Inkjet Printing Market

Market Overview

The global inkjet printing market size 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). Big Data, IoT, digitalization of print processes and packaging and the shift toward sustainability are the factors that drive the global market.

Inkjet printing involves spraying tiny droplets of liquid ink onto selected surfaces, such as paper, which facilitated the development of digital printing. Images that are equivalent to photos are produced using this technique. Inkjet printing is more affordable than other print methods because it provides complete versatility and low setup costs, enabling the printing of single copies in small quantities. Two prominent technologies are utilized by modern inkjet printers: continuous inkjet (CIJ) and drop-on-demand (DOD). In CIJ technology, a high-pressure pump and a microscopic nozzle are used to force liquid ink from an ink reservoir and produce a steady stream of ink droplets. Products and packages can be coded and designated using the CIJ methodology.

Market Dynamics

Global Inkjet Printing Market Drivers

Big Data, IoT, and Digitalization of Print Processes and Packaging

The printing business has experienced a significant shift because of digitization, which now encompasses product personalization, innovation, and communication that closely match the expanding possibilities of digital printing. Customers expect interactive features and comprehensive information packed into the items they purchase. The gadgets have technological elements like virtual reality, QR codes with links to social media, etc. IoT integration in inject printing further minimizes manual labor while boosting automation. By continuously observing and documenting the actual operating circumstances of the equipment and the system performance, it is possible to analyze the likely downtime.

IoT is being integrated by numerous businesses in the sector with their individual inject printing machines. For instance, Maplejet saw an opportunity to incorporate IoT in the Hx Nitro, one of its industrial inkjet printers from the Hx line. Currently, the printer monitors and creates messages using an IP-based application. Any Wi-Fi-enabled device, whether a smartphone, tablet, or computer, can control it.

Global Inkjet Printing Market Restraint

Growing Popularity of Digital Advertising Media

The media player, essential to digital advertising, is undergoing a rapid technological, network connectivity, and usability revolution. For instance, a novel approach to link media players to the cloud when standard network connectivity methods are difficult to obtain was introduced by BrightSign, LLC, a US provider of digital advertising media players, in May 2021. This remedy comes with a USB regional modem with a SIM card already in place for connectivity. These breakthroughs and inventions are further stifling the market's growth.

The MediaPlayer software from Sharp NEC Display also provides remote control of digital advertising settings for single and multiple panels. From internal memory and external USB media, users can run media files. Users can choose their preferred digital advertisement, video, and photo CMS partner from the NEC MediaPlayer interface. Users can also access features like browser playback, timeline creation, video streaming over RTP, UDP, and HTTP, content scheduling, and power-saving screen scheduling.

Global Inkjet Printing Market Opportunities

Shift Toward Sustainability

Businesses today are more conscious of the need to practice environmental sustainability, which is crucial when thinking about large-scale printing operations that call for technology like production printing. How environmentally friendly a corporation becomes will depend on its printing technology. A printing technique that aids a decrease in environmental contamination is digital inkjet printing technology. Inkjet printers consume much less electricity than other digital technologies like laser printers. Due to the need to heat the toner before printing and the necessity of sustaining highly high temperatures throughout the entire process, laser printing uses a significant amount of energy.

New inkjet printer types are improving their sustainability and energy efficiency. For instance, Epson's WorkForce Enterprise printers produce stain, fade, and water-resistant prints with a maximum resolution of 600 x 2,400 dpi. Additionally, compared to laser printers, Epson commercial inkjet models use up to 85% less energy and produce 85% less CO2. Further, using fewer consumables reduces waste produced by ink tank models.

Regional Analysis

North America Dominates the Global Market

The global inkjet printing market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA. 

North America is the major revenue contributor and is expected to exhibit a CAGR of 6.75% during the forecast period. Due to rising demand from the packaging industry, the North American industrial inkjet printing market is predicted to expand significantly over the forecast period. On the other hand, the majority of the top inkjet printing firms, including Lexmark International Inc., Xerox Corporation, and HP Development Company, L.P., have their headquarters in the United States. The region is one of the most lucrative since its member countries, especially the US and Canada, heavily invest in technology advancements. The sector has become even more alluring by adopting industrial inkjet printers as a cost-effective package printing solution.

Asia-Pacific is expected to grow at a CAGR of 10.45% during the forecast period. The Asia-Pacific area has overtaken the rest of the globe as the largest market for printing ink, driven by China, India, and several other rapidly developing nations. On the other side, several of the most significant international ink manufacturers are based in the area. Japan is home to DIC, Sakata INX, Toyo Ink, and T&K Toka; the other leading players also have sizable operations there. Due to cheap labor availability, China will likely dominate the inkjet printer market in the Asia Pacific region shortly. Many producers of inkjet printers can set up their manufacturing facilities because the manufacturing cost is also relatively inexpensive.

