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The global digital textile printing market size was USD 147.4 million in 2020. The global impact of COVID-19 has been unprecedented and staggering, with digital textile printing witnessing a negative demand for digital textile across all regions amid the pandemic. Based on our analysis, the market exhibited a huge decline of -5.4% in 2020. The market is projected to grow from USD 159.1 million in 2021 to USD 311.7 million in 2028 at a CAGR of 10.1% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The increasing need for printed textiles and printed fabric materials has encouraged many manufacturers to switch to digital printing technology for faster and better fabric printing, which is augmenting the growth of the market across the globe. The development of compact, faster, and lighter fabric printers is also attracting customers towards these products. The general population's awareness towards trending clothing and apparel fashion, increasing use of digital printing in sportswear are some of the decisive factors expected to provide new growth horizons for the market.
COVID-19 to Impede Opportunities for New Construction Activities Owing to Volatility in International Market
COVID-19 outbreak has considerably curbed the economies of the developed and developing nations to a notable extent. The lockdown measures adopted by almost every other government sealed international boundaries, numerous curbs on import and export cargo shipping hindered the growth and operations of the market.
The commotion of supply chain functioning in the market also dropped market actions across the world. The limitations on the mobility of non-essential products and commodities hindered the shipping and supply of compressors at multiple locations where there has been a demand for these products. The failure of transportation medium and unobtainability of proven supply channels has restricted the market's development opportunity.
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Efforts Towards Developing High-End Digital Printers with Wide Format is Increasing Traction of Customers Towards Market
The companies are trying to improve on the technological fronts and are investing heavily in the research and development operations to diversify their product portfolio in the global market. The companies are primarily developing technologically advanced products and gaining a competitive advantage in the market. These companies are striving to shift into diverse technologies and develop products capable of operating for different applications.
The newly manufactured printing solutions are capable of printing using eco solvent, UV, solvent, and aqueous inks providing an environmental benefit for the printing operations.
Additionally, with increasing investments in the integration of digital printers, the latest software and applications provide the advantage of creating innovative designs and a wide range of color combinations, increasing sharpness and vivid colored textures.
Economic Cost of Operation Reduced Overall Operating Cost of Organization
Textile printing manufacturers across the globe are trying to improve their operational profitability by reducing operational expenses and increasing the print quality to attract more customers in the market. The digital printing method provides a crucial advantage on both fronts with reducing the operational costs by cutting the consumption of resources and providing high quality and sharpness on the prints. The cost-effective operation of these machines emerges as one of the critical perks which will bolster the market growth over the slated period. According to the recent market research published by Epson, the printing machines can reduce the consumption of water by nearly 90% and save the electric consumption by nearly 30%, reducing the expenses on procurement of these resources.
The use of machines will also elevate the level of automation at the printing facility, which reduces the requirement of human resources at these facilities. Furthermore, the installation of these machines results in the elimination of costly manual printing setups and maintenance and timely servicing involved with these setups. All these factors collectively reduce the overhead operation cost, making digital textile printing an economic process and enabling the user to yield more profit after installing these machines.
Ability to Have Virtual Fabric Printing Renders Aid Customers to Explore Multiple Opportunities
Digital printing technology can provide virtual printed models of the fabric before initiation of the actual process to provide the user a glimpse of the finalized product and look at the texture on the fabric. This ability helps the customer to choose and finalize the best-suited texture on the fabric. The digital printing solutions help the fashion designers and fabric texture developers to safeguard their creative vision with the new, advanced, and novel digital tool. Moreover, using the technology above enables designers to integrate patterns, solid colors, and blends into fabric design. This is expected to bolster the market growth.
High Initial Cost and Limitations of Technological Know-How to Restrict Market Growth
The textile printing machines are extremely costly and require special digital print ink such as sublimation inks or reactive ink to execute digital print. The high initial costs for the procurement and difficulties associated with understanding the digital machine's operations adversely affect the development of the market across the globe. Moreover, many customers find it difficult to incorporate the operation of digital printers in their established conventional printing facilities. Additionally, to operate the digital printing machine efficiently, trained and skilled operators are required for proper printhead and ink blending to obtain desirable results using digital printing technology.
However, to boost the sales and the market, most manufacturers strive to provide digital ink and pigments at a considerably lesser price. Efforts to increase the availability of cost-effective pigments and printer inks might minimize the curbing impact on the global market.
Stationary Type Compressors Estimated to Dominate Market Over Forecast Years
By operation, the market segments are classified into single pass, and multi pass. In the said market segmentation, multi segment is anticipated to have a major share in the global market, whereas in terms of growth too, multi pass segment is anticipated to exhibit substantial growth pace in the global market.
Although the selection of the operation type of printers is largely dependent upon the requirements and business of the customers, minimal initial investment required for the procurement of these printers provides the multi-pass segment a major share in the global market. Moreover, multi-pass printers impart better flexibility and provide a complete solution with fewer print heads. On the other hand, the customers prefer single pass printers due to the substantial printing speed of these products supported by noteworthy increments in overall sharpness and high quality. With the increasing incorporation of digital printing techniques in the textile industry and growing demand for multiple layered image printing on textiles, the increased demand for these printer products is projected to witness a considerable surge across the globe.
