U.S. Specialty Printing Consumables Market to Reach US$35.75 bn by 2024, Demand for Digital Printing to Rise Rapidly : TMR
According to a new market report published by Transparency Market Research entitled, “Specialty Printing Consumables Market – U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” the U.S. specialty printing consumables market was worth US$24.09 bn in 2015 and is expected to reach US$35.75 bn by 2024, expanding at a CAGR of 4.4% from 2016 to 2024. Growth and expansion of the IT and industrial sectors in the U.S. is expected to fuel in the demand for specialty printing consumables required for the purpose of business communication activities.
The most common form of printing consumables used in offices and for commercial purpose are toners, inks, specialty substrates, and chemicals. The most significant factors boosting the growth of the U.S. specialty printing consumables market are rapidly increasing adoption in domestic and industrial markets, the growth of the packaging industry, and increased use of 3D printers.
On the basis of printing process, the U.S. specialty printing consumables market is segmented into lithographic printing, flexographic printing, rotogravure printing, and digital printing. In 2015, the lithographic printing segment was the largest, and accounted for around 51% of the revenue of the overall specialty printing consumables market. However, the digital printing segment is expected to expand at the highest CAGR in terms of revenue during the forecast period from 2016 to 2024. Digital printing has gained high attention in the printing market as it is cost effective due to the absence of printing plates. Since it is a low-volume production technique, every print could be customized based on the user demand.
Based on the product, the U.S. specialty printing consumables market is segmented into toner, ink, specialty substrate, and chemicals. In 2015, the toner segment was the largest, and accounted for around 48% of the revenue of the overall specialty printing consumables market. The increasing installed laser printer capacity is a primary factor for the development of this segment. Since toner is an essential component of a laser printer, the toner market is highly influenced by the sale of laser printers.
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In terms of application, the U.S. specialty printing consumables market is segmented into office and professional application, commercial printing and publishing application, and other applications. In 2015, the office and professional application segment held the larger revenue share of around 54%. Moreover, it is also expected to expand at the highest CAGR in terms of revenue during the forecast period from 2016 to 2024.
Some of the major players in the U.S. specialty printing consumables market are DIC Corporation, Canon Inc., Xerox Corporation, Hewlett-Packard Development Company, L.P., Eastman Kodak Co., Lexmark International Inc., Flint Ink Inc., and Nazdar Ink Technologies.
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