UV-Curable Inks Revolutionize Printing: Inkjet Printers Market Set to Reach US$113.1 Billion by 2033 with 6.7% CAGR

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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The global inkjet printers market is expected to be valued at over US$ 52.1 Billion in 2022 and is expected to procure significant market value during the forecast period. The market is likely to record at a CAGR of 6.5% from 2022 to 2028.

Inkjet printers are non-contact printers which use a nozzle to propel the ink on the substrate. The nozzle of inkjet printers is controlled digitally. Different inkjet printers are used according to the various applications. Single and multifunctional inkjet printers are used in institutions like offices, schools, and colleges. Large format inkjet printers are used to print posters, photographs. Industrial inkjet printers are used for marking, coding, and printing labels generally for packaging. While inkjet press is used for bulk printing such as books, catalogues, and magazines.

In the report, FMI suggests that multi-functional and large format inkjet printers segments are expected to play a critical role in the growth in demand for inkjet printers during the forecast period. Inkjet printers due to lower investment cost and high print quality are expected to witness an increase in preference over counterparts such as laser printers which are used in many emerging countries.

The APEJ is expected to spearhead the global growth in the inkjet printers market. The presence of radially emerging economies, increasing living standards, and the large urban population are expected to be the critical drivers for the growth of inkjet printers market in the region. According to FMI, multifunctional inkjet printers are expected to have the largest market share in the inkjet printers market in the region due to the versatility of the multifunctional inkjet printers and increased penetration of multifunctional inkjet printers in offices, schools, colleges, and other institutes. China is expected to outpace the other countries in growth of inkjet printers market in the APEJ.

North America and Western Europe are projected to witness stagnant growth due to the maturity of the inkjet printers market in the regions. The US in North America and Germany in Western Europe are expected to have the largest market share because of the higher preference of the consumers for inkjet printers over other printers. However, the large format inkjet printers are estimated to have maximum growth in the region due to the increasing trend of adopting large format printers for the poster printing in advertisement and the professional photo printing.

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)

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.