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Digital Textile Printing Market Report 2024 - Trends, Insights & Forecast
Digital Textile Printing Market Report
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According to The Business Research Company's, The digital textile printing market size has grown rapidly in recent years. It will grow from $2.93 billion in 2023 to $3.39 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to adoption by small and medium enterprises, market competitiveness, reduction in lead times, adoption of digital workflows, customization in fashion industry.
The digital textile printing market size is expected to see rapid growth in the next few years. It will grow to $5.88 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to adoption by smes and emerging markets, competitive market dynamics, fast fashion and quick turnaround, smart textiles and wearables, digital textile design software. Major trends in the forecast period include technological advancements, material and ink innovations, evolving consumer behavior, global market penetration.
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Market Drivers and Trends:
The growing e-commerce platforms is significantly contributing to the growth of the digital textile printing market. E-commerce refers to the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network. The growth of e-commerce platforms and online custom printing services increases the demand for digital textile printing as consumers seek personalized textile products through online channels. For instance, according to the April 2022 data released by the United Nations Conference on Trade and Development (UNCTAD) a Switzerland-based organization within the United Nations Secretariat that promotes the interests of developing countries in world trade, e-commerce sales grew from $2.9 trillion in 2020 to $3.9 trillion in 2021. Therefore, the growing e-commerce platforms will drive the digital textile printing market.
Technology development is a key trend gaining popularity in the digital textile printing market. Major digital textile printing players focus on technology development, such as UV gel technology, to sustain their market position. The UV gel technology combines great printing quality, high performance, and quick drying time in one procedure. UVgel technology separates the printing and curing processes, allowing the UVgel to have time to settle and produce a flat, even coating. For instance, in May 2021, Canon, Japan-based information systems and professional and consumer imaging equipment provider, launched Colorado 1630 UVgel roll-to-roll printer. Colorado 1630 is an industrial-grade printer with integrated UVgel technology. The new adaptable printer technology provides high productivity features, output quality, and media diversity, lower operating costs, improved printer efficiency, decreased waste, and about 40% less ink use.
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Major Key Players of the Market:
AM Printex Solutions, Huntsman Corporation, Seiko Epson Corporation, Mimaki Engineering Co. Ltd., Kornit Digital, d.gen Inc., Roland DGA Corporation, Konica Minolta, ColorJet Group, Fisher Textiles, Saint Clair Textiles, Roq International, The M&R Companies, Mutoh Holdings Co. Ltd., DuPont de Nemours Inc., DyStar Group, Durst Group, AGS Transact Technologies Limited, China Dyeing Holdings Ltd., Hollander B.V., Dazian LLC, Dickson Coatings, Digitex India Inc., Mehler Technologies GmbH, Aditya Birla Group, SPGPrints B.V., Brother Industries Ltd., Ricoh Company Ltd., Sensient Technologies Corporation, Sun Chemical Corporation
Digital Textile Printing Market 2024 Key Insights:
• The digital textile printing market size is expected to see rapid growth in the next few years. It will grow to $5.88 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%.
• Textile Industry Surge Propels Digital Textile Printing Market Growth: Meeting Demand For Modern Printing Technologies
• Innovation Takes Center Stage Uv Gel Technology Revolutionizes Digital Textile Printing, Enhancing Quality And Efficiency
• Europe was the largest region in the digital textile printing market in 2023
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