February 21, 2024
Digital Printing Market

Growing adoption of digital printing revolutionize the packaging industry is anticipated to openup the new avenue for Digital Printing Market

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.

Market Overview:

Digital printing is a type of printing technology where the image is printed digitally directly from a digital source such as a computer or camera with usage of inks, dyes or toners based on digital values. It provides several advantages over traditional printing such as on-demand printing, high-quality printing, variable data printing, and wide format printing. Digital printing is widely used for printing photos, labels, books, magazines, posters, signage, packaging etc.

Market Dynamics:

Growing demand for mass customization and personalized printing is a key driver of the digital printing market. Rising consumer preference for short-run and customized products has increased the demand for digital printing technology which allows quick changeovers between print jobs. This permits companies to develop customized products or variants according to customer needs thereby enhancing customer experience. Furthermore, the increasing trend of e-commerce has also accelerated the demand for digital printing for packaging and labeling products. Growing popularity of digital billboards and signage is further augmenting the market growth. Increasing adoption of digital printing technology by commercial printers due to its many advantages such as non-toxic inks, versatility, high quality and on-demand printing is also fueling the market growth.

Segment Analysis

The digital printing market can be segmented into on-premise digital printing and on-demand digital printing. The on-demand digital printing segment is dominating the market and it is expected to continue its dominance over the forecast period. This is because on-demand printing offers several advantages such as quick turnaround time, reduced setup costs, easy customization of print content and variable data print. It allows printing of small quantities on demand thereby reducing inventory costs and wastage of unsold prints.

PEST Analysis

Political: Growth of digital printing is favored by government policy support for green printing solutions for environmental protection.

Economic: Declining prices of digital printers and rising incomes are driving demand from commercial printing houses and retail customers.

Social: Rising internet and smartphone penetration and changing lifestyles increasing demand for on-demand printing of photos, documents, books etc.

Technological: Advancements in digital technologies like cloud computing, Internet of Things (IoT) are augmenting digital printing applications such as connected devices, variable data printing and automated workflow.

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 short-run prints and rising environmental awareness. The market size for digital printing is estimated to reach US$ 114.09 Bn by 2030 from US$ 32.27 Bn in 2023.

The Asia Pacific region is expected to dominate the digital printing market during the forecast period. Rapid industrialization and growing commercial printing industry in China and India are driving market growth. Additionally, digitization initiatives by various governments in the region are augmenting demand.

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 are the market leaders due to their diversified product portfolios and strong distribution networks across the globe. Brother Industries and Seiko Epson Corporation are other prominent players focusing on new product launches catering to specialty printing applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it