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Soft Signage Segment to Witness Optimistic Growth Prospects in Global Market
By application, the global market segments are also differentiated into clothing and apparel, home decor, soft signage, and others. Amongst the said applications, the clothing and apparel sector is estimated to exhibit a noteworthy share in the global market and is projected to develop at a decent growth pace compared to its peers.
The increasing need of the fashion sector to incorporate the diverse type of fabrics to develop modern outfits and critical developments in terms of printing speed is anticipated to bolster the segment development prospects in the market. The integration of digital printing for home décor is mainly associated with regulatory frameworks and the printers' performance. In the soft signage the digital printing has a high penetration and can be termed as an established practice. The high application in the soft signage sector makes the segment a mature market, reducing the growth rate and the growth rate across the global market.
Asia Pacific Digital Textile Printing Market Size, 2020 (USD Million)
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Asia Pacific is anticipated to progress substantially in the global digital textile printing market during the forecast period. The markets of India and China drive the development of the market. These two countries have established textile manufacturing hubs and have textile imports across diverse geographies. The increasing need for printed fabrics and textiles and intense competition amongst the manufacturers is anticipated to drive the integration of digital technology-based fabric printing machines. The subtle use of new and old technology will garner commendable traction in the global market. Most manufacturers are working to develop the supply chain establishment of printer manufacturers and increase direct customer reach in untapped regions with high market growth potential.
Additionally, the market of China and Japan have emerged as manufacturing hubs for this digital service and have a massive export market for the aforementioned equipment making the region the most lucrative region compared to the others due to its inherent ability to manufacture and consume the manufactured equipment. The complete self-reliant nature of this region makes it a complete and most significant market.
India to Witness Significant CAGR with Increasing Manufacturing Facilities across Region
The promising performance of the textile industry in and established textile mills clusters in the region will increase the market growth opportunities across the region of Asia Pacific, especially in India's market. According to our analysis, around 384 million meters of fabric are printed digitally in the market of India, and only 1% of the total textile printing operates using these printing services. As per the industry estimates, there are around 1,000 digital textile printings operational in India. The number is expected to see a substantial development over the slated period of time. The integration of these printing operations to achieve a printing speed of 15,000 to 20,000 sq/m and increasing use of dye-sublimation digital printing on polyester fabric is anticipated to drive the market growth over the period of forecast.
The North America region will hold a lesser share in the global market and will continue to progress at a stable pace over time. Substantial dependence on textile imports and the lesser presence of textile printing and fabric design facilities within the region are anticipated to limit market share and future development prospects.
In Europe, the implementation of digital textile printing machines is on the rise, although turnover of these machines is negligible when compared with analog textile printing, which makes the market only up to 0.1% of the total printing market in the region. According to the recent study published by HP Inc., In 2018, printed textiles in the market of Europe was valued at up to USD 230 billion; however, the market was accessed at around USD 320 million. The above figure represents the niche operation of the market and has a lot of untapped market potential capable of providing a promising digital textile printing market share. The use of vinyl, rigid substrate and papers for printing soft signage increases the application of digital printing in the soft signage segment, especially across Europe.
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The Middle East and Africa region is mainly driven by the established textile trading hubs in countries such as Saudi Arabia and the UAE. According to the recent statistics released by Kohan Textile Journal, Saudi Textile Industry witnessed a promising upsurge, with imports increasing by 13% to 15% annually. Most of the manufacturers are now looking to invest in textile manufacturing facilities in the Middle East region to capitalize on the growth opportunities in the region. The textile industry in the KSA (Kingdom of Saudi Arabia) fosters the development of purchasing power in the country and increment in the region's population. The growing demand in the region is naturally compelling the manufacturers to ramp up their manufacturing abilities and increase the textile printing pace. These factors will collectively drive the growth of the region over the global forecast period.
Key Players Focus on Working for Collaborations and Joint Ventures Across Diverse Regions
The global market players operating in the market are trying to strengthen supply chain operations and distribution channels with optimistic development prospects in the global market. The companies are working in joint ventures and are trying to acquire regional market players to reduce the market competition heat and to get considerable sales footprints within the region.
Most key players are further aiming to diversify their product portfolio by developing novel and innovative technologies in digital textile printing products in multiple geographies.
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The report provides an in-depth analysis of the market dynamics and competitive landscape. It provides various key market insights, including recent industry developments in the market, such as mergers & acquisitions, macro, and microeconomic factors, SWOT analysis, and company profiles.
Value (USD Million)
Fortune Business Insights says that the global market size was USD 147.4 million in 2020 and is projected to reach USD 311.7 million by 2028.
In 2020, the Asia Pacific market value stood at USD 55.0 million.
Registering a CAGR of 10.1%, the market will exhibit steady growth during the forecast period (2021-2028).
By application, the clothing and apparel segment is expected to lead this market during the forecast period.
Cost-effective operations provide better profitability and the ability to provide virtual rendering to boost the market growth.
Mimaki, Kornit, SPGPrints, Konica Minolta are the major players in the global market.
Asia Pacific dominated the market in terms of share in 2020.
High initial costs and limitations in terms of technological know-how are expected to hinder the adoption of the product.
Multi Pass operation is expected to drive the adoption of the product during the forecast period.
Robust investments in the Research and Development operations to manufacture high-end digital textile printers with wide format is anticipated to propel the market growth.
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