Specialty Printing Consumables Market Find Maximum Application in Office and Professional Usage

With the advent of 3D printing, U.S. consumer markets are witnessing a revolution in the packaging of products, finds Transparency Market Research. Three-dimensional printing technology has been experiencing widespread adoption in a number of industries, thanks to reduced production wastage.

The U.S. specialty printing consumables market was valued at US$24.09 bn in 2015 and, increasing at a 4.4% CAGR, is forecast to reach US$35.75 bn by 2024.

Leading manufacturers of specialty printing consumables, such as DIC Corp., Xerox Corp., Canon Inc., HP Development Co., and Eastman Kodak Co., are working aggressively on product innovation in order to meet the rising expectations of consumers. For instance, in October 2015, Canon unveiled its resin 3D printer concept, which, according to the company, is well suited for rapid prototyping as well as manufacturing. The concept is projected to be much faster than current technologies and aims to produce stronger prints.

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“Over the coming years, the leading participants in the U.S. specialty printing consumables market will have to focus on strategic alliances with companies in other sectors in order to expand their product sales,” the author of the study notes.

Specialty Printing Consumables Find Maximum Application in Office and Professional Usage

By type of product, toners led the U.S. specialty printing consumables market with a share of more than 48% in 2015. On the other hand, registering a 5.4% CAGR from 2016 to 2024, specialty substrates are projected to emerge as the most rapidly growing specialty printing consumable by the end of the forecast period.

The office and professional segment of the U.S. specialty printing consumables market emerged as the key contributor by application in 2015 and the segment is also forecast to expand at a rapid pace through 2024. “While the office and professional segment will continue leading the U.S. specialty printing consumables product market, the category registering the highest growth rate differs from product to product,” the author states.

TMR finds that lithographic printing and digital printing will have a considerable impact on the specialty printing consumables market by product, be it inks, toners, chemicals, or specialty substrates.

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Rapid Expansion of IT and Industrial Sectors Influencing Demand for Specialty Printing Consumables

The demand for specialty printing consumables in the U.S. is highly influenced by the rapid expansion of the country’s IT and industrial sectors. As these consumables are widely utilized in facilities such as offices, hospitals, schools, and colleges, new construction as well as the expansion of these facilities offers considerable growth potential to manufacturers. “Going forward too, the growth of the IT and the industrial sectors will boost the demand for specialty printing consumables significantly in the nation owing to large-scale printing for purposes such as business communication,” the analyst states.

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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This release was published on openPR.