Global Inkjet Printing Market Grows Steadily at a CAGR of 8.40%

Introduction

Digital printing was made possible by inkjet printing, which involves sprinkling tiny droplets of liquid ink onto specific surfaces, like paper. This method results in images that are comparable to pictures. As it offers complete versatility and cheap setup costs, inkjet printing is more affordable than other print processes, making it possible to produce single copies in small quantities. Modern inkjet printers primarily use two technologies: continuous inkjet (CIJ) and drop-on-demand (DOD). In CIJ technology, liquid ink is forced from an ink reservoir and turned into a constant spray of ink droplets using a high-pressure pump and a small nozzle. The CIJ approach can be used to code and designate products and packages.

Market Dynamics

Big Data, IoT, and Digitalization of Print Processes and Packaging Drives the Global Market

Digitization has caused an enormous change in the printing industry, which now includes product personalization, innovation, and communication that closely resemble the growing potential of digital printing. Customers anticipate their purchases to include detailed information and engaging features. The devices feature cutting-edge features like virtual reality, QR codes with social network links, etc. Inject printing with IoT integration significantly reduces human work while increasing automation. It is feasible to determine the likelihood of downtime by continuously monitoring and documenting the actual operating conditions of the equipment and the system performance. Many companies in the field are integrating IoT into their unique inject printing machines. For instance, Maplejet recognized a chance to include IoT in the Hx Nitro, one of its Hx range of industrial inkjet printers. Currently, the printer uses an IP-based application to monitor and produce messages. Any Wi-Fi-enabled device, including a computer, tablet, or smartphone, may control it.

Shift Toward Sustainability Creates Tremendous Opportunities

When considering large-scale printing operations that require technologies like production printing, businesses are more aware of the necessity to adopt environmental sustainability. The printing technology a company uses will determine how environmentally friendly it becomes. Digital inkjet printing is a printing method that helps reduce environmental contamination. Comparing inkjet printers to other digital technologies like laser printers, inkjet printers use much less electricity. Laser printing consumes a lot of energy since the toner must be heated before printing, and the process must be kept at extremely high temperatures the entire time.

New inkjet printer models increase their energy effectiveness and sustainability. For instance, Epson's WorkForce Enterprise printers create prints with a maximum resolution of 600 x 2,400 dpi that are stain, fade, and water resistant. Epson commercial inkjet machines consume up to 85% less energy and generate 85% less CO2 than laser printers. Additionally, the waste generated by ink tank models is decreased by using fewer consumables.

Regional Analysis 

North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 6.75% over the projection period. The North American industrial inkjet printing market is expected to grow significantly over the forecast period due to increased demand from the packaging industry. The bulk of the largest inkjet printing companies, however, have their corporate headquarters in the United States, including Lexmark International Inc., Xerox Corporation, and HP Development Company, L.P. Since its member countries, particularly the US and Canada, invest considerably in technological breakthroughs, the region is one of the most lucrative. The introduction of industrial inkjet printers as a practical package printing solution has increased the sector's allure.

Asia-Pacific is anticipated to exhibit a CAGR of 10.45% during the projection period. China, India, and numerous other quickly emerging countries have propelled the Asia-Pacific region to become the world's largest market for printing ink. The area is home to a few of the largest ink manufacturers in the world. DIC, Sakata INX, Toyo Ink, and T&K Toka have significant operations in Japan, as do the other major players. China is projected to control the inkjet printer market in the Asia Pacific area shortly due to the accessibility of inexpensive labor. Due to the low manufacturing cost, several inkjet printer manufacturers can establish their facilities.

Key Highlights

• The global inkjet printing market was valued at USD 93.10 billion in 2022. It is projected to reach USD 192.40 billion by 2031, growing at a CAGR of 8.40% during the forecast period (2023-2031).
• Based on application, the global inkjet printing market is bifurcated into books/packaging, commercial printing, advertising, transaction, labels, packaging, and other applications. The advertising segment is the major contributor to the market and is estimated to go up at a CAGR of 7.35% during the forecast period.
• North America is the major revenue contributor and is expected to increase at a CAGR of 6.75% during the forecast period.

Competitive Players

1. HP Development Company LP
2. Jet Inks Private Limited, Brother Industries Ltd
3. Xerox Corporation
4. Canon Inc.
5. Hitachi Industrial Equipment Systems Co. Ltd
6. Lexmark International Inc.
7. Videojet Technologies Inc.
8. Inkjet Inc.
9. Fujifilm Holdings Corporation

Recent Developments

Recent Developments

• March 2024 - With its most recent array of intelligent solutions and digital printing presses, HP Inc. (NYSE: HPQ) helped usher in a new era of digital printing by addressing the production issues faced by labels and packaging, commercial printing, and other industries.
• February 2024 - With its effective, adaptable, and environmentally conscious printing technology, HP Inc. hopes to "disrupt" the packaging processes of the industry with its HP Thermal Inkjet (TIJ) 108mm Bulk Printing Solution. The HP TIJ 108mm Solution, the newest addition to its TIJ 4.0 Printhead technology, is engineered to meet a variety of wide-swath, high-volume printing applications without stitching. It boasts high speeds, great resolution, and throw distances of up to 10 mm.

Segmentation

1. By Printer Type
   1. Single functional Printers
   2. Multi-functional Printers
   3. Large Format Printers
   4. Industrial Inkjet Printers
   5. Textile Inkjet Printers
   6. Inkjet Press
2. By Technology Type
   1. Continuous Inkjet
   2. Drop on Demand
3. By Substrate
   1. Plastic
   2. Metal
   3. Paper
   4. Fabric
   5. Ceramic
   6. Others
4. By Applications
   1. Books/Publishing
   2. Commercial Print
   3. Advertising
   4. Transaction
   5. Labels
   6. Packaging
   7. Others