Printed Signage Market Is Estimated To Witness High Growth Owing To Increasing Demand From Commercial Sector
The Printed Signage Market is estimated to be valued at Us$ 43.07 Bn in 2023 and is expected to exhibit a CAGR Of 3.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Printed signage refers to signage produced through printing processes such as screen printing, digital printing, dye sublimation printing and latex printing. It includes banners, posters, flags and others. Printed signage finds wide applications in commercial sector for branding and advertising purposes. Increasing spending on branding and marketing by businesses is expected to drive the demand for printed signage over the forecast period.
Market Dynamics:
The printed signage market is primarily driven by increasing demand from commercial sector. Commercial sector is increasingly adopting printed signage for branding, outdoor/indoor advertisements and marketing. According to International Trade Association, global advertising spending reached $340 billion in 2020 and is expected to grow at a CAGR of 4.6% during 2021 to 2025. This increasing spending on advertisements is projected to boost the printed signage market growth.
Additionally, advancement in printing technologies is also fueling the market growth. Digital printing and dye sublimation printing technologies allow high resolution printing on variety of substrates. This has increased applications of printed signage in textile and décor industries. Moreover, eco-friendly nature and recyclability of printed signage make it preferable over other signage types and expected to drive its demand.
SWOT Analysis
Strength: Printed signage has high versatility that allows customization according to specific business needs. It is a cost-effective option for small businesses to draw attention of customers and promote brands. Printed signs can be manufactured easily and have a longer lifespan than other signage options.
Weakness: Printed signs have limitations in terms of size and may not be suitable for large outdoor displays. The manufacturing process of printed signage involves use of chemicals that are hazardous to the environment. Frequent replacement of printed signage leads to increased operational expenses for businesses.
Opportunity: Growth of the retail and advertising industry provides ample scope for increased implementation of printed signage. Advancements in printing technologies allow for higher resolution graphics and improved durability of printed signs.
Threats: Digital signage is gaining popularity due to advantages such as remote content management and interactivity. Strict environmental regulations regarding use of chemicals in printed signage manufacturing may increase compliance costs.
Key Takeaways:
The Global Printed Signage Market Demand is expected to witness high growth, exhibiting CAGR of 3.0% over the forecast period, due to increasing demand from retail stores. Printed signage plays a vital role in branding and promotion activities carried out by retailers to attract customers. In-store printed signs provide vital product and price information to consumers.
Regional analysis: Asia Pacific dominates the global printed signage market due to rapid growth of retail sector in major economies such as China and India. China is the largest producer and consumer of printed signage worldwide. North America also holds significant share in the market owing to well established retail industry in U.S and Canada.
Key players operating in the printed signage market are Avery Dennison Corporation, Spandex Ltd, IGEPA group GmbH & Co. KG, ORAFOL Europe GmbH, Identity Global, LINTEC Corporation, 3A Composites Holding AG, Signs Express, EhKo Sign Industries Kft, MACtac LLC (Lintec), Kelly Signs, and L&H Sign Company Inc. The players are focused on development of innovative printing technologies to cater to diversifying customer demands.
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