By 2027, the worldwide digital printing market would have grown from USD 21.2 billion in 2020 to USD 34.2 billion, at a CAGR of 7.1% during the forecast period, 2021-2027. Digital printing systems are the advanced printing technology that uses electronic documents conceptualized using computer software for printing. Digital printing carries images using digital layouts such as PDF & JIP and other media surfaces such as paper, fabric, and ceramic. Digital printing methods are planned to provide accurate, short-run, and cost-effective color printing within a short time frame. The digital printing system is designed to offer high-quality finish products compared to the offset technique. It provides an affordable solution for customized marketing material such as business cards, direct mail, letters, and more than traditional methods. Furthermore, digital printing shortens the production cycle, and as a result, delivers the final product quicker.
The digital printing industry is expected to witness strong growth during the forecast period, owing to the rapid adoption of inkjet printing solutions across the packaging and paper sector due to flexible and cost-efficient features. Also, the market will be driven by a surge in the adoption of IoT and AI-based technologies and their successful implementation across the globe. The growing usage of digital printing in consumer electronics is expected to boost the demand for the different component of digital printing. In recent years, the key drivers of the digital printing market are rising sustainable printing solutions in pharmaceutical, healthcare, packaging, and label industries and the need for cost-efficient printing methods. Further, growing innovation in printing technology for Tier II & Tier III companies provides lucrative opportunities for the manufacturers.
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However, the high initial investment for the digital printing plants is a significant challenge for this market. The growing popularity of digital delivery of documents is expected to reduce the demand for printing; the digitalization of products such as financial documents, directories, advertisements, and books is also affecting the market.
COVID-19 has dropped the growth level of the market in 2020, and the market is estimated to witness comparatively slow growth till the end of 2021. COVID-19 has brought all businesses and industries down, including the digital printing domain. As the world slowly goes into recovery, the way of business is done will never be the same again. COVID-19 has changed the market dynamics for all businesses in general. While advanced technology has played a vital part in our working lives for years, it has never relied on for things such as video conferences and interaction with team members. While organization printers may be used less, this will likely lead to an increase in home printers being purchased for those consumers working from home. Printing is essential if someone needs to make hard copies of crucial documents. Alternatively, the COVID-19 pandemic has improved the demand for flexible packaging, which is considered more hygienic due to the limited handling.
The packing of a product plays a vital role in marketing, as it gives information regarding the quality and standard of the product. Thus, manufacturers seek more attractive product packaging so that they can sell them quickly in the market. With the help of high-quality graphics on substrates like textiles, plastic films, release liners, etc. the packaging can be made attractive, and this can be done by using digital printers as they offer benefits such as UV-cured printing, along with far superior detail, clarity, and quality as compared to their smaller counterparts. The textile industry anticipates a range of designs and colors with a rapidly changing market. However, conventional printing methods can not satisfy the present demands. Inkjet printing technology, which was firstly developed for printing the documents, is now progressively being used in the textile printing industry because it suits the need of the fashion sector, thereby accelerating market growth.
The main challenges in the Digital Printing Market are increasing competition, and strict regulations by the government on environmental safety are the main obstacles to market expansion. In many cases, ink and e-waste disposal have hampered the market’s growth, expected in the forecasted period. The lack of a proper standardization system and unfavorable taxation policies in various governments also hinder the market growth.
Digital printing is used in several e-commerce products, and development in the e-commerce industry will consequently lead to a growth of the digital printing market. In the worldwide scenario, e-commerce is the largely preferred retail format, especially among young customers who are inclined to online shopping through their devices. M-commerce and E-commerce have rapidly increased across the globe, which has augmented the requirement for the e-commerce packaging. Vendors operating in the local market are aligning their businesses with the current market outlooks. They are bringing more significant innovation and enhanced in the quality of the packaging of their products to meet consumer expectations. Growth in the e-commerce business is expected to create lucrative opportunities for the market during the forecast period.
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The study categorizes the digital printing market based on printhead type, ink type, application, product type, and regions.
The global digital printing market has been segmented into inkjet and laser. In 2020, the inkjet segment accounted for the largest market share of 64.51% in the global digital printing market. For home printing, an inkjet printer is a common choice. They make images by spraying thousands of microscopic ink droplets onto paper with precision, similar to how TV and computer screens render images with thousands of pixels. Yellow, magenta, and cyan ink cartridges are the most common. The printer can blend these three fundamental colors together to create whatever colors are required for the print job. An element known as the print head rotates back and forth as the paper is fed through a pair of rollers, accurately spraying ink. Though this method is far less complicated than laser printing, it is more prone to smearing.
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Asia Pacific accounts for the highest CAGR during the forecast period.
Based on the regions, the global digital printing market has been segmented as North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 8.81% in the global digital printing market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. The region’s growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
In the Asia Pacific, Japan remains a significant participant in the worldwide supply chain market. Organizations in the nation are intensely driving the resources into technology, for example, the usage of multifunction printing technology for cost-efficient methods. Asia Pacific region is anticipated to dominate the global digital printing market in the forecast period 2021-2026 owing to growing digitization, industrialization technological developments, growth of textile industries, and others. China and India are the major dealers of textiles and include the maximum number of textile printing dealers. They hold the biggest base of textile manufacturers. These factors are majorly contributing towards the growth of the digital printing market in the Asia Pacific during the forecast period.
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The digital printing market is mildly concentrated in nature with few numbers of global players operating in the market such as Canon, Hewlett-Packard Development, Ricoh Company, Mimaki Engineering, Roland DG Corporation, Seiko Epson Corporation, Xerox Corporation, Durst Phototechnik AG, Inca Digital Printers Limited, Printronix, Electronics for Imaging, Brother Industries, Oki Electric Industry, Toshiba, and Samsung Electronics. The key players adopted strategies such as new product launches along with strategies such as partnership & collaboration to increase its market share and increase global penetration.