Specialty Printing Consumables Market: Move to Digital Printing Inevitable for Sustainable Returns
The diverse applications of 3D printing are further aiding in the growth of the specialty printing consumables market in Europe. Adoption of cost effective and less time consuming printing techniques are becoming a growing trend in the specialty printing industry in the region and digital printing is rapidly taking over traditional printing technologies such as lithographic and offset printing
Transparency Market Research states that the Europe (EU5) specialty printing consumables market was valued at US$20.22 bn in 2015. The market is projected to exhibit a CAGR of 3.7% from 2016 to 2024, reaching US$28.21 bn by 2024.
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Office and Professional Applications to Retain Position as Dominant Revenue Contributor
The EU5 market for specialty printing consumables has been examined for two key application areas, namely office and professional applications and commercial printing and publishing applications. Owing to the large-scale printing requirements in institutions, offices, and professional service firms, the demand for printing consumables across these sectors often expands at a steady pace.
As a result, the segment of office and professional applications is expected to lead to the demand for specialty printing consumables at a steadily rising rate over the forecast period. The segment presently dominates the Europe specialty printing consumables market as well, accounting for a lion’s share in the overall market.
Demand from the commercial printing and publishing area, on the other hand, is expected to suffer a sizeable decline owing to the rise in print-on-demand and digitization in the sector. Cost effectiveness offered by digital printing has increased the popularity of print-on-demand across the region.
Book publishers have considerably adopted the digital medium in the region and the trend is expected to be increasingly rampant across key end-users of specialty printing in the next few years, bringing about a decline in revenues from the commercial printing and publishing segment.
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Flourishing Advertising and Media Sectors in Germany to Continue to Bolster Market Growth
From a geographic perspective, the Europe market for specialty printing consumables earns the most significant share in its revenues from sales across Germany. Factors such as rising industrialization and the resultant rise in the advertising and media sectors in the country have led to a promising market for specialty printing in the professional and publishing sectors.
However, the market for specialty printing consumables in the country is expected to expand at a sluggish rate over the forecast period. Increasing labor costs and rising preference to digitization are expected to be the key factors triggering the situation.
On the other hand, the market is expected to perform a lot better in the U.K. where advertising campaign wars among rival brands will compel brand-owners to innovate with the help of innovative advertising media. Thus, the consumption of specialty printing products will grow at a promising rate in the country over the forecast period.
Printing consumables for lithographic printing, being the most widely used printing process for the printing of newspapers, books, posters, and corrugated boards in the country, will lead to the most promising growth.
Some of the key vendors operating in the Europe specialty printing consumables market are Nazdar Ink Technologies (Thrall Enterprises Inc.), Canon Inc., Marabu GmbH & Co KG, Siegwerk Druckfarben AG & Co. KGaA, Saati S.p.A., Flint Group, and Sun Chemical Corporation.
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. We have an experienced team of Analysts, Researchers, and Consultants, who us e 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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