Advent of 3D Printing Compels Manufacturers of Specialty Printing Consumables in U.S. to Focus on Product Innovation
Additionally, the rise in demand for digital cameras as well as color laser printing is boosting the adoption of these consumables across the nation. The current trend among U.S. citizens of in-house printing of photographs is also adding significantly to this growing demand.
Going forward, the growing application of specialty printing consumables in various printing procedures such as marking of tags and labels and printing on consumer products is expected to boost their demand substantially over the next few years. In 2015, the opportunity in the U.S. specialty printing consumables market was pegged at US$24.09 bn. Rising at a CAGR of 4.4% between 2016 and 2024, it is expected to be worth US$35.75 bn by 2024.
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On the whole, the opportunity in this market looks rewarding; however, the lack of raw materials, coupled with stringent regulations regarding their usage, is likely to hamper the adoption of these consumables to some extent in the near future. Apart from this, the rapid advent of electronic media replacing the concept of paper printing in this country will pose a serious threat to the market’s growth over the next few years.
Toners to Remain Leading Specialty Printing Consumables
Inks, toners, chemicals, and specialty substrates are the key specialty printing consumables available in the global market. In 2015, the demand for toners was the highest among these with a share of just over 48%. The segment is likely to remain dominant for the rest of the forecast period, expanding at a CAGR of 4.5%.
The specialty substrate segment is also anticipated to register significant growth in the coming years. An upswing in the adoption of digital cameras is projected to boost the demand for these substrates at a 5.4% CAGR from 2016 to 2024.
Lithographic Printing Extensively Used across Key Product Types
The lithographic printing segment of the overall specialty printing chemicals market in the U.S. contributed majority market share in 2015 by printing process and is likely to retain its dominance throughout the forecast period. Digital printing, on the other hand, is anticipated to register a CAGR higher than any other segment from 2016 to 2024.
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TMR finds that lithographic printing as well as digital printing will continue to have a significant impact on the specialty printing consumables product market, be it toners, inks, specialty substrates, and chemicals.
In 2015, the office and professional segment of the U.S. specialty printing consumables market emerged as the key contributor by application and is forecast to retain its lead through 2024. This segment is also projected to expand at a pace greater than other application segments.
Research analysts at TMR have noted that while the office and professional application segment will retain its dominance in the specialty printing consumables product market, the segment expanding at the fastest pace will differ from product to product. The commercial printing and publishing sector has been identified as one of the rapidly growing application segments.
The specialty printing consumables market in the U.S. is led by HP Development Co., Xerox Corp., DIC Corp., Canon Inc., and Eastman Kodak Co. Some of the other prominent manufacturers of specialty printing consumables in this nation are Claire Manufacturing Co., Arizona Chemical, American Ink Jet Corp., 3M, and FUJIFILM.
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