Specialty Printing Consumables Market Drivers Shape Future Growth, with Revenue of USD 56.04 Billion by 2027 | CAGR 4.3%
Rising demand from various end-use industries is driving the market demand.
NEW YORK CITY, NY, USA, March 25, 2022 /EINPresswire.com/ — The Global Specialty Printing Consumables Market is expected to reach $56.04 billion by 2027, according to a new report from Reports and Data. Growing preference for inkjet printers in mass publishing and changing trends in the packaging industry are expected to drive the market demand. The increasing demand for printed fabrics, due to changing contemporary fashion trends, is also leading to an increase in consumer consumption.
A rapid increase in packaging applications, such as food, beverages and restaurants, is a key factor in propelling growth. The introduction of the latest technologies, such as nanoscale printing, hybrid printing, 3D printing and microdistribution in various end-use industries, such as packaging, printed electronics, decorative design, publishing and automotive, drives increased demand for the product. New players entering the market are coming up with more innovations to grab the market share which is expected to further drive the market growth.
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A growing need for large-scale printing, especially in commercial applications, leads to increased product consumption. The product is also used in industries such as healthcare and media. Various implants in the healthcare sector, such as cranial implants and hip implants, are produced using several 3D printing technologies. The growth of the healthcare industry leads to increased consumption of the product, thereby driving the market demand.
The materials and chemicals sector is recording robust growth in terms of revenue and is expected to register significant revenue growth between 2021 and 2027. This can be attributed to factors such as increasing demand for raw materials and products chemicals in various sectors, including paper and paint. , food and beverage, healthcare, media, pharmaceuticals and biotechnology, manufacturing, agriculture and construction, and growing demand for products such as soaps, perfumes, daily-use detergents. Factors such as increased awareness of energy efficiency, increase in disposable income, growing need to reduce carbon emissions and rising demand for sustainable biodegradable products are expected to fuel the market revenue growth over the period. forecast.
Major participants include Sun Chemical Corp., Siegwerk Druckfarben AG & Co. KGaA, Marabu GmbH, Saati SPA, Nazdar Ink Technologies, Canon Inc., DIC Corp., Eastman Kodak Co., Xerox Corp. and HP Development Co., among others.
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Other key findings from the report suggest
Chemicals occupied 12.6% market share in 2019. The segment is witnessing a slow growth rate owing to the growing awareness of the harmful effects of chemicals on an individual’s health. Long-term exposure to chemical vapors can cause respiratory illnesses and skin disorders, resulting in reduced demand for the product.
The offline segment is expected to grow with a CAGR of 4.0% during the forecast period. Consumers prefer to physically examine the product before purchasing it to ensure that it meets their needs. Hence, this segment occupies a larger market share.
Educational institutions are expected to grow at a CAGR of 4.3% over the forecast period. This is mainly due to the increasingly young population, which leads to an increase in the number of schools and colleges. This increases the growth of printed study materials, thereby driving the demand in the segment,
China is one of the largest producers and exporters of specialty printing consumables in the world. Indeed, major companies of the world have set up their manufacturing centers in the country due to the availability of cheap labor and lower tax rates. The country also ranks high in terms of ease of doing business.
The Middle East and Africa occupied a large share of the market share in 2019. This is due to the growth of businesses in the region. Rising commercial applications are also driving the market growth in the region, especially in countries such as UAE, Saudi Arabia, and South Africa.
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For the purposes of this report, the reports and data have been segmented into the global specialty printing consumables market on the basis of product, distribution channel, end-user and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
End User Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
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