Hybrid Printing Market Worth $10.2 Billion by 2028: MarketsandMarkets™
21 September 2023: Hybrid Printing Market is projected to grow from USD 5.5 billion in 2023 to reach USD 10.2 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the hybrid printing market is driven by the growing adoption of high-quality printing in labels and packaging and the surging adoption of personalized printed materials.
UV inkjet printing segment held the larger market share in 2022. UV inkjet offers several advantages over other printing technologies, including speed, flexibility, durability, and cost-effectiveness. The UV inkjet printing technology has gained popularity due to its ability to print on various substrates, including plastics, glass, and metals. UV printing is often used in hybrid printing setups to provide quick curing times and vibrant colors. For example, LG uses UV inkjet printing to print the logos on its refrigerators. This change was made to improve the color vibrancy and durability of the logos.
The paper segment held the larger market share in 2022. Paper proves advantageous as a substrate for hybrid printing in food & beverage, pharmaceutical and cosmetic packaging due to its lightweight, flexible, and economical nature. Initial conventional printing establishes the base design, followed by digital printing for high-quality, full-color imagery. This approach harmonizes the cost-effectiveness and malleability of paper with the precision of digital printing, which can be ideally used for wide range of products.
Label printing application segment is expected to grow at a high CAGR in the hybrid printing market during the forecast period. Label printing is a cutting-edge solution that delivers high-quality labels on various substrates, widely adopted across the food & beverage, pharmaceutical, cosmetics, and consumer goods industries. The advantages include visually appealing labels, substrate versatility, cost-effectiveness for large quantities, swift production, and effective branding for customer engagement. It reinforces brand presence and efficiently conveys crucial product information, making it indispensable for businesses targeting their audience and driving sales.
Asia Pacific region is expected to hold the largest share of the hybrid printing industry during the forecast period. The rising adoption of hybrid printing in packaging, labeling, signage & graphics, food & beverage, and pharmaceutical industries is expected to drive the market in the region. The leading companies in Asia Pacific include FUJIFILM Corporation (Japan), Mimaki (Japan), Kuen Ricoh (Japan), Agfa-Gevaert Group (Belgium), Roland DG Corporation (Japan) Floraprinter (China), and these companies are investing heavily in research and development, marketing, and sales to capture a larger market share. The increasing demand for high-quality, durable, and customized printed products and the growing adoption of digital printing technologies are expected to drive the growth of the market in the future.
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