Printing technology in packaging is very beneficial as they have the ability to make the product more attractive and informative. This helps the company to print all the necessary information on the product such as their website, email, number, and other content present in the product. Flexographic, digital, rotogravure, and other are some of the printing technology which is used in the printing technology. These printing technologies are widely used in applications such as cosmetics, food & beverage, healthcare, and other products.
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Some of the factors responsible for the growth of the printing technology market in the forecast period of 2019- 2026:
- Rising demand for sustainable products: Sustainable products are those products which are designed in such a way that they offer economic & environment benefits. They have the ability to decrease the environmental impacts, are cost- effective, enhance the business reputation, and also improve the livelihood of the individual. These products are highly in demand because of rising awareness regarding the environment safety among population. They can decrease carbon emission, and uses raw materials which can easily be recycled.
- Rising trend of nuclear household: Nuclear household are those household which consist of only single family. These members can be married couple and their children. These days there is increase in the trend of nuclear household because it helps the parents to be financial stable, offer the children with more consistent behavior, offer better education to their children, and provide all health benefits.
The Global Printing Technology Market is segmented on the basis of printing technology as flexographic, rotogravure, offset, & digital; type of ink is segmented into water based, solvent based, uv curable ink, aqueous ink, latex ink, dye sublimation inks, & hot melt inks; application is food & beverage industry, cosmetics and toiletries, healthcare, & others and packaging type as flexible packaging, rigid packaging, paper and paperboard packaging, glass, metal, & others.
Many renowned players are making many acquisitions and launches in the market so they can enhance their market position as well increase the demand for the product in the market. Some of the recent developments are:
- In June 2019, Fortis Solutions Group announced the acquisition of Label Technology. This acquisition will help the company to enhance their product offering and provide different products to different end- users. This will also strengthen their market position and will enhance their global reach.
- In January 2019, Tetra Pak announced the launch of their full-colour digital printing on its carton packaging. This new technology have the ability to simplify the difficulty associated with the project handling, will decrease the time to design print and easy product customization. This new launch will help them to offer their customers with advanced packaging solutions.
Printing Technology market is set to witness a substantial CAGR in the forecast period of 2019- 2026
Few of the major competitors currently working in the printing technology market are DowDuPont, Hewlett-Packard, R. Donnelley & Sons Company, Xerox Corporation, Materialise, Paramount Express Transport Pvt Ltd., Stratasys Ltd., EOS, GENERAL ELECTRIC, Voxeljet, SLM Solutions, EnvisionTEC, Mcor Technologies, Optomec, Inc., Ultimaker BV, Global Printing., Halaman Printing and Packaging Corp, Shree Arun Packaging Company Private Limited, Oliver Printing & Packaging Co, Heidelberger Druckmaschinen AG and others.
Increasing demand for eco- friendly packaging and increasing inkjet printing market will accelerate the printing technology market. There is also demand for the personalized packaging among population which is also expected to affect the growth of the printing technology market positively. Growing popularity of packed beverage will also drive the market growth. Increasing prevalence of convenience among population and rising disposable income are another factors which are expected to create new opportunities for the printing technology market in the forecast period of 2019-2026
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