Market Trends of Large Format Printers Industry
This section covers the major market trends shaping the Large Format Printers Market according to our research experts:
Usage of UV-curable inks and CAD based solutions to boost the market demand
- Packaging and textile are the key industries contributing to revenue growth in the global market. Various national and international brands and corporates utilize large format printers to assist them in their out-of-home advertising effort. Moreover, the large size of the media makes it visible from a distance. Advertising using large hoardings, banners, signages, and building wraps, among others, attracts the target audience and subsequently increases its sales and revenue.
- Folding cartons, flexible packaging, and label printing are the three packaging applications that require printing and cutting, with folding cartons adding a few more processes to the file preparation (structural CAD files) and finishing (die-cutting, folding, gluing). Moreover, the consumption of carton boards is expected to drive the growth of the market. For instance, according to suzano, The worldwide carton board consumption in 2021 is 50 million tons.
- Technological advancements in printers have led to the development of large format printers in various aspects. One of these aspects is producing a good quality print in less time. The growing demand for faster turnaround times among the end-users has encouraged the market players to develop printers capable of producing print quickly. Moreover, automated processes in several printers have eliminated the need for manual intervention in printing, thereby shortening the entire printing process.
- Continuous technological advancements are crucial for customer expansion and the company's continued growth. Several companies are continuously increasing their efforts to manufacture advanced printers. For instance, in September 2021, HP Inc. announced the launch of HP PageWide XL and HP DesignJet series of large format printers. These printers, including HP DesignJet Z6 Pro and Z9+ Pro, provide fast media handling and an automated roll feed. Moreover, the HP DesignJet Z9+ Pro enables the users to produce print designs 18% faster on satin photo media and 46% faster on canvas. Therefore, the growing availability of fast printers is driving market growth.
- Moreover, the advent of UV-curable inkjet printers transformed the market. UV curing inks are entirely formulated inks that remain in the liquid state unless exposed to intense UV light for curing. These inks do not contain solvents and therefore do not get absorbed into the substrates for drying. As such, the ink is dried after curing. This type of ink provides high-quality images with lesser time and cost. UV-curable ink can cater to many applications, driving the market for large format printers.
- Computer-aided Design (CAD) printers are complex and require precise and accurate printing technology, especially when printing on larger formats, as the designs are easily visible. These designs are primarily used by architects and engineers who design complex, large-scale structures. Companies are introducing new products in the market that specifically cater to such printing applications. For instance, in April 2021, Canon Inc. announced the launch of the imagePROGRAF TZ-5300 series of printers that provides precision printing of CAD drawings and GIS data. Therefore, such printer technologies are expected to drive market growth over the forecast period.
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Asia Pacific is Expected to be the Fastest Growing Market
- The Asia Pacific is one of the most important markets for large format printers worldwide. Countries such as China, India, and Japan, are the key contributors to the region's global share. Also, the region is anticipated to register the fastest growth over the forecast period.
- The COVID-19 pandemic severely impacted the economies across the region. With markets completely shut down for several months during 2020, industries such as retail, automotive, and BFSI, among others, witnessed drastic changes concerning how customers engage with the brands and products. Besides, digital commerce also saw growth. According to the India Brand Equity Foundation, the e-commerce market in India stood at a value of USD 46.2 billion in 2020 and is expected to grow to USD 111.40 billion by 2025. As such, the growing digitalization across key economies in the Asia-Pacific region is anticipated to impede the growth of the regional large format printer market.
- According to GroupM, advertising spending in China using billboards witnessed a 38% decrease in 2020. Moreover, advertising at entertainment venues slumped by 68%, followed by 85% in movie theaters.
- Industrial printer shipments registered a decline during Q1 2020 in the Asia-Pacific region. However, with the gradual reopening of the Asian markets, the shipments increased in Q2 of 2020. The improving market conditions and customers' return to physical marketplaces are expected to increase the demand for large format printers in the Asia-Pacific region.
- The Asia-Pacific region also dominates the custom apparel printing market, which includes custom t-shirt printing. Also, the region is expected to witness a significant growth rate over the coming years. Therefore, the demand for large format printers is expected to increase.
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