Digital Printing is Estimated To Witness High Growth Owing To Wide Adoption Across Various Industries
The Digital Printing Market is estimated to be valued at US$ 32.27 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Digital printing, also known as digital offset printing, refers to printing technologies that are commonly non-impact printing where an electronic output device controls the direct application of ink to paper or other print medium. Key advantages of digital printing over traditional printing methods are on-demand printing, variable information, low minimum order quantities, and automated printing processes. Digital printing allows designers to produce short print runs economically and adapt printing processes quickly based on customer needs. This technology has significantly high adoption across various industries like advertising, packaging & labeling, photography, textile printing, and commercial printing.
Market Overview:
Digital printing provides cost-effective and versatile solutions for printing jobs of various formats, sizes, and quality requirements. It enables users to print on demand without incurring losses associated with unused stocks. Digitally printed products have wide applications across industries like publishing & printing services, retail & consumer electronics, consumer goods, and industrial packaging.
Market key trends:
Digital printing is witnessing high growth due to wide adoption across various industries. One key trend fueling market growth is growing demand for short-run digitally printed packaging. Short print runs and on-demand printing capabilities of digital printing techniques allow manufacturers to customize packaging based on customer preferences. Changing market dynamics necessitate frequent product redesigns and packaging updates which traditional printing struggles to meet. Digital printing fulfills this need economically by reducing waste and inventory costs associated with unsold packaging inventory. This drives its adoption across food & beverage, cosmetics, pharmaceuticals and other consumer goods industries for product packaging and labels.
Porter's Analysis
Threat of new entrants: With large capital requirements for infrastructure, threat of new entrants into the digital printing market is moderate. Bargaining power of buyers: Individual buyers have moderate bargaining power due to the presence of many established players offering a variety of printing solutions. Bargaining power of suppliers: Suppliers of raw materials have low bargaining power due to availability of substitute materials. Threat of new substitutes: Development of 3D printing poses a threat of substitutes. Competitive rivalry: Intense competition between established players influences pricing in the market.
SWOT Analysis
Strengths: Digital printing provides on-demand printing with full color customization. It offers cost-effective short-run printing. Weaknesses: Upfront investment costs for printers and inks are high. Workflow management for complex jobs requires skilled labor. Opportunities: Growing e-commerce sector drives demand for personalized and customized printing. Rise of self-publishing market offers opportunities. Threats: Threat from alternatives like traditional offset printing for mass production jobs. Economic slowdowns impact commercial printing demand.
Key Takeaways
The Global Digital Printing Market Size is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing demand for short-run print applications. The market size is estimated to reach US$ 32.27 Bn by 2023.
Regional analysis
Asia Pacific is expected to dominate the global digital printing market, growing at a CAGR of 20% during the forecast period. This can be attributed to rapid industrialization and rising demand from packaging and labeling industries in China and India. North America is another major market for digital printing driven by high demand from printing service providers in the US.
Key players
Key players operating in the digital printing market are Canon, Brother Industries, Hewlett-Packard Development, Printronix, Ricoh Digital Painting Company, Inca Digital Printers Limited, Mimaki Engineering, Electronics For Imaging, Roland Dg Corporation, Durst Phototechnik AG, Xerox Corporation, and Seiko Epson Corporation. Canon and HP captured over 38% share of the overall digital printing market revenue in 2020.
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