Global digital printing market to reach US$ 35.71 billion by 2028 at 3.7% CAGR
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.
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, according to a report by Allied Market Research.
An 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.
In terms of regional performance, 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, the Asia Pacific regionis 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.
Due to the lockdown measures implemented by governments in various countries, manufacturing activities are hindered. 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.
Segments that will lead during forecast period
Based on type, the inkjet 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 inkjet 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.
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.