Market Trends of Large Format Printers Industry
The Use of UV-curable inks and CAD-based solutions is Expected to boost the Market Demand
- Packaging and textiles are the key industries contributing to revenue growth in the global market. Various national and international brands and corporations 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 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, and gluing). Moreover, the consumption of carton boards is expected to drive the growth of the market. According to Suzano, a Brazilian multinational company with a 100-year history, the demand for carton boards is expected to increase further over the next decade, reaching 66 million tons by 2032, up from 56 million tons in 2024.
- 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 increasing demand for faster turnaround times from 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 February 2024, Canon launched three new imagePROGRAF GP Series (GP-526S/546S/566S) printers using the new LUCIA PRO II pigment ink for the Asia-Pacific market.
- 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 less 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 February 2023, Canon India expanded its printing portfolio by introducing the ImagePrograf TC-20. This is the company's first desktop four-color pigment ink large format printer with A1 plus capability. The TC-20 is designed to meet the versatile needs of today's architects. It is sleek and compact, making it suitable for small workspaces or home offices. Despite its size, the TC-20 delivers vibrant, colorful, and high-quality output for large designs and blueprints. Therefore, such printing technologies are expected to drive market growth between 2024 and 2029.
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Asia-Pacific is Expected to be the Fastest Growing Segment in the Market
- 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. The region is also anticipated to register the fastest growth between 2024 and 2029.
- 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 is expected to grow to USD 111.40 billion by 2025. As such, the growing digitalization across key economies in Asia-Pacific is anticipated to impede the growth of the regional large format printer market.
- There is a high demand for large-format printers in Asia-Pacific due to their increasing use in graphics printing, apparel and textile printing, computer-aided design (CAD), and technical printing applications. Asia Pacific is considered a major growth engine for the global economy. Countries like Japan and South Korea have already developed strong economies, and China has been the world's fastest-growing economy for the past two decades.
- Additionally, Asia-Pacific is a significant producer of apparel and textiles, and this sector is expected to grow steadily in the region. There is likely to be significant growth in the market for large format printers, particularly in advertising and signage applications in India, driven by its booming economy.
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