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Functional Printing Market

Market Study on Functional Printing: Increasing Demand for Printed Electronics to Boost Sales in the Functional Printing Industry!

Functional Printing Market by Technology (Inkjet Printing, Screen Printing, Flexography)

Functional Printing Market Outlook (2022 to 2032)

Global Functional Printing Market sales revenue in 2021 totalled US$ 9.9 billion. Over the forecast period 2022 to 2032, demand for functional printing is expected to surge at 11.2% CAGR.

The global functional printing market size is set to increase from US$ 11.4 billion in 2022 to US$ 33 billion by end of the forecast period.

Inkjet printing will remain the most popular technology in the market. This segment is anticipated to grow owing to its flexibility, durability and cost-efficiency.

From 3D printers and office printer systems to inkless printers, the world of printing is transforming dramatically. Novel technologies such as functional printing, visual printing, and 3D printing or additive manufacturing are becoming prominent trends over recent times.

An advanced process of forwarding functionality in 3D and 2D components is known as functional printing. It involves the manufacture, through printing, of products with new functionalities.

According to a leading PMR analyst, “functional printing has the potential to enable the next wave in high-volume electronic production”. Its main goal is to bring functionality to what one produces.

It further contributes to reduced material wastage & offers various benefits including high productivity and cost efficiency.

Functional printing finds applications in 3D printers, RFID, and printed electronics. It is also useful for mass production of OLED displays, sensors, and solar cells. Hence, growing demand for these products will boost the global functional printing industry.

Rising adoption of functional printing across industries such as electronics, automotive, semiconductor and healthcare is likely to boost functional printing sales revenue over the projection period.

Growing environmental concerns is another key factor that will drive functional printing demand. Functional printing can significantly reduce material waste, energy consumption, and environmental impacts.

The ability of functional printing technologies to reduce emission of unwanted compounds and carbon footprint will encourage their adoption. This, in turn, would create lucrative opportunities for functional printing companies.

Regionally, North America will remain at the epicenter of the functional printing industry. This is due to growing need for functional printing in the electronics sector. Similarly, high demand for printed electronics and RFID chips is fueling sales in North America.

Attributes

Key Insights

Global Functional Printing Market Size in 2022

US$ 11.4 billion

Projected Market Value (2032)

US$ 33 billion

Value-based CAGR (2022 to 2032)

11.2%

USA Market CAGR (2022 to 2032)

10%

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2017 to 2021 Functional Printing Sales Outlook Compared to Demand Forecast from 2022 to 2032

Historically, from 2017 to 2021, the value of the functional printing market increased at around 15.1% CAGR. Total market size at the end of 2021 reached US$ 9.9 billion. For the forecast period, functional printing sales revenues will increase at 11.2% CAGR. This should create an absolute $ opportunity of US$ 21.6 billion by the end of 2032.

Rising usage of functional printing in applications such as sensors, displays, and RFID tags is driving the global market.

In recent years, there has been the creation of new goods in the functional printing industry. This is due to the convergence of several sectors, including printing, materials (substrate, dyes, and chemicals), and electronics.

The worldwide functional printing industry will expand at a robust pace over the next decade. This is due to rising demand for low-cost, high-volume electrical component manufacturing and increasing environmental sustainability consciousness.

Functional printing is a cutting-edge printing method that is used in different sectors. This includes paper, fabrics, electronics, automobiles, and healthcare.

Organic light-emitting diodes (OLED), sensors, radio-frequency identity (RFID) chips, liquid crystal displays (LCDs), and photovoltaic cells are just a handful of the electrical products that are mass-produced using functional printing.

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Key Functional Printing Market Trends Listed by Persistence Market Research (PMR):

  • High adoption of functional printing products across electronics and semiconductor sectors will drive the market
  • Rising demand for sensors, displays, and RFID tags & antennas will boost sales
  • Growing awareness about the advantages of functional printing including its low cost will stimulate market development
  • Increasing need for various low-cost electronic products is likely to create growth prospects
  • Surging demand for near-field communication (NFC) will aid in market expansion
  • Widening application of functional printing in organic light-emitting diodes (OLED) displays and OLED lighting will boost the market
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Which Factors are Responsible for Increasing Demand for Functional Printing Technology Globally?

