Rapid growth in screen-printing has fueled the digital printing market, which lead the market players develop new and improved ink types such as Elva Jet Punch EP to cope up with the increase in demand for digital textile printing applications
Portland, OR -- (SBWIRE) -- 07/25/2017 -- Digital Textile Printing Ink Market Report, published by Allied Market Research, states that the global market was valued at $698 million in 2016, and is projected to reach $2,114 million by 2023, growing at a CAGR of 17.2% from 2017 to 2023. Based on ink type, the sublimation segment occupied approximately half share in 2016 in terms of revenue.
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Digital textile printing inks are used on small garments such as promotional wear, t-shirts, and jackets. These inks are used on large format rolls of textile. The digital printing inks market has witnessed significant growth owing to increase in demand for advertisements and corporate branding such as flags, retail graphics, and banners.
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The growth in urbanization and increase in demand for corporate branding and advertisement has catapult the market for digital textile inks. The sublimation ink segment has witnessed major demand owing to increase in demand for dye-sublimation printer in computer printing applications. Furthermore, the demand for pigment-based inks is anticipated to witness growth owing to its excellent archival print life and color stability. Based on application, the display segment witnessed major growth in 2016 owing to increase in demand for screen and pad applications. Clothing/garments and household segments are expected to create lucrative growth opportunities for digital printing inks market owing to increase in textile and household decorative applications. Rise in concerns related to health hazards associated with the toxicity of inks is projected to affect the overall market growth in the developed and the developing countries, but investments in R&D activities to produce novel textile printing inks are expected to provide opportunities for growth in the future.
Key Findings of the Digital Textile Printing Ink Market
- The reactive type of inks has occupied more than one-fourth of the market in 2016 and is expected to grow at a CAGR of 17.0% from 2017 to 2023.
- The pigment type of inks is projected to grow at a CAGR of 18.8% during the forecast period.
- By application, display & others segment occupied more than half share in 2016
- The North America digital textile printing inks market is expected to grow at a CAGR of 17.6% during the forecast period.
- In Europe, the direct disperse type of inks are expected to grow at a CAGR of 17.2% from 2017 to 2023.
- In Asia-Pacific, the application of digital textile printing inks market in household segment is anticipated to grow at a CAGR of 20.7% during the forecast period.
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Europe is the major market for digital textile printing inks and is anticipated to grow at a CAGR of 16.5% during the forecast period. In Asia-Pacific, rise in urbanization, in countries such as China and India, is expected to fuel the market growth and create lucrative growth opportunities.
Key players have economically invested majorly in R&D activities to develop advanced products to cater the requirements of the market. These players operating in the industry include AnaJet, BASF SE, DuPont, Huntsman Corporation, KIIAN Group, Hongsam, SPG Prints, LANYU Digital, Sawgrass, and Kornit Digital