Global Functional Printing Market - Segmented by Material (Substrate, Ink), Application (Display, Sensors, Batteries, RFID Tags, Photovoltaic, Others), and Region - Growth, Trends, and Forecast (2018 - 2023)
Functional printing market is projected to grow at a CAGR of 21.59% over the forecast period 2018-2023. The scope of the report is limited to materials, including substrate and ink, application including display, sensors, batteries, RFID tags, photovoltaic, and others. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of functional printing in accordance with diverse industries and future prospects of the same.
Functional printing is a process of forwarding functionality in 2-dimensional and 3-dimensional components based on silicon. It is utilized to print on diverse substrates, including paper and glass using inks and substrates. Some of the familiar applications are RFID tags, display, and sensors, which are likely to boost the market growth. Furthermore, it helps in depositing and controlling the desired pattern on the material, owing to which the demand for this technology is increasing at a high pace. Furthermore, the increasing use of RFID tags across various industries, including retail and healthcare, is expected to boost the functional printing market growth over the forecast period.
High Speed Manufacturing and Low Manufacturing Cost
The rising demand for mitigating operational and production cost is projected to give rise to the demand for functional printing. Furthermore, the technology provides high speed manufacturing, which reduces the wait time, thereby propelling the market growth. In addition, it is environmentally-friendly, as it reduces the emission of harmful components, which is, in turn, expected to boost the use of this technology, thereby fueling the market over the forecast period.
RFID Tags to Exhibit the Highest Growth
RFID tags are generally utilized for identifying, monitoring, and tracking the activities of an individual at work environment, including hospitals, military, refineries, and restricted areas. The mitigation of cost associated with operations and monitoring is likely to propel the use and demand for these tags, thereby fueling the market growth over the forecast period. Furthermore, the rising demand for transparency across the supply chain is anticipated to ascend the use of RFID tags, which, in turn, is expected to boost the market.
North America to Have the Highest Share
The increasing demand for near-field communication (NF) in North America is expected to drive the market in the region. Furthermore, the growth in retail industry in the region is likely to boost the use of RFID tags, thereby fueling the market growth. In addition, transportation industry in North America is growing at a significant rate and this accounts for a noteworthy share, which is, in turn, projected to propel the demand for the functional printing technology, thereby propelling the market over the forecast period.
Key Developments in the Market