The global specialty printing consumables market size is expected to reach USD 50.25 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 4.1% during the forecast period. Growing preference for inkjet printers for large-scale publishing along with changing trends in packaging industry is likely to create robust demand in the market.
With upgrading cotemporary fashion trends across regions, the demand for printed fabrics is on the rise. Fashions brands such as H&M and Forever 21 along with ethnic brands such as Chumbak and Global Desi have augmented the demand for varied printed fabrics to manufacture its diverse range of clothing, thus driving growth of the specialty printing consumable market.
Rise in packaging application or industries such as food and beverages and restaurants is a major factor augmenting the growth. Availability of advanced printing technologies such as hybrid printing, nano-scale printing, micro dispensing, and 3D printing used in industries such as printed electronics, packaging, publishing, decorative designing, and automotive have attributed to the market growth. For instance, Hubergroup launched globally compliant folding carton food packaging printing ink in January 2019. Hubergroup reinvented its MGA NATURA series with a single ink that complies with all the Food and Drug Administration (FDA) standards and EC Regulations to flourish in the Europe and North America markets.
Specialty substrate is anticipated to witness the fastest CAGR of 4.5% over the forecast period. These substrates include vinyl, metallic, and fluorescents which could produce high-quality prints. The demand for such substrates is growing sharply as the high-speed; production inkjet market continues to evolve. For instance, the new Canon inkjet printers with Wi-Fi technology use such specialty substrates to produce fine-quality, colored image prints and are projected to witness high-demand in the printing market.
The commercial end user segment is expected to witness growth due to the growing need for large scale printing in sectors such as textiles, healthcare, and media, among others. For instance, with advancement of healthcare sector, more than 20 different implants ranging from cranial implants to hip, knee, and spinal implants approved by the FDA are produced with various 3D printing (additive manufacturing) technologies.
In terms of market penetration, Asia Pacific is anticipated to witness the maximum CAGR of 4.9% over the forecast period owing to the growing fast-food industry in the region. Additionally, with the advent of 3D printing in sectors such as healthcare and construction in U.S., the demand for specialty substrates has increased rapidly. The market is expected to register growth, especially with new developments in construction technologies in this region. For instance, Sunconomy, a U.S. based construction company, have teamed up with Russian 3D printers Apis Cor to make 3D printed homes across U.S. This 3D printing machine consumes eight kilowatts of energy while constructing and as it involves additive manufacturing it produces little-to-no waste. The machine is designed to be portable in that it can be transported in the back of a truck to and from sites.
DIC Corporation; Canon Inc.; Xerox Corporation; HP; Eastman Kodak Co.; Flint Ink Inc.; Nazdar Ink Technologies; L.P.; Lexmark International Inc.; and Fuji Photo Film Company Limited are a few of the key market players.For instance, HP launched its first 3D printers in India namely HP Jet Fusion 540 (monochrome) and 580 (coloured) in January 2019 to expand its reach to different industries in the Indian market.
Further key findings from the report suggest:
- In terms of regional revenue,North America is projected to have a value of USD 15.09 billion by 2025
- Toner held about 35.64% of the total market share in 2018, and is projected to exhibit a significant increase over the coming seven years
- APAC is the fastest growing region, dominating the global specialty printing consumables market during the forecast period with a CAGR of 4.9%. This trend is projected to continue over the forthcoming years
- Rise in the use of printing consumables in small offices and big corporates owing to heavy requirements on everyday basis has led to an increased demand for specialty printing consumables in countries such as U.K., Germany, and India
- The industry is highly competitive in nature. The major players include DIC Corporation; Canon Inc.; Xerox Corporation; HP; Eastman Kodak Co.; Flint Ink Inc.; Nazdar Ink Technologies; L.P.; Lexmark International Inc.; and Fuji Photo Film Company Limited
Grand View Research has segmented the global specialty printing consumables market on the basis of product, end user, and region:
Specialty Printing Consumables Product Outlook (Revenue, USD Billion, 2015 - 2025)
- Specialty Substrates
Specialty Printing Consumables End User Outlook (Revenue, USD Billion, 2015 - 2025)
- Educational Institutions
Specialty Printing Consumables Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
- South Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.