The inkjet printer market in Western Europe is anticipated to grow due to rising demand for packaging solutions and the availability of additional tools and services. For instance, digital printing innovator EFI intended to increase its market share in Spain's packaging industry. The company chose it due to significant investments made in Nozomi C 1800 single-pass, super high speed, led inkjet corrugated packaging press technology by Hinojosa and Grupo La Plana. Similarly, on December 20, 2019, the Italian Vignola cherry consortium partnered with Ghelfi Ondulai to create direct communication with Vignola customers. It has started producing corrugated packaging for printing a unique QR code on each box of cherries using an HP page-wide T1100S speed color inkjet web press.

In the Middle East and Africa, Saudi Arabia, the United Arab Emirates, and South Africa are essential nations because of their growing economy and adoption of technology. Saudi Arabia continues modernizing and advancing technologically by diversifying its economy per its Vision 2030 plan. The global adoption of e-books is increasing, which will undoubtedly hurt the international publishing industry, another significant consumer of printer ink. Throughout the forecast period, the usage of paper for printing is anticipated to continue to decline. Therefore, these factors are expected to impede product development in the Middle East during the projection period. Additionally, there is a young, tech-savvy population in the Middle East.

Segmental Analysis

The global inkjet printing market is segmented by application.

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 exhibit a CAGR of 7.35% during the forecast period. Point of sale (POS) and display include advertising, one of the top industries with the quickest growth rates. Digitally printed cloth signage is sometimes referred to in the industry as "soft signage." Although soft signs are restricted to a specific ink set, they are frequently printed on materials made of polyester and sporadically on natural fibers like cotton or a cotton blend. Due to their adaptability and widespread use in advertising media, banners have a substantial market share. The industry offers a wide range of materials, including fabric, vinyl, and mesh banners, among others.

According to Book Manufacturers' Institute, book publishers have changed their strategies as they realize that digital printing, especially cutting-edge inkjet technology, can handle the volatile character of the market. Production inkjet is the best printing technique for producing books in the twenty-first century, and established publishers and self-publishers are learning. This digital printing method is less productive than inkjet regarding general book manufacturing over the full spectrum of book manufacturing. Longer printhead life, more inline and nearline finishing options, quicker running rates, greater print resolutions, and the capacity to handle larger sheet sizes and web widths make inkjet an affordable option for big print runs.

Commercial print includes printing leaflets, brochures, and other business-related materials. Inkjet printers are an excellent option for workplace and business printing needs. They are goods that are quick, dependable, simple to use, and require little maintenance. Additionally, they provide quick printing rates and excellent page yield. Many of them are Wi-Fi capable in the present market situation, making them more useful in an office setting. Since most printers employ ink tanks and high-efficiency inks, consumers can stock up on ink and anticipate a high page yield. They have long considered a viable option for production inkjet presses, B2 Inkjet. The 29 B2 press format, sometimes known as a half-size press, is a standard format for commercial print suppliers. The B2 format is a desirable investment for commercial printers due to its short-run capabilities and flexibility to customize the output with digital capability.

Drafting and printing transactional documents like invoices, account statements, collection notices, and debt reminders are known as transactional printing. In contrast to conventional mail, transactional mail is entirely based on client data and has a specific purpose. Existing clients receive it in terms of one or more transactions. Every time a commercial transaction is completed, most businesses give their clients a receipt. The receipt typically details what a customer bought, how much the good or service was paid, and what payment method was utilized. Customers are frequently given receipts when they return or exchange an item.

Nowadays, many SMEs are considering customizing labels. Using inkjet label printers makes it feasible to create this unique customization. These printers produce text and graphics of excellent quality that raise the value of brands used in numerous sectors and industries. However, these printers can range from a few thousand dollars to ten thousand dollars, depending on the brand, model, and features. Cyan, magenta, yellow, and black are often the only colors found in inkjet printers. Some cutting-edge personal and business printers with graphic and photographic applications may have seven or more colors. Future inkjet label printers with seven colors might theoretically reproduce 90% of the Pantone spot colors and a significantly more comprehensive range of colors. Some more recent 5-color (CMYK + White) label-specific laser printers are available.

Flexible packaging has used inkjet before but has only been used for coding and marking. For companies in the food business that must show tracking numbers, manufacturing, use-by dates, and the potential for disclosure language that differs by location, adding changeable information is an especially crucial issue. Flexible packaging has yet to see any progress with full graphics inkjet printing. Although the market for flexible packaging is enormous, there are also considerable challenges. Food packaging, a significant application for flexible packaging, should not use UV inks.

Photobooks, magazines, newspapers, and security are further applications that are being studied. The reliable and inexpensive Inkjet Photo Printer makes printing images and business documents easy. Generally speaking, inkjet photo printers are excellent investments because they can take care of daily tasks and print pictures as required. High-resolution inkjet printing is ideal for detailed photos, vibrant colors, and fine detail.

Recent Developments

• November 2021- Canon India introduced the brand-new PIXMA E4570 inkjet multifunction printer. This is an innovative way to boost workplace effectiveness and productivity. Due to its productivity features, excellent print yields, and affordable printing, the brand-new PIXMA E4570 is needed for students, home offices, and small offices.
• September 2021- For any manufacturer or business with significant volumes of collected data, Lexmark developed its unique cloud-based technology platform, the Lexmark Optra IoT Platform, to manage, comprehend, and use that information.