Key factors that are increasing demand for functional printing include the increasing use of printed electronics and the growing adoption of IoT.

RFID identifiers, sensors, and displays are just a handful of tools that printed electronics are being used in. To satisfy this rising demand, there has been an increase in the demand for functional printing.

Compared to conventional manufacturing techniques, functional printing enables the creation of electronic systems and components at a reduced cost. As a result, functional printing is now being used more frequently across various sectors.

The ability to print electrical components with greater accuracy and precision has been made possible by key developments in printing technology. As a result, there is now a higher need for functional printing across a range of industries.

The development of energy-efficient goods, such as photovoltaic cells and batteries, uses functional printing. Hence, expansion of green energy or renewable energy industry will fuel demand for functional printing.

As more and more devices become connected, the Internet of Things (IoT) is fueling the market for printed electronics. To create Internet of Things (IoT) gadgets that need flexible and lightweight electrical components, functional printing is being used.

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Which Factors are Restraining Growth in the Functional Printing Industry?

The factors restraining the market for functional printing are the limited material options and competition from traditional manufacturing methods.

Functional printing tools and supplies are quite expensive up front, which might prevent certain sectors from adopting them. Functional printing can presently only be done on a small selection of materials, which restricts its use across different situations.

The improvement of the robustness and dependability of printed electrical components is one of the technical issues that need to be resolved.

Functional printing technology and materials are not standardized. This may make it challenging for businesses to implement the technology and for customers to evaluate goods made by manufacturers.

As a result, the high cost involved and limited material options all significantly hinder market expansion.

Country-wise Insights:

What Makes the United States a Prominent Space for Functional Printing Suppliers?

As per Persistence Market Research (PMR), the United States will remain the dominant functional printing market. This is due to strong presence of leading functional printing equipment and material manufacturers.

The USA functional printing market exhibited a CAGR of 13.5% from 2017 to 2021. Over the forecast period, it is anticipated to expand at 10% CAGR. Functional printing sales revenue in the USA will total US$ 10.6 billion by the end of 2032.

Rising demand for sensors, especially printed sensors will boost the USA functional printing industry. Similarly, increasing demand for RFID tags from the booming retail industry is set to create growth prospects.

Advancements in functional printing technologies supported by new product launches will help the USA to retain its dominance.

Various USA-based functional printing companies are launching new products to increase sales. For instance, in February 2022, MAXIFY GX5070 was launched by Canon.

How Will Functional Printing Sales Revenues Fare in China?

China functional printing market will reach a valuation of US$ 2.7 billion by 2032. It will create an absolute $ growth of US$ 1.9 billion from 2022 to 2032. Overall demand for functional printing in China is set to increase at 12.2% CAGR through 2032.

The Chinese government has actively supported the growth of the functional printing sector through projects and policies.

For instance, the government recently revealed plans to build a functional printing industrial park in Wuxi, which is anticipated to grow into one of China's key centers for the sector.

Rising demand from the healthcare, automobiles, and consumer electronics sectors will boost the functional printing industry in China. Similarly, introduction of novel goods and the use of cutting-edge printing technologies will hasten its expansion in the country.

Category-wise Insights

Which Application of Functional Printing is Expected to be Highly Remunerative?

Based on application, the sensors segment will continue to lead the global market through 2032. This is due to rising usage of functional printing for fabrication of sensors and growing popularity of printed sensors across various industries.

Functional printing technology makes it possible to print directly onto the component surface and adapt the sensor to the specific conditions required.

Advanced functional printing technologies & functional ink materials confer sensors to increase novel features in supported products. This helps improve their integration with wearables and other electronic devices.

Novel inkjet-printed flexible sensors are gaining wider popularity. This is due to their rapid fabrication, inexpensive nature, and lightweight advantages. Growing demand for these sensors will boost the functional printing industry.

The sensors segment progressed at around 14.1% CAGR from 2017 to 2021. Over the next ten years, the same segment will thrive at 11% CAGR.

Which Technology in the Functional Printing Industry is Likely to Gain a Predominant Share?

