Digital Printing Packaging Market to Grow at 6.5% CAGR by 2031
Future Market Insights delivers vital insights on the digital printing packaging market, in its published report, which includes global industry analysis during the forecast period 2021-2031
In terms of revenue, the global digital printing packaging market is projected to expand at a CAGR of ~6.5% during the forecast period, owing to numerous factors, regarding which, FMI offers thorough insights and forecasts in this report.
Quicker Turnaround Compelling Adoption
Digital printing packaging is a type of printing technology, which predominantly prints packaging materials by using electronic control laser and ink jet printers.
Digital printing packaging also reduces turnaround time as it requires minimal press setup. Furthermore, digital printing packaging provides quicker response time for printing as compared to the conventional printing technique.
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Application of digital printing technology for short print runs with customized marketing communication in packaging, offers benefits to print service providers and packaging converters in the form of controlled inventory levels. This makes digital printing packaging desirable for high-quality graphic packaging applications.
The global digital printing packaging market has been segmented on the basis of print technology type, product type, and end use.
The global digital printing packaging market is anticipated to expand 2x in terms of volume by the end of 2031.
Europe Being Touted As A Highly Profitable Market
North America holds more than 1/4th share of the global digital printing packaging market, and is estimated to uphold its eminence in the global market.
China is also one of the leading manufacturers of digital printing packaging solutions and accounts for more than 10% of the global market.
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In the South Asia region, India has emerged as one of the key markets for digital printing packaging. Owing to the presence of several unorganized players, the Asian digital printing packaging market has developed as a competitive market and is anticipated to expand at a considerable rate during the forecast period.
Though a matured market, Europe represents a substantial incremental opportunity for the digital printing packaging market. This can be attributed to the upsurge in demand for aesthetic printing solutions in the region.
Label and tape manufacturers usually prefer short printing runs to digitally print packaging solutions.
Furthermore, digitally printed folding cartons are widely used in several end-use industries such as food, beverages, personal care & cosmetics, etc., which is driving the growth of the digital printing packaging market.
In Europe, the UK is expected to witness high growth in the digital printing packaging market, while Germany is anticipated to be prominent, in terms of market value share and incremental opportunity both, in the European market.
The digital printing packaging market is expected to benefit the most from the demand produced by label and tape applications.
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In 2019, the U.S. is expected to be prominent in the North American digital printing packaging market with more than 90% value share.
Moreover, Canada is anticipated to witness growth of more than 5% in the North American digital printing packaging market during the forecast period 2021-2031.
Key market players that have been profiled in the report on the digital printing packaging market include HP Inc., Landa Corporation Ltd, Xeikon N.V., Mondi Group, Eastman Kodak Company, Quad/Graphics, Inc., Reynders Label Printing, Tailored Label Packagings, Inc., DS Smith Plc, Creative Labels Inc., Traco Manufacturing, Inc., Thimm Group, Elanders, Ws Packaging Group, Inc., and Colordruck Baiersbron, among others.
