In the past decade, the printing industry has seen a lot of development and evolution of technology in the electronics market. Notably, there is more demand for printed electronic materials for wearable electronics, IoT devices, and medical sensors among others. Functional printing, multi-functional printing, and 3D printing are some of the advanced printing techniques that are in high demand across the world owing to its ability to develop fully printed functional devices. Applications of functional printing include RFID tags for inventory control and drug packaging that monitors and communicates patient compliance, interactive product packaging, among others. Many manufacturers have started adopting functional printing to print electronic parts and components owing to its various benefits in terms of design, cost, and material utilization.
Functional printing market is expected to grow from USD 10.52 billion in 2018 to USD 30.27 billion by 2024, at a compound annual growth rate (CAGR) of 19.26% during the forecast period.
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The prominent players in the functional printing market are HP Development Company, L.P (US), Haiku Tech (US), Avery Dennison Corporation (US), BASF SE (Germany), Blue Spark Technologies (US), Display Corporation (US), E Ink Holdings Inc. (Taiwan), Eastman Kodak Company Ltd (US), Enfucell Oy (France) and GSI Technologies LLC (US).
Other player in functional printing market are Isorg (France), Mark Andy Inc. (US), Nanosolar Inc. (US), Novaled AG (Germany), Optomec Inc. (US), Toppan Forms Co. Ltd (Japan), Toyo Ink Sc Holding Co. Ltd (US), Vorbeck Materials Corporation (US), Xennia Technology Limited (UK), Xaar PLC (UK) among others.
The global market for functional printing is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of functional printing market has been done across North America, Europe, Asia-Pacific, and the rest of the world.
North America is dominating the market owing to a surge in demand for near-field communication (NFC) and early adoption of new technologies by the region. 3D printing is being highly adopted by the countries in this region, pushing the manufacturers to change their business models and supply chains through distributed 3D printing. Countries such as Canada and the US possess an established technical infrastructure which helps in adoption and implementation of advanced technologies. Asia-Pacific is expected to be the fastest growing region in the coming years owing to the presence of large printing companies supplying electronics and environment materials, films, and interior decor materials. Also, the presence of many giant electronic companies that uses printing as part of the manufacturing process of membrane switches, circuitry, tags, displays, and photovoltaics is expected to enhance the growth of functional printing market in the forecast period. Furthermore, South America, and the Middle East and Africa are expected to show considerable growth in the functional printing market during the forecast period.
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