The market valued at USD 22.18 billion in 2017 is expected to reach USD 28.85 billion by 2023, at a CAGR of 4.48% between the period.
According to the new market research report “Digital Printing Market for Printers, Inks, and Print Heads by Ink Type (Aqueous, Solvent, UV-Curable, Latex, and Dye Sublimation), Print Head Type (Inkjet and Laser), Substrate Type (Glass, Textile, Paper), and Geography – Global Forecast to 2023”, published by MarketsandMarkets, the market was valued at USD 22.18 billion in 2017 and is expected to reach USD 28.85 billion by 2023, at a CAGR of 4.48% between 2017 and 2023. The growing demand for sustainable printing, development of packaging and textile industries worldwide, and reduction in per unit cost of printing with digital printers are expected to drive the growth of the digital printing market worldwide.
The ink market for digital printing to hold a major share of the digital printing market during the forecast period
The ink market for digital printing is expected to hold the largest share of the digital printing market between 2017 and 2023. The overall digital printing market includes digital printer market, ink market for digital printing, and print head market. Ink market for digital printing has the largest share of the overall market owing to its extensive benefits in digital printing such as they are waterproof and UV-resistant, and do not have any significant environmental impact.
UV-cured ink is expected to hold the largest share of the ink market for digital printing
UV-cured ink is expected to hold the largest share between 2017 and 2023. UV-cured ink for digital printing is the fastest-growing segment, which offers various advantages such as quick drying, environment-friendly, low price, and resistance to UV rays, which are very important for printing on plastics, textiles, and others. As a result, UV-cured ink is increasingly replacing solvent ink despite being more expensive.
Inkjet print head held the largest share of the print head market for digital printing in 2016
Inkjet print heads can print at an average speed of 13-15 pages per minute (PPM) and can print over a large variety of surfaces such as brochures, T-shirts, and others. Also, the colour quality of a color inkjet print head is superior to a laser print head. Along with the growing technology, manufacturers of inkjet print heads have been providing inkjet print heads with reduced running cost and faster printing speed for digital printing. These aforementioned factors have led to the widespread adoption of inkjet print heads in the architecture, engineering, and construction (AEC) industry.
North America held the largest share of the digital printing market in 2016
North America held the largest share of the digital printing market in 2016. The market in North America has many startups and favourable compliance and government regulations. Enterprises in this region have a rapid growth rate and a heavy demand for digital printing. Because of favourable government regulations, European companies are also investing in the North American market. Some of the major players in the market are Xerox (US), Hewlett-Packard (US), and Ricoh (Japan).