NEW YORK, Nov. 21, 2018 (GLOBE NEWSWIRE) -- The global flexographic printing plate market is expected to witness a CAGR of 7.8%, and is projected to reach USD 1,592.4 million by 2024. Advancement in flexographic printing technology over the past few years to manufacture high quality final product are the key factors leading to the greater demand for flexographic printing plates. Printing plate is a key component in print industry to overcome and resolve printing challenges.
Printing plates is generally used in package printing of paper and plastic film, However, its applications have become more diverse in recent years. The market for flexographic packaging printing has grown significantly year over year. Technological advances have turned flexo plate making into a controllable, exact science providing boost to the market growth.
Packaging printing application drives the market holding the largest share over the forecast period.
Flexography is majorly used in flexible packaging driven by consumer demand for products easy to handle coupled with shelf appeal. Flexographic printing plates provide the high and consistent quality including fine screens and vignettes and smooth solids on all commonly used substrates. Growing awareness and adoption of sustainable packaging have led to an increasing demand for flexographic printing plates. Further, advancement in plate technology including digital flexo plates highly compatible with different inks has open new avenues for packaging printing application across various end-user industry.
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Flexographic printing plate Market – Regional insight
North America holds the largest market share in the global flexographic printing plate market in 2017. Growing demand for diversify print products coupled with advancement in printing plate technology has led to greater demand for the plates across various end-user industries. Asia-pacific is expected to grow at high CAGR over the forecast period. Rising competition, consumer awareness and increasing disposable income, as well as demand for aesthetically appealing packaging and sustainable printing has led to greater demand for flexographic printing plates in the region. China, India and Malaysia are the key markets in the region and creates favourable condition for market growth over the forecast period.
Key findings from the report:
- The global flexographic printing plate market is likely to reach USD 1,592.4 million by 2024
- The packaging printing application holds the major share of the market in 2017, and the trend is expected to continue over the forecast period.
- Photopolymer held the major market in 2017 and is likely to exhibit the fastest CAGR from 2018 to 2024
- North America held the largest share of the industry and is expected to continue its dominance over the forecast period
- Some of the key companies operating in the market include LM – Kodak, MacDermid, Flint among others.
By Format
- Digital
- Analogue
By Type
- Photopolymer
- Rubber
- Others
By Application
- Package printing
- Paper Substrate printing
- Tag and Labels
- Quality Flexography
- Others
By Design
- Rounded Top
- Flat top dot
By Type
- Thermal plates
- Solvent based
- Coating based
By Ink compatibility
- Aqueous
- Solvent based
- UV Cured
- Cationic Inks
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