The Global Inkjet Printing Market Continues to Experience Growth
Changes in supply chain and printing purchasing, coupled with technological advancements, mean that digital printing, especially inkjet printing, is now the most important printing sector for innovation and market growth. Smithers Market Data Research has described the market outlook for "The Future of Inkjet Printing to 2027".
Compared with competing simulation processes, it is expected that the global market value of $86.8 million for inkjet printers in 2022 will experience strong growth in the future. A compound annual growth rate (CAGR) of 8.2% from 2022 to 2027 will bring this value to $128.9 million in 2027. Inkjet has been well-suited for some low-volume applications, and faster printing machines mean it becomes more cost-competitive for larger print volumes, even though many customers have modified their printing purchasing strategies. This is reflected in inkjet printing volume, which will increase from 1.0 trillion A4 print equivalents (in 2022) to 1.7 trillion (in 2027) - equivalent to a 10.0% compound annual growth rate from 2022 to 2027.
With the advancement of technology, inkjet has become an important production tool for printing service providers and packaging manufacturers in many different applications. Despite the impact of the global pandemic, the market has still grown strongly over the past five years. The total value of inkjet in 2022 increased by 46.2% compared to 2017, and sales increased by more than two-thirds. The growth prospects of inkjet are promising, especially in the packaging sector. The average compound annual growth rate from 2022 to 2027 is 7.8% for printing volume and 8.8% for sales.
During the period from 2022 to 2027, the growth of the packaging industry will reach its peak. With the strong growth of corrugated cardboard and cartons, the annual compound growth rate by volume is 17.7%, and the annual compound growth rate by fixed value is 16.3%. Smithers' new research suggests that the growth of inkjet printing is closely related to the economy and digital advantages.
The economy of inkjet printing
Inkjet printing offers significant advantages for small-batch new designs, saving costs and time in the production of plates or cylinders. As the productivity of inkjet printing machines increases and the cost of ink decreases, inkjet printing becomes increasingly economical compared to analog methods at higher printing volumes, which is the main driving force for its adoption in most fields.
The reason for using inkjet printing is that it is an economical alternative to other printing processes, allowing printers to sell new products or services to customers. It has the advantages of full digital printing, full variability, and low setup costs, enabling economical printing of single copies. This is being used in book production, providing valuable additional revenue sources for publishers and significantly increasing the number of self-published books.
Compared with offset, intaglio, screen and flexographic printing, for many printing products, inkjet printing has been proven to be economical. Initially it was short-run printing, and then long-run printing. Inkjet printing can provide flexibility and agility for the user company, achieving an on-demand printing business model by reducing delivery time, possibly printing unique versions or single copies. The ability to print completely variable content and print onto almost any surface provides a huge advantage for inkjet printing.
The digitalization capabilities of inkjet technology
Since there are no costly and time-consuming plates or cylinders for printing, digital printing allows for small-batch production at a lower cost compared to analog printing. Therefore, each printed item can be different, enabling complete variability of text and graphics. Early adopters mainly used it for short-term, quick-turnaround work. As the technology became more reliable, new applications emerged as targets. The display and signage industry adopted wide-format inkjet as a cost-effective alternative to screen printing and it has been widely adopted, significantly changing the business model and customer expectations.
In terms of labels, digital solutions have already taken up a significant portion of the market. The new high-performance inkjet printers are expected to revolutionize the corrugated paper, carton, flexible and rigid plastic, and metal markets.
Flexibility
Inkjet printing is highly flexible and can apply the correct formulations of ink, coatings or adhesives to almost any surface, not just paper or film substrates. The substrate may require pre-treatment or priming, and the non-impact process means that inkjet capabilities can be added to the conversion process. Many applications are exploring and increasingly adopting this method, allowing for process re-design, and compared to traditional printing manufacturing processes, it can significantly save time and costs.
For publishers and marketing professionals, digital printing can accomplish things that traditional printing cannot. There could be variable data or version control for projects, or there might be unique codes and personalized results that are linked to the virtual world.
The environmental performance of inkjet printing may be beneficial to the competition process. There is no need for physical templates and related chemicals, and the very short preparation time limits waste. Moreover, it has the ability to print short editions, thereby reducing redundancies and waste in the supply chain. This can also reduce the cash in inventory, which is a major benefit for many printing buyers. Without printing plates, there are no plate costs, and usually there is no minimum order quantity.
Not only that, Smithers combined comprehensive market data with key analyses of technological developments to discover that these technological advancements would shape and support the future of inkjet printing:
The printing speed and resolution will continue to improve. Within five years, the 200m/min printing machine and the 1200dpi print head used in 2022 will be upgraded to the 300m/min standard and 2400dpi resolution by 2027. This market segment will benefit from greater integration of robotic technology, using intelligent monitoring to minimize downtime and achieving direct object printing with enhanced precision.
This productivity will be applicable to a wider range of printing formats, including more large-format sheet-fed machines, capable of producing up to 10,000 A4 impressions per hour;
The widespread adoption of inkjet technology will lead to a reduction in the current premium of ink prices. The market will be supported by improvements in UV curing and water-based ink series; as well as the steady development of more specialized white, metallic effects, fluorescent, varnish and security inks.
The introduction of additional decorative elements and tactile finishes will enable further diversification in areas such as home decoration, transportation, clothing, and other textile applications.
As the cost of inkjet printing decreases and higher-capacity equipment is installed, digital printing will be price-competitive with analog printing in all aspects except for the longest commission period.
The market has benefited from technological advancements, enabling inkjet printing on standard paperboard substrates. The quality of this printing has now approached that of market-leading offset printing.
As a digital-native technology, inkjet technology is most suitable for integration with online sales and maintenance, making it highly suitable for the booming sectors such as e-commerce packaging in the post-pandemic era. New users can also more easily use it, which helps address the issue of skill shortages.