Albany, NY -- (SBWire) -- 10/17/2016 --Rapidly expanding domestic and industrial markets and the growth of the packaging industry have led to increased demand for specialty printing consumables. The U.S. market for specialty printing consumables is anticipated to expand at a CAGR of 4.4% during the forecast period from 2016 to 2024. The U.S. specialty printing consumables market was valued at US$ 24.09 Bn in 2015. The most significant factor fueling the market is the expansion of the commercial printing industry.
Increases in the shipments of the commercial printing industry in the U.S. are a vital factor in promoting the growth of the specialty printing consumables market in the coming years. Another significant factor boosting the specialty printing consumables market's growth is the increased use of 3D printers. Thus, with the increasing penetration and advancements of consumables, the market for specialty printing consumables is predicted to witness strong growth in the coming years.
The U.S. market for specialty printing consumables is segmented on the basis of printing process, product, and applications. On the basis of printing process, the market is segmented into lithographic printing, flexographic printing, rotogravure printing, and digital printing segments. In 2015, the lithographic printing segment accounted for around 51% of the revenue of the overall U.S. specialty printing consumables market. However, the digital printing segment is expected to expand at the highest CAGR of 4.7% from 2016 to 2024.
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On the basis of applications, the U.S. specialty printing consumables market is classified into office and professional, commercial printing and publishing, and others. In 2015, the office and professional application segment held the largest revenue share of around 54% of the overall U.S. specialty printing consumables market. Moreover, this segment is expected to expand at a CAGR of 4.7% from 2016 to 2024.
Based on product, the U.S. specialty printing consumables market is classified into toner, ink, specialty substrate, and chemicals. In 2015, the toner segment held the largest revenue share of around 48% of the overall U.S. specialty printing consumables market. However, the specialty substrate segment is expected to expand at the highest CAGR of 5.4% from 2016 to 2024.
The U.S. specialty printing consumables market is highly fragmented and a few companies, including Xerox Corporation, Hewlett-Packard Development Company, L.P., and Lexmark International Inc., have established themselves. New product development to increase the efficiency of the printing process has fueled demand and created greater opportunities. Therefore, all the leading players are focused on bringing product advancement to the specialty printing consumables market. Moreover, companies are also focused on strengthening their positions through acquisitions and partnerships. For instance, Hewlett-Packard Development L.P. is expected to broaden its market position by launching a series of secure laser jet printers, such as the HP LaserJet Enterprise M506 series, which would attract small and medium-sized businesses (SMBs). The company is expected to strengthen its market position by focusing on emerging technologies such as 3D printing, graphics, and managed print services. Also, Hewlett-Packard Development L.P. strives for business expansion through the acquisitions of companies such as Israel-based NUR Macroprinters Ltd. and MacDermid Color Span Inc. based in Minnetonka, Minnesota, the U.S. Moreover, Xerox is anticipating high business growth by focusing on specific markets such as transportation and health care through the acquisitions of organizations such as Consilience Software and inVentive Health. The company is expected to strengthen its market presence by launching innovative products such as Versant 2100 and Impica eVolution.
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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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Specialty Printing Consumables Market Detailed Analysis and Forecast by 2024
The U.S. market for specialty printing consumables is segmented on the basis of printing process, product, and applications. On the basis of printing process, the market is segmented into lithographic printing, flexographic printing, rotogravure printing, and digital printing segments.