PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235882
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235882
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According to Stratistics MRC, the Global Functional Printing Market is accounted for $11.63 billion in 2022 and is expected to reach $30.01 billion by 2028 growing at a CAGR of 17.1% during the forecast period. Functional printing is two-dimensional or three-dimensional printing that tries to make anything we do more functional. A 3D printer, printed electronics, and RFID are all examples of useful printing uses. Functional printing is a cutting-edge printing technology that is employed in a variety of industries including automotive, electronics, health care, textiles, and paper. Functional printing is used to mass-produce light crystal displays (LCDs), radio-frequency identification (RFID) chips, organic light-emitting diode (OLED), sensors, and photovoltaic cells.
According to Invest India, the Indian e-commerce market is estimated to be worth over USD 55 billion in gross merchandise value in 2021. It is set to reach USD 350 billion by 2030.
The printing processes have been shown to be very efficient and compatible with flexible polymeric materials such as inks and substrates. Flexible substrates for a wide range of applications such as sensor, display, lighting, battery, photovoltaic, and others are thus in high demand. They improve efficiency, comprehension, and evaluation of the various characteristics given by functional printing techniques. All of these factors are expected to drive the growth of the functional printing market over the anticipated period.
The market is hampered by the complexity of printing technologies. The functional printing can produce very exact reproductions. Only experts can handle it. There is a considerable possibility of errors due to the high accuracy and complexity of printing. The complex method of functional printing may have an impact on the growth of the functional printing market. The shortage of expertise in some locations can lead to significant drops in market adoption.
Technological improvements will open up significant growth potential in the functional printing market. The increased demand for inkjet markers, in particular, will create a large opportunity. Inkjet printing is a multibillion-dollar industry with numerous applications. It can be used for art printing, electronic printing, and biochip manufacture. Inkjet technology developments will lead to market increase. Improvements in run time, volume expansion, and productivity will open up new opportunities for growth.
The increasing necessity for high accuracy to achieve the intended outcome is the key impediment to the growth of the functional printing industry. Functional printing is a cutting-edge technique. This printing technology and technique are cutting-edge. There are fewer systems that support printing. This current printing technique's lack of compatibility is a challenge. Many businesses and industries still rely on outdated technology. The company's expenses may rise as a result of the transition to a new system.
The COVID-19 has caused widespread destruction and several casualties. Supply chain interruptions were caused by the lockdown imposed in numerous places. As a result, an imbalance in demand and supply was seen, resulting in enterprises not producing to full capacity. However, lockdowns were lifted in the third quarter of 2020, resulting in a steady recovery of the market and a major surge in demand. The government established restrictions and personnel limits in order to keep industries working during these difficult times. Furthermore, the market is expected to rebound when individual regulatory authorities begin to relax these imposed lockdowns. The operations that have been suspended or cancelled will continue, and the functional printing market is expected to grow.
The inkjet technology segment is estimated to have a lucrative growth. The first notable application of inkjet technology was the production of low-cost office and graphic arts printers, which has evolved into a multibillion-dollar industry. It has expanded into new markets as technology has advanced, including as product decoration, flat panel display fabrication, biochip manufacturing, and printable electronics. Inkjet printing is growing popularity due to its multiple advantages in various supply chains.
The RFID Tags segment is anticipated to witness the fastest CAGR growth during the forecast period. Printed UHF-RFID offers supply chain management integration with daily objects or packaging by printing the antenna on a flexible substrate that is adhered to the object or directly on the packaging. Furthermore, the region's developing retail sector is projected to promote RFID tag use, driving market expansion. RFID removes the need for staff to manually scan items and automates the tracking of merchandise from the warehouse to the store floor, driving industry growth and expanding the global functional printing market.
North America is projected to hold the largest market share during the forecast period owing to presence of most of the functional printing equipment & material producers in the region. Furthermore, the area is predicted to drive the expansion of the functional printing market due to the increasing need for near field communication, as well as the adoption of modern technologies and the prevalence of enhanced infrastructure.
Asia-Pacific is projected to have the highest CAGR over the forecast period, owing to the rising prevalence of multi-prominent electronic companies within the region. The Asia Pacific region is predicted to provide enormous potential opportunities for the functional printing industry, with China and India expected to drive the majority of regional growth. Other drivers projected to boost the Asia Pacific functional printing market include significant expansion in the consumer electronics industry, as well as rising demand for sensors in wearable electronics in emerging nations such as India and China.
Some of the key players profiled in the Functional Printing Market include: AGFA - Gevaent Corporation, GSI Technologies LLC, Toyo Ink Sc Holding Co. Ltd, Xennia Technology Limited, Optomec Inc., BASF SE, GSI Technologies LLC, Blue Spark Technologies, Eastman Kodak, Company Ltd, ALTANA AG, Optomec Inc., Vorbeck Materials Corporation, Isorg, Xaar PLC, Duratech Industries Inc and E Ink Holdings Inc
In April 2022, Blue Spark Technologies, Aon joined a $40 million intellectual property-based financing solution sponsored by GT Investment Partners ("Ghost Tree Partners") to fund the development. The funds will be used to expand Blue Spark's sales and marketing responsibilities and enhance the company's wearable remote patient monitoring solutions.
In Jan 2020, BASF completed the purchase of Solvay's polyamide division. The European Union Commission accepted Domo Chemicals, Leuna, Germany, as the buyer of BASF's European polyamide company, which BASF could not buy under the authorities' requirements. As a part of the deal, BASF's polyamide capabilities will be expanded, including novel products. It also improves the company's access to emerging markets in Asia, North America, and South America.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.