Increased adoption of the 3D printing technology across a number of applications has allowed the most prominent manufacturers of specialty printing consumables in the U.S. to hold sway in the highly competitive market, observes Transparency Market Research in a recent report. Despite shrinking demand from conventional applications that rely more on digitized copies of documents that previously needed printing, companies are expected to benefit from the thriving 3D printing applications. Some of the leading companies in the market have already increased their focus on the area and are developing new product varieties to tap the rising set of growth opportunities that the trend is offering.
Leading vendors in the market are DIC Corp., Eastman Kodak Co., Xerox Corp., HP Development Co., and Canon Inc.
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According to the report, the U.S. specialty printing consumables market will exhibit a 4.4% CAGR from 2016 to 2024, rising from a valuation of US$24.09 bn in 2015 to US$35.75 bn by 2024.
Offices and Professional Setups Remain Key Consumers
In terms of application, the office and professional segment is presently the dominant contributor of revenue to the U.S. specialty printing consumables market due to the extensive use of specialty printing in the office and professional space. The construction and introduction of new office spaces in the country is expected to further drive market growth in this sector.
In terms of product type, the toner segment, which accounted for the dominant share of nearly 48% of the overall market in 2015, is expected to be the largest segment in the U.S. specialty printing consumables market over the forecast period. As most specialty printing demands are for bulk volumes, cost reduction of the entire printing process is one of the most effective way of gaining improved profits from the printing job. Being more cost effective than inks, toners are thus commonly used in printing processes. Over the forecast period, it has been projected that the substrates segment will be the fastest growing.
Steady Rise in Demand from Textile Sector to Drive Market
The specialty printing consumables market in the U.S. is chiefly benefiting from the steady expansion of domestic and industrial textile printing industries and the packaging printing sector. Growth in exports is fuelling the packaging industry, leading to a surge in demand for specialty printed packaging material. The diverse applications of 3D printing are further aiding growth of the specialty printing consumables market in the country. Furthermore, the advancements in the field of 3D printing and its growing adoption across healthcare, construction, aerospace, and several manufacturing sectors is leading to an increased demand for specialty printing consumables.
Moreover, rapid changes in fashion trends are resulting in the rising demand for printed textiles. This has bolstered the growth of the specialty printing industry in the country, resulting in higher demand for specialty printing inks and other consumables. Digital printing has aided in cost reduction in short-run printing services and is being increasingly adopted by textile printing and packaging printing companies. Additionally, the construction and development of educational institutions and corporate offices in the country is fuelling the need for specialty printing consumables in various printing activities such as printing banners, designing activities, printing posters, and other advertising activities.
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However, with increasing digitization, majority of businesses are being conducted on digitized platforms, which is reducing the need for printing. This is resulting in a decline in the specialty printing consumables market. Nevertheless, the specialty printing consumables market in the country could benefit from the high demand for short-run printing services due to increasing growth in print-on-demand services and the packaging printing sector.
This analysis of the U.S. specialty printing consumables market is based on a recent market research report by Transparency Market Research, titled “Specialty Printing Consumables Market (Printing Process - Lithographic Printing, Flexographic Printing, Rotogravure Printing, Digital Printing; Product - Toner, Ink, Specialty Substrate, Chemicals; Application - Office And Professional Application, Commercial Printing And Publishing Application) - U.S. Industry Analysis, Size, Share, Growth, Trends And Forecast 2016–2024.”
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