Rise in demand for 3D printing technologies and rapid development of printing methods drive the growth of the global digital textile printing inks market
PORTLAND, Oregon, May 14, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Textile Printing Inks Market by Ink Type (Reactive, Acid, Direct Disperse, Sublimation, and Pigment) and Application (Clothing/Garments, Household, Technical Textiles, and Display & Others): Global Opportunity Analysis and Industry Forecast, 2019–2027." According to the report, the global digital textile printing inks industry garnered $1.11 billion in 2019, and is projected to reach $2.66 billion by 2027, witnessing a CAGR of 11.6% from 2020 to 2027.
Prime determinants of growth
Rise in demand for 3D printing technologies and rapid development of printing methods drive the growth of the global digital textile printing inks market. However, huge initial cost of investment hinders the market growth. On the other hand, technological advancements create new opportunities in the coming years.
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The sublimation segment to maintain its dominant share during the forecast period
Based on ink type, the sublimation segment held the highest market share in 2019, contributing to nearly half of the global digital textile printing inks market, and is estimated to maintain its dominant share during the forecast period. This is due to its adoption in various applications including fashion and soft signage along with its eco-friendly characteristics. However, the pigment segment is projected to witness the fastest CAGR of 14.7% from 2020 to 2027, owing to its different benefits such as an excellent color strength and light resistance along with acceptance as universal ink.
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The display & others segment to maintain its lead position during the forecast period
Based on application, the display & others segment accounted for nearly half of the global digital textile printing inks market in 2019, and is estimated to maintain its lead position during the forecast period. This is due to its usage in trade show exhibitions with its benefits including high quality of color and the aesthetic appeal of fabric, lightweight nature, and ease in assembly. However, the household segment would register the highest CAGR of 12.9% from 2020 to 2027, owing to the surge in demand for luxurious printed household textiles from countries such as France, UAE, the U.K., and others.
North America to grow at the fastest growth rate by 2027
Based on region, North America would contribute the largest CAGR of 11.9% from 2020 to 2027. This is due to surge in demand from the fashion, sportswear apparel, and other industries. Moreover, Europe accounted for nearly half of the global digital textile printing inks market in 2019, and is estimated to maintain its dominance in terms of revenue by 2027. This is attributed to numerous factors including presence of key players in the region and well-established apparel and textile industry.
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Leading market players
- BASF SE
- Dover Corporation
- The DyStar Group
- Zhengzhou Hongsam Digital Science & Technology Co., Ltd.
- Huntsman Corporation
- Kornit Digital Limited (Kornit)
- Sensient Technologies Corporation
- Sawgrass Technologies
- SPGPrints B.V.
- Zhejiang Lanyu Digital Technology Co. Ltd. (Lanyu Digital)
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SOURCE Allied Market Research