINEERING CO., LTD.
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Digital Printing Market Segment Insights
Type Segment Analysis
Based on type, the market is bifurcated into laser and inkjet. The laser segment is expected to boost the market during the forecast period, due to rising demand for improving flexibility and performance of printing workflow. Laser printers are cost-effective, manage a heavy workload, have high output speed, and have high availability, which aids in expanding the segment and driving the market.
The inkjet segment is expected to expand at a significant CAGR during the forecast period. Inkjet digital printing is a new method to print textile fabrics, moreover, inkjet printing as well as direct-to-garment printing is used for printing apparel wears. In this process, the printing pattern is directly printed from the computer onto the fabric with an inkjet printer. Moreover, it helps organizations as it consumes less electricity and typically provides faster printing results.
Ink Type Segment Analysis
In terms of ink type, the market is divided into solvent, latex, UV-cured, aqueous, dye sublimation, and others. The UV-cured segment is projected to drive the market during the forecast period, owing to its sustainability than other types of inks.
UV-cured ink does not hold evaporative properties, and it reacts only to UV radiation, which facilitates the ink to solidify. This factor aids in the reduction of printing costs; thus, fueling the market. The solvent segment is anticipated to expand rapidly in the coming years, as solvent ink is considered to be durable, flexible, waterproof, and produces vibrant colors.
Substrate Segment Analysis
On the basis of substrate, the market is segregated into fabric, glass, paper, plastic films or foils, ceramics, and others. The plastic films or foils segment is anticipated to expand at a rapid pace during the forecast period, owing to the growing demand for digital printing in the packaging industry.
The paper segment is anticipated to drive the market in the coming years, due to continuous production of books and newspapers around the globe. Development of printing machines, which enable manufacturers to print highly detailed work on fabric, is estimated to expand the global digital printing market in the coming years.
Application Segment Analysis
In terms of application, the market is divided into packaging, books, commercial printing, and others. The packaging segment is projected to drive the market during the forecast period, due to increasing developments in packaging technologies and methods to cater to rising demand for different types of packaging for different products.
Growing popularity of rigid plastic packaging among environmentally conscious consumers, due to its recyclability, boosts the packaging segment; thus, driving the market.
Regional Analysis
Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to account for a large share of the market during the forecast period, owing to technological advancements in the packaging market in the region. High disposable income and increasing demand for packaged foods fuel the digital packaging market in the region.
Segments
The global digital printing market has been segmented on the basis of
Type
Ink Type
- Solvent
- Latex
- UV-cured
- Aqueous
- Dye Sublimation
- Others
Substrate
- Fabric
- Glass
- Paper
- Plastic Films or Foils
- Ceramics
- Others
Application
- Packaging
- Books
- Commercial Printing
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Player
- Panasonic Life Solutions India Pvt. Ltd.
- Smurfit Kappa
- KYOCERA Corporation
- WestRock Company.
- TOSHIBA CORPORATION
- Hewlett Packard Enterprise Development LP
- Canon Inc.
- AVERY DENNISON CORPORATION.
- Amcor plc
- ARC Document Solutions, LLC
- SAMSUNG
- Seiko Epson Corporation
- Konica Minolta, Inc.
- Electronics for Imaging, Inc.
- Printronix
- Xerox Corporation.
- DURST GROUP AG
- Ricoh
- MIMAKI ENGINEERING CO., LTD.
Competitive Landscape
The global digital printing market share is highly competitive with the presence of key players such as Panasonic Life Solutions India Pvt. Ltd.; Smurfit Kappa; KYOCERA Corporation; WestRock Company.; TOSHIBA CORPORATION; Hewlett Packard Enterprise Development LP; Canon Inc.; AVERY DENNISON CORPORATION.; Amcor plc; ARC Document Solutions, LLC; SAMSUNG; Seiko Epson Corporation; Konica Minolta, Inc.; Electronics for Imaging, Inc.; Printronix; Xerox Corporation.; DURST GROUP AG; Ricoh; MIMAKI ENGINEERING CO., LTD. These companies use business strategies such as partnerships, mergers, collaborations, acquisitions, and product launches to dominate the market.
- In May 2023, Amcor, Delterra, Mars, and P&G jointly announce the launch of a strategic partnership to stem the tide of plastic pollution in the Global South. These global leaders will work together to scale upstream and downstream solutions for a circular plastics economy and explore new ways to drive system change.
- In January 2022, Smurfit Kappa Group announced an investment of USD 33 Million in its Brazil-based plant to cater to the growing demand for innovative and sustainable packaging.
- In April 2022, Canon, Inc. announced PRISMAcolor Manager Solution, which assists users in monitoring print quality.
- In August 2021, Avery Dennison Corporation acquired Vestcom, a provider of pricing and branded labeling solutions, to accelerate the adoption of Intelligent Labels solutions.
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