Market Synopsis
As per a detailed analysis by Market Research Future (MRFR), the global digital printing packaging market is predicted to garner a CAGR of 10.5% during the forecast period (2017-2023). Due to the surging application of digital printing, the packaging industry is likely to experience a revolution. Digital printing is considered one of the prominent printing technologies for labels and packaging, which has been recognized by brand owners preferring quick-turnaround capability. Digital printing is revolutionizing the packaging sector by offering custom variations which offer products on-shelf distinctions. The concept for digital printing for packaging has evolved to attract consumers. The method constitutes of printing of digital texts or images on product packaging.
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Market Potential and Pitfalls
Digital printing packaging market has witnessed a tectonic surge over the past few years due to the surging demand from the personal care and F&B industries. As digital printing is more cost-efficient and time savings, it is extensively in practice. It also helps to cover entire information while offering better print quality compared to other techniques. Such factors are estimated to dictate the growth trajectory of the market across the globe. Digitally printed packages also help to improve the workflow, enable faster marketing, and allows innovative marketing. The recent developments in digital printing approach for carton cutting, carton creasing, and other finishing technologies have widened the application area in folding cartons, corrugated packaging, and flexible packaging. Packaging substrates like labels, cartons, and corrugated boxes have further offered the eye-catching commercialization in order to draw impact on the consumers. One of the recent trends in the digital printing packaging market is the custom caps which opens up colorful choices for the brand owners. This is likely to impact the market growth positively during the assessment period. Industries will produce electronics, cosmetics, soft drinks, alcoholic drinks, and household items which demands premium packaging. This is likely to create new growth opportunities for the market.
On the contrary, fluctuation in the prices of raw materials is considered to curb the growth of the market during the assessment period. Moreover, the high manufacturing cost is considered to deter the market growth in the foreseeable future.
Global Digital Printing Market - Segmentation
The report is segmented into ink, substrates, technologies, and regions. The ink segment is sub-segmented into Solvent, Aqueous, UV Cured, Dye Sublimation, Latex, and others. The dye sublimation segment accounts for the largest market share and is expected to grow at the highest CAGR throughout the forecast period. Simultaneously, the sub-segment Aqueous is playing an equally important role in market development.
The substrate segment is sub-segmented into release liner, plastic film, glass, textile, paper, and others. The technology segment is sub-segmented into laser and inkjet. The sub-segment inkjet is bifurcated into piezo crystal inkjet, thermal inkjet, electrostatic inkjet, and MEMS. Among these, the sub-segment inkjet holds the largest market share and is estimated to grow at an impressive CAGR during the forecast period.
Global Digital Printing Market - Geographical Analysis
North America leads the global digital printing market. The region highlights environment conservation efforts, minimizing wastage. Besides, vast developments in digital printing and substantial R&D investments in optimizing printer machines drive the market growth.
The presence of notable industry players, augmenting demand for digital printing technology, and the availability of advanced technologies are major growth drivers. Additionally, augmenting demand for safe and effective features boosts the market size.
Digital Printing Market - Competitive Analysis
The digital printing market appears highly competitive due to the presence of several well-established players. Industry players adopt strategic approaches, such as collaborations, mergers & acquisitions, expansion, and new technologies/product launches to gain a larger competitive share. Industry players make substantial investments to drive R & D to develop new products & technologies and increase their global footprints.
Major Players:
Players active in the global digital printing market include Hewlett-Packard Development Company, LP (US), Canon, Inc. (Japan), Ricoh Company, Ltd. (Japan), Roland DG Corporation (Japan), Xerox Corporation (US), Seiko Epson Corporation (Japan), Durst Phototechnik AG (Germany), Electronics For Imaging, INC.(US), and Inca Digital Printers Limited (UK), among others.
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Industry/ Innovation/ Related News
Sep. 10, 2021 --- Accurate Box Co., a manufacturer of litho-laminated corrugated packaging, announced its foray into the digital printing space to offer more options to its customers when manufacturing boxes. The company has purchased a new high-speed digital printer manufactured by Digital Printing Inc. The machine can print on uncoated sheets using a 4-color process and is capable of double-sided printing on boxes in-house at lower costs and lower minimums.
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