Digital Printing Packaging Market 2020- Forecast, Size, Overview, Price, Demand and Forecast to 2024
In the next decade, packaging industry will experience a significant revolution owing to the increasing applications of digital printing. Digital printing is one of the prominent printing technology for packaging and labels, that has been recognized among brand owners who prefer quick-turnaround capability which digital printing offers. Moreover, digitally printed packages improves workflow, enables innovative marketing, and helps in quicker marketing. Recent advancements in the digital printing approaches for digital carton creasing, carton cutting and other finishing technologies has widened the application in corrugated packaging, flexible packaging and folding cartons.
Digital printing is transforming packaging by providing custom variations that give products on-shelf distinctions. Packaging substrates such as cartons, labels and corrugated boxes have provided the eye-catching commercialization to draw positive impact on consumers. One of the ongoing trend in the digital printing packaging market are custom caps which opens up colorful choices for brand owners, which in turn making a positive impact with the consumers.
Digital Printing Packaging Market: Dynamics
The global digital printing packaging market is expected to witness high CAGR over the forecast period owing to the increasing demand for different consumer products with requirement of effective and low cost printing technology coupled with aesthetic visual graphics. Further, increasing demand for flexible packaging coupled with growing demand for sustainable printing has driven the global digital printing packaging market. Despite the growth in the demand for digital printing packaging market, the factors like fluctuations in raw material prices, high manufacturing cost can sometimes act as restraints in the digital printing packaging market.
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Some of the major players of digital printing packaging are W S Packaging Group, Inc., Xerox Corporation, HP Inc., Mondi PLC, Xeikon N.V., Quantum Print and Packaging Limited, Eastman Kodak Company, Traco Manufacturing, Inc. and many others.
Digital Printing Packaging Market: Region Wise Outlook
The global digital printing packaging market is segmented into five key regions namely North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Asia Pacific is expected to remain the biggest market with the expected market share of about 45% in 2020 as compared to around 40% in 2016 in the digital printing packaging market.
Further, Europe is also expected to contribute significantly to the global digital printing packaging market between 2016 and 2024, primarily due to due to major demand from food & beverage industry. North America, Latin America and Middle East & Africa are expected to witness steady growth over the forecast period. In Latin America, Brazil, Argentina and Mexico are expected to create market opportunities for companies involved in digital printing packaging market.
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