With the advent of 3D printing, the U.S. consumer markets are witnessing a revolution in the packaging of products, finds Transparency Market Research. The 3D printing technology is experiencing a widespread adoption in a number of industries, thanks to reduced production wastage, it provides with. Leading specialty printing consumables manufacturers, such as DIC Corp., Xerox Corp., Canon Inc., HP Development Co., and Eastman Kodak Co. are working aggressively on product innovation to meet the increasing expectations of consumers. For instance, Canon has recently unveiled new resin 3D printer concept, which is, as Canon says, well suited for rapid prototyping as well as rapid manufacturing.
Over the coming years, the leading participants in the U.S. specialty printing consumables market will have to focus on strategic coalitions and forming partnerships with companies in other sectors in order to expand their product sale
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Rapid Expansion of Domestic and Industrial Markets in U.S. Influences Demand for Specialty Printing Consumables
The demand for specialty printing consumables in the U.S. is highly influenced by the rapid expansion of the country’s domestic and industrial markets. As these consumables are widely utilized in facilities such as offices, hospitals, schools, and colleges, new construction as well as expansion of these facilities offer a considerable growth potential to their manufacturers.
Going forward, the rise in the IT and the industrial sectors will boost the demand for specialty printing consumables significantly in the nation over the next few years. The widespread application of printing for the purpose of business communication and other business processes too will accelerate the sale of these consumables in the coming years.
Apart from this, the demand for these consumables will also be stimulated by the surge in the U.S. printing industry, propelled by the growing demand for attractive packaging.
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Specialty Printing Consumables Find Maximum Application in Office and Professional Usage
Analysts at TMR estimate the opportunity in specialty printing consumables in the U.S., which stood at US$24.1 bn in 2015, to rise at a CAGR of 4.40% during the period from 2016 to 2024 and reach around US$35.7 bn by the end of the forecast period. These consumables have found most of their application in the office and professional usage in this country and the trend is likely to remain the same over the next few years.
Among all the specialty printing consumables, toners witness the highest demand. In 2015, they accounted for a share of approximately 48% in the market’s total revenue. Analysts expect this segment to remain dominant throughout the period of the forecast; however, the demand for specialty substrate is likely to register the fastest growth during the same period.
Similarly, the demand for lithographic printing is projected to remain the highest between all types of printing processes; however, digital printing will notice a significant surge in its application, making it the fastest growing segment.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Specialty Printing Consumables Market – U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”