The Inkjet Printers Market is on a trajectory of significant growth, with an expected valuation of $59.1 billion in 2023. Bolstered by the burgeoning eCommerce industry, the market is projected to expand at a robust CAGR of 6.7% from 2023 to 2033, reaching a total worth of approximately $113.1 billion. A prominent trend driving this expansion is the escalating demand for UV-curable inks, particularly in applications like signage, graphics, and packaging.
UV-curable inks offer a multitude of advantages that are revolutionizing the industry. Their rapid drying under UV light exposure ensures high-speed printing without compromising quality. The inks also exhibit exceptional durability, with resistance to abrasion, fading, and water damage, making them ideal for long-lasting prints, even in challenging environments. Furthermore, UV-curable inks’ versatility in adhering to various substrates, including unconventional materials, broadens the application possibilities of inkjet printers, ushering in a new era of vibrant, precise, and resilient printing solutions.
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Growth Drivers:
- Rising Adoption of Digital Printing: The inkjet printers market is driven by the increasing preference for digital printing solutions, offering high-quality prints and versatility across various substrates.
- Expanding Demand for Personalization: Growing consumer demand for customized and personalized printing solutions fuels the adoption of inkjet printers, catering to the need for individualized products and marketing materials.
- Technological Advancements in Printhead Technology: Continuous innovation in printhead technology enhances the speed, precision, and efficiency of inkjet printers, driving market growth as businesses seek improved printing capabilities.
- Eco-Friendly Printing Solutions: The eco-friendly nature of inkjet printing, characterized by lower energy consumption and reduced waste, contributes to the market’s growth as sustainability becomes a key consideration for businesses.
- Increased Application in Textile Printing: The expanding use of inkjet printers in textile printing applications, offering cost-effective and flexible solutions for the textile industry, is a significant driver propelling market growth.
Business Trends in the Inkjet Printers Industry:
- Rise of Direct-to-Object Printing: The inkjet printers market is witnessing a trend towards direct-to-object printing, allowing businesses to print on various surfaces and objects, expanding the scope of applications for the technology.
- Shift Towards UV Inkjet Printing: A notable business trend is the increasing adoption of UV inkjet printing technology, driven by its ability to deliver vibrant prints on a wide range of substrates and its suitability for industrial applications.
- Subscription-Based Printing Services: Businesses are exploring subscription-based models for inkjet printing services, providing cost-effective and scalable solutions for companies with fluctuating printing needs.
- Integration of Artificial Intelligence (AI): The integration of AI in inkjet printers is a growing trend, enhancing automation, optimizing print quality, and streamlining workflows for improved efficiency.
- Focus on Compact and Portable Inkjet Printers: The market is witnessing a trend towards compact and portable inkjet printers, catering to the needs of businesses and consumers who prioritize space-saving solutions and on-the-go printing capabilities.
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Latin America and MEA are expected to be the promising markets in the global inkjet printers. The emerging economies in North Africa and Latin America, specifically Argentina and Mexico, are expected to represent high incremental opportunities due to increased penetration of inkjet printers into end-user industries. The paper segment, by substrate type segmentation of inkjet printers market, is expected to have the highest share in the inkjet printers market of Latin America and MEA due to the higher consumption of copier papers in the regions.
Japan accounts for a smaller share in the global inkjet printers market. However, Japan-based companies such as Seiko Epson Corporation, Canon Inc., and Brother Industries Ltd combine to have the highest market share in the global inkjet printers market.
The companies involved in inkjet printers manufacturing have their key focus on enhancing the ink carrying capacity of the inkjet printers and to increase the global footprint through acquisitions and expansions. The manufacturers of inkjet printers are likely to eye the profitable region of Asia Pacific in the coming years. Mass urbanization in these countries, coupled with improved standards of living, is expected to be the key driving force behind growth in demand for inkjet printers.
Key players considered in the report on inkjet printers market include HP Inc., Canon Inc., Brother Industries, Ltd., Seiko Epson Corporation, Xerox Corporation, Hitachi Industrial Equipment Systems Co., Ltd, Lexmark International Inc., Domino Printing Sciences plc, Inkjet, Inc., Markem-Imaje Corporation, and Videojet Technologies, Inc.
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Inkjet Printers Market by Category
By Printer Type:
- Single functional Printers
- Multi-functional Printers
- Large Format Printers
- Industrial Inkjet Printers
- Textile Inkjet Printers
- Inkjet Press
By Technology Type:
- Continuous Inkjet
- Drop on Demand
- Thermal DOD
- Piezoelectric DOD
By Substrate:
- Plastic
- Metal
- Paper
- Fabric
- Ceramic
- Others
By End-use Industry:
- Consumer
- Institutional
- Industrial
- Packaging
- Publishing
- Photography
- Textile
- Advertisement
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- APEJ
- Japan
- Middle East & Africa (MEA)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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