Digital Inks Market by Formulation (Solvent-Based, Water-Based, UV-Cured), Application (Advertising & Promotion, Ceramic Tiles Printing, Clothing & Household Textiles, Packaging, Glass Printing), Substrate, and Region - Global Forecast to 2023
The digital inks market is projected to grow at a CAGR of 9.1% from 2018 to 2023.
The global digital inks market is projected to grow from an estimated USD 2.71 billion in 2018 to USD 4.17 billion by 2023, at a CAGR of 9.1% from 2018 to 2023. The growth of the digital textile market is a major reason for the growth of the digital inks market. Improvements in digital printing have led to its increased use in high-end point-of-purchase retail applications, such as soft signage printing. In soft signage printing, vinyl is replaced with fabrics as a substrate, as fabrics are lightweight. The increasing demand for digital inks in the ceramic textiles application is another reason for the growth of the market. Digital printing provides various advantages, such as customization, enhanced image stability, high-quality prints, and limited turn-around time. The slowdown in the publishing market and the advent of digital signage act as restraints for the growth of the digital inks market.
The advertising & promotion segment is expected to lead the application segment of the digital inks market during the forecast period.
The advertising & promotion application segment is projected to lead the digital inks market from 2018 to 2023. In the retail industry, digitally printed signs, point-of-purchase and point-of-sale displays, and banners are used for promotion of products. The entertainment industry uses digitally-printed wide-format graphics to engage audiences and build brands.
Asia Pacific is expected to account for the largest market share of the digital inks market in 2018. This market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Asia Pacific is the largest consumer of digital inks. The digital inks market in India, Japan, and China are more likely to govern the digital printer market in the years to come in terms of adaptability and market size. Factors such as industrialization, growing food industry, rising manufacturing activities, increasing disposable income of consumers, rising consumption level, and growing e-retail sales are expected to contribute to the growth of the digital inks market in Asia Pacific during the forecast period. The rapidly increasing e-commerce market in the region is also driving the digital inks market, as e-commerce requires label printing.
Profile break-up of primary participants for the report:
By Company Type: Tier 1 - 42 %, Tier 2 - 25%, Tier 3 - 33%
By Designation: C level - 33%, Director level - 25%, Others - 42%
By Region: North America - 44%, Europe - 25%, Asia Pacific - 19%, Middle East & Africa - 6%, South America - 6%
As part of the qualitative analysis, the research provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by market players, such as Sun Chemical (US), INX International Ink (US), Toyo Ink SC Holdings Co. (Japan), JK Group (Italy), and Nazdar Company (US).
The report defines, segments, and projects the digital inks market based on formulation, substrate, application, and region. It provides detailed information regarding major factors influencing the growth of the market, such as drivers, opportunities, and industry-specific challenges. It also strategically profiles key players and comprehensively analyzes their market shares and core competencies. The report analyzes competitive developments, such as expansions, acquisitions, agreements, and collaborations undertaken by key players to grow in the market.
Reasons to buy the report:
The report will help market leaders/new entrants in this market by providing them the closest approximations of revenue numbers for the overall digital inks market and its subsegments. This report will help stakeholders better understand the competitive landscape and gain insights to position their businesses better and make suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide information on key market drivers, restraints, challenges, and opportunities.