Functional Printing Market Trends

Growth Drivers

• Increasing Home Printer Usage – The rising disposable income of the population is expected to surge the demand for home printers for office work and for student projects. As a result, global functional printing market growth is therefore expected to be driven by the increasing use of printers, which in turn is expected to stimulate printer sales worldwide. Globally, 105 million printers and copiers were sold for home use in 2020, an increase of 11%. A majority of consumers prefer inkjet multifunction printers priced between USD 390 and USD 480 for their home printers, followed by all-in-one inkjet printers.
• Expansion of Consumer Electronics Industry – Noteworthy growth of the electronics industry is expected to increase the utilization rate of functional printing owing to their cost-effectiveness and efficient printing functions. Also, the growth in the production rate of printed electronics is also projected to create a positive outlook for market growth. As per recent statistics, the Indian appliances & consumer electronic industry is expected to reach a worth of approximately INR 1 lakh crore by 2025. Also, the total production of electronics in India garnered around USD 80 billion in 2021-22.
• Rapid Growth in the 3D Printing Industry – 3D printing offers various advantages such as reduced costs, enhanced efficiency, increased durability, higher resolution, and lower material consumption. As a result of the high adoption rate of 3D printing solutions in numerous industries is expected to positively contribute to market expansion during the forecast period. For instance, the 3D printing industry was estimated at approximately 13 billion in the year 2021.
• Boost in the Chemical Industry – By 2025, the Indian chemical industry is expected to generate USD 300 billion in revenue with a CAGR of 10%.
• Increasing Printing Businesses Worldwide - It was observed that in the United States, there are nearly 46,000 printing businesses employing about 300,000 people.

Challenges

• Disruption in Supply and Demand Owing to COVID-19 Pandemic - COVID-19 caused unprecedented supply chain disruption that imposed multiple financial and operational consequences on the functional printing market. Since everything was closed, the demand dropped drastically which affected the export/import volume. Hence, this factor is estimated to hamper the growth of the market over the forecast period.
• Lack of Electrically Functional Inks
• Increasing Demands for High Accuracy Product