In the highly competitive and fragmented Europe specialty printing consumables market, a notable transformation has been observed from focus on traditional printing technologies such as lithographic and offset printing to digital ones such as laser printing in the past few years, observes a recent report by Transparency Market Research. This trend is expected to gain strength with time and an increasing number of companies operating in the specialty printing consumables market are expected to venture into the field of digital printing in the near future. Many companies, such as Electronics for Imaging, Inc., which acquired Reggiani Machine in 2015, a leader in digital textile printing machines, are already making their move into the world of digital printing.
TMR estimates that the Europe specialty printing consumables market will exhibit a 3.7% CAGR over the period between 2016 and 2024. As a result, the market, which had a valuation of US$20.22 bn in 2015, is expected to reach US$28.21 bn by 2024. In terms of product variety, the segment of toners, which occupied nearly 51% of the market in terms of revenue, dominated in 2015. The segment is also expected to retain its dominance over the forecast period. In terms of geography, the market in Germany emerged as the most prominent consumer of specialty printing consumables in 2015. The market in Germany accounted for over 31% of the Europe market in the said year.
Rising Adoption of Advanced Technologies to Bolster Market’s Growth Prospects
The Europe market for specialty printing consumables is chiefly driven by the rising use across the textile industry for textile printing applications, availability of effective technologies for printing processes, and rising applications in the packaging industry. Rising applications in the form of packaging printing and label printing are expected to make the packaging industry one of the key growth drivers of the Europe specialty printing consumables market in the near future. The growing volume of exports and online orders for products through e-commerce websites will add to the rising demand for printing consumables in the packaging and labelling sector in Europe.
Availability of cost effective and less time consuming printing techniques such as 3D printing are becoming a growing trend in the Europe specialty printing industry. The rising adoption of such technologies is opening new and diverse growth avenues for manufacturers of specialty printing consumables in the Europe specialty printing consumables market. In addition to this, the increasing adoption of technologies such as mobile and cloud printing are also expected to lead to growth opportunities for new players in the market in the next few years.
Specialty printing consumables companies in Europe are expected to bear the brunt of the cheaper printing services provided by countries in the Asia Pacific region. Vast investments in the printing industry in Japan and China, especially in the 3D printing sector, have helped the Asia printing industry become one of the most promising regional markets in the global printing industry of late.
In addition to this, the availability of cheap labor and advanced technologies enable these countries to meet quality demands of the European consumer at a fairly lower cost as compared to European service providers. The European commission has stated that printing exports from China to Europe have increased by about four times over the past decade.
The Europe market for specialty printing consumables is also expected to be restrained owing to the increasing rate of digitization, which is resulting in the rising preference of businesses to conducting their work online and using digital media substitutes instead of papers. This factors is expected to lead to a significant decline in the specialty printing consumables demand in the region in the next few years.