New York, April 14, 2023 (GLOBE NEWSWIRE) -- The global Functional Printing Market value is forecasted to increase from US$ 11.4 billion in 2022 to US$ 33 billion by 2032. Overall demand for functional printing will increase at a robust CAGR of 11.2% through 2032.
Inkjet printing currently dominates the functional printing industry and the trend will continue through 2032. As per Persistence Market Research, inkjet printing segment will expand at 11.1% CAGR.
Growing applications of functional printing in printing electronics and RFID will boost the global market. Similarly, rising need for robust and cost-effective printing technologies will create growth prospects.
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The functional printing market has seen development of new products as a result of the merging of several industry sectors, including printing, materials (substrate, dyes, and chemicals), and electronics.
Functional printing is an innovative printing technique used across industries such as paper, textiles, electronics, healthcare, and automotive.
Electronic goods that are mass-produced using functional printing include sensors, radio-frequency identification (RFID) chips, light crystal displays (LCDs), and photovoltaic cells.
Growing demand for these products will play a critical role in expanding the worldwide functional printing industry.
Burgeoning demand for low-cost and high-volume electrical component manufacturing will also boost the global functional printing market. Further, increasing awareness about the advantages of functional printing over other printing technologies will elevate its demand.
Key Takeaways from the Functional Printing Market Report:
- Global functional printing demand is likely to increase at 11.2% CAGR between 2022 and 2032.
- Based on technology, inkjet printing segment will exhibit a CAGR of 11.1% through 2032.
- By application, sensors segment is set to expand at 11% CAGR over the next ten years.
- The United States functional printing market value will reach around US$ 10.6 billion by 2032.
- China functional printing industry is set to exhibit a 12.2% CAGR through 2032.
- Demand for functional printing in South Korea will surge at 11.6% CAGR over the projection period.
- Japan functional printing market will total a valuation of US$ 2.3 billion by 2032.
“Rising popularity of printed electronics will create high demand for functional printing through 2032. Rising awareness about the advantages of functional printing will also influence the market positively. Manufacturers are set to gain sizeable opportunities by focusing on customization and cost-efficiency of products.” - Says a Persistence Market Research (PMR) analyst.
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Competitive Landscape: Functional Printing Market
BASF, E Ink Holdings, Blue Spark Technologies, DuraTech Industries, ESMA, Eastman, Kodak Company, DowDuPont, Enfucell, Isorg, Nissha GSI Technologies, and Mark Andy are few of the leading functional printing companies profiled in the report.
These players are using various organic and inorganic strategies such as new product launches, partnerships, alliances, acquisitions, and mergers to gain a competitive edge in the market.
For example,
- In February 2023, Xerox announced a new 3D printing system called the Xerox Phaser 6510DN, which is designed to produce high-quality, durable objects using a variety of materials.
- In October 2022, BASF SE announced the development of a new 3D printing material called Ultramid Advanced N, which is designed to provide high mechanical strength and stiffness for functional parts.
More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the functional printing market, presenting historical market data (2017 to 2021) and forecast statistics for the period from 2023 to 2032.
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The study reveals extensive growth in the functional printing market based on
- Technology (inkjet printing, screen printing, and flexography)
- Application (sensors, displays, and RFID tags) across various regions.
About the Semiconductor and Electronics Division at Persistence Market Research (PMR)
Persistence Market Research's highly experienced semiconductor and electronics team aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
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