Specialty printing consumables are used for printing and labeling in various industrial verticals. The flourishing domestic and industrial markets are the prime growth drivers for the U.S. specialty printing consumables market. A research report published by Transparency Market Research indicates that the U.S. market for specialty printing consumables will rise at a CAGR of 4.4% between 2016 and 2024. Needless to say, the burgeoning commercial printing industry will fuel this growth.
IT Sector to Propel U.S. Specialty Printing Consumables Market
The U.S. specialty printing consumables market will be driven by the growing shipments various products that need commercial printing. The increasing usage of 3D printers will also boost this market. Thus, the rising advancements and penetration of specialty printing consumables will propel this market in the near future. The growing industrial and IT sectors in the U.S. are also likely