The global 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.
Market Overview:
Digital printing refers to printing directly from digital based files such as PDF, JPG, etc. without the need of printing plates or cylinders. It offers advantages like high productivity, versatility, and on-demand printing. With the growing adoption across various end-use industries, digital printing is becoming an essential part of commercial printing.
Market key trends:
One of the key trends in the digital printing market is the growing adoption of inkjet technology. Inkjet printing is gaining popularity over traditional printing methods due to benefits like low cost per print, varied ink choices, customizable and shorter print runs. The technology allows printing on various materials including textiles, plastics, metals, ceramics and more. Inkjet printers have become highly versatile and are widely used for industrial applications such as signage, packaging and textile printing. The simplified and cost-effective process is a major factor contributing to the growing demand for inkjet technology in the digital printing market.
SWOT Analysis
Strength: Digital printing allows for short-run, on-demand, customized and personalized printing which helps reduce inventories and unsold stocks. It also provides high image quality, variety of applications, and cost-effectiveness.
Weakness: Initial investments required for digital printing equipment and technologies are high. Limited substrate options and inability to print on heavy materials are also limitations.
Opportunity: Growing demand for short-run publications, packaging, and promotional printing offer opportunities for digital printing. Rise in customized and personalized printing thanks to advancements also presents an avenue for growth.
Threats: Threat of substitutes from offset printing for large volume jobs and threats from new and emerging technologies pose challenges. Price wars among vendors can decrease profit margins.
Key Takeaways
The Global Digital Printing Market Size is expected to witness high growth, exhibiting CAGR of 18.% over the forecast period, due to increasing demand for on-demand, customized printing applications across industries.
Regional analysis: The market is dominated by Asia Pacific with a share of over 30% in 2023 led by China, India, and other developing nations. North America is the second largest region due to early technology adoption. Europe and Middle East & Africa also offer lucrative opportunities for digital printing vendors.
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. The major players are focusing on new product launches, partnerships, and enhancing digital capabilities to penetrate regional markets and address the growing demands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
