According to a new report published by Allied Market Research, titled, Global Digital Printing Market Type, Ink Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global digital printing market size was valued at $25.74 billion in 2019, and is projected to reach $35.71 billion by 2028, registering a CAGR of 3.7% from 2021 to 2028.
A digital printing is a process of printing from an electronic file. The digital printing is an alternative printing method to traditional printing; thus, eliminates unnecessary steps of traditional printing methods such as printing plates, color proofs, and more. However, digital printing has a higher cost per page than offset printing method but reduce the cost by producing several thousand lager print on sheets at a lower rate. Moreover, commercial printing is witnessing provisional and fundamental changes, as the immediate shift from offset printing to digital printing methods, owing to demand for low-cost printing methods.
Rapid adoption of digital printing systems in food & beverage and textile industries, penetration of IoT and digital image technologies, and surge in demand for sustainable printing techniques influence the market growth. However, the high initial cost of digital printing devices in developing countries hampers early adoption. Further, an increase in the use of digital dyeing and printing technology in automotive and consumer electronic industries is expected to provide lucrative opportunities for the global digital printing industry during the forecast period.
Emergence of COVID-19 has significantly impacted the global digital printing industry. Delay caused for construction projects due to partial or complete lockdown in various regions of the world has significantly reduced the demand for digital printing during the pandemic. However, it has created more demand from residential end users, owing to work from home policies implemented by governments of several countries. Hence, the residential sector is expected to witness prominent growth post-pandemic for digital printing systems.
The inkjet segment was the highest contributor to the market in 2019. Surge in internet penetration fuels the growth of the inkjet printer’s segment; thereby, enhancing the global digital printing market growth. By region, the digital printing market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region is expected to witness highest growth during forecast period. Adoption of inkjet and laser printers’ appliances in residential, commercial, automotive, and textile sectors is expected to propel the digital printing industry in this region. Countries such as China, Japan, and India are significant contributors to the commercial and advertising printing market. Hence, expected to boost the growth of digital printing market in the Asia-pacific region.
Key Findings Of The Study
- The inkjet segment is expected to secure leading position during the forecast period.
- Asia-Pacific and North America collectively accounted for more than 50.0% of the digital printing market share in 2019.
- Asia-Pacific is anticipated to witness highest growth rate during the forecast period.
- U.S. was the major shareholder in the North America digital printing market, accounting for more than 60.0% share in 2019.
The key players profiled in the report include Canon, Inc, DIC Corporation, Epson Co. Ltd, Hewlett-Packard, Konica Minolta, Ricoh Co., Ltd, Sakata INX Co. Ltd, Toshiba, Toyo Ink SC Holdings Co., and Xerox Corporation. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the global digital printing market.