The dominant technology in the market is inkjet printing. Demand for inkjet printing increased at around 14.6% CAGR between 2017 and 2021. Over the next ten years, it will surge at 11.1% CAGR.

Inkjet printing has been in use for a very long time now. Like other printing technologies, it finds applications across various industries. It recreates a digital image thrusting droplets of ink onto plastic and paper substrates.

Its flexibility in productivity, cost efficiency, rapid turnaround times, and tendency to print variable data are giving inkjet printing a competitive edge over other printing technologies.

Inkjet printing is emerging as a versatile manufacturing tool for applications in materials fabrication. It has become a cost-effective printing technology ideal for the production of single components and rapid prototyping.

This is due to its high potential to customize individually printed structures.

It is being used for flexible & wearable electronics, biochip production, fabrication of flat panel display devices, biochip production, and other printed electronics.

Further, growing popularity of 3D-inkjet printing will boost growth of the target segment through 2032.

Competitive Landscape:

Key players operating in the market are using a wide range of strategies to solidify their positions. This includes new product launches, mergers, facility expansions, partnerships, collaborations, etc.

Similarly, large amounts are being spent on research and development activities to develop novel functional printing technologies.

Recent developments:

  • In October 2022, for its JFX600-2513, a large UV inkjet printer, Mimaki announced a 3-liter maximum-capacity ink supply option. The JFX600-2513's ink tank volume can be increased to a maximum of 3 liters. The 3-liter ink tank size decreases the need for regular refilling chores to increase productivity and reduce printer downtime.
  • In February 2022, Mimaki announced the release of its new eco-solvent inkjet printers. This includes JV330-130/160 and CJV330-130/160. High productivity and impressive picture quality of JV330 series are complemented by high value-added features that help clients save time and labor.

Scope of the Report:

Attribute

Details

Current Market Size (2022)

US$ 11.4 billion

Projected Market Size (2032)

US$ 33.0 billion

Anticipated Growth Rate (2022 to 2032)

11.2% CAGR

Forecast Period

2022 to 2032

Historical Data Available for

2017 to 2021

Market Analysis

  • US$ Million for Value
  • MT for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East & Africa

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Nordic
  • Russia
  • Poland
  • China
  • India
  • Thailand
  • Indonesia
  • Australia and New Zealand
  • Japan
  • GCC countries
  • North Africa
  • South Africa
  • Others

Key Segments Covered

  • Technology
  • Application
  • Region

Key Companies Profiled

  • BASF
  • Blue Spark Technologies
  • DuraTech Industries
  • E Ink Holdings
  • Eastman Kodak Company.
  • Enfucell
  • ESMA
  • Nissha GSI Technologies
  • Isorg
  • Mark Andy
  • DowDuPont

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • Drivers Restraints Opportunity Trends Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Functional Printing Market Segmentation:

By Technology:

  • Inkjet Printing
  • Screen Printing
  • Flexography

By Application:

  • Sensors
  • Displays
  • RFID Tags

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • BASF
  • Blue Spark Technologies
  • DuraTech Industries
  • E Ink Holdings
  • Eastman Kodak Company.
  • Enfucell
  • ESMA
  • Nissha GSI Technologies
  • Isorg
  • Mark Andy
  • DowDuPont

- Frequently Asked Questions -

The global market was reported at US$ 9.9 billion in 2021.

The global functional printing market value reached US$ 11.4 billion in 2022.

The worldwide functional printing industry will reach a valuation of US$ 33 billion by 2032.

The global market for functional printing registered a CAGR of 15.1% over the last historical period of 2017 to 2021. 

Global functional printing market demand will rise at 11.2% CAGR from 2022 to 2032. 

Inkjet printing segment is likely to hold a significant value share by 2032. 

Functional printing sales revenue in China is set to increase at 12.2% CAGR through 2032.

The USA market will progress at a robust CAGR of around 10% from 2022 to 2032.

The United Kingdom market will reach a valuation of US$ 1.7 billion by 2032.

Functional printing demand in South Korea and Japan will increase at 11.6% and 10.6% CAGR, respectively.

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