The global Digital Printing Market is estimated to be valued at US$ 27.35 Billion 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 the process of printing digital-based images directly onto various media substrates. It offers numerous advantages such as high-quality output, fast turnaround time, cost-effectiveness, and the ability to personalize prints. The need for digital printing is associated with the increasing demand for customized products, such as personalized marketing materials, packaging, textiles, and signage. The market is witnessing significant growth due to the rising adoption of digital printing technology across various industries, including advertising and marketing, textile and apparel, packaging, and healthcare. Moreover, advancements in inkjet technology and growing digitalization trends are further propelling market growth.
Market Key Trends:
One key trend in the Global Digital Printing Market is the increasing demand for sustainable and eco-friendly printing solutions. With growing environmental concerns, there is a rising inclination towards green practices and reducing carbon footprints. This has led to the development of eco-friendly inks, recyclable substrates, and energy-efficient printing technologies. Market players are investing in research and development activities to offer sustainable digital printing solutions to cater to the evolving consumer demand. The adoption of green printing practices not only helps in reducing environmental impact but also enhances brand image and attracts environmentally conscious customers.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the digital printing market is low due to the high barriers to entry. The industry requires substantial capital investment to set up manufacturing facilities and develop technology. Additionally, established players already hold significant market share and have strong brand recognition. Therefore, it is difficult for new entrants to compete effectively.
Bargaining Power of Buyers: The bargaining power of buyers is moderate in the digital printing market. Buyers have the ability to compare different manufacturers and products, which gives them some leverage in negotiating prices and terms. However, the industry is dominated by a few key players who have a strong hold on the market. This limits the extent to which buyers can exert power.
Bargaining Power of Suppliers: The bargaining power of suppliers is low in the digital printing market. Suppliers of key components, such as inks and printing heads, are numerous and widely available. Manufacturers have the option to switch suppliers if necessary, which reduces supplier power. Additionally, the industry is characterized by intense competition and price pressure, further minimizing suppliers’ ability to dictate terms.
Threat of New Substitutes: The threat of new substitutes in the digital printing market is low. Digital printing offers advantages such as high quality, speed, and customization, which traditional printing methods cannot match. As a result, there are limited alternatives that can effectively replace digital printing in various applications.
Competitive Rivalry: The competitive rivalry in the digital printing market is high. The market is dominated by established players like Canon, Brother Industries, and Hewlett-Packard Development, who compete fiercely to maintain their market share. These companies invest heavily in research and development to innovate and differentiate their products. The industry is also witnessing technological advancements, which further intensify competition.
Key Takeaways
The global digital printing market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing demand for on-demand printing and personalization, especially in industries such as packaging, textiles, and advertising.
In terms of regional analysis, Asia Pacific is expected to emerge as the fastest-growing and dominating region in the digital printing market. The region has a large population, increasing disposable income, and a booming e-commerce industry, driving the demand for digital printing solutions. Additionally, major economies like China and India are investing heavily in infrastructure development and industrialization, further fueling the market growth.
Key players operating in the digital printing market include 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. These companies have a significant market presence and undertake various strategies like mergers, acquisitions, and product launches to maintain their competitive edge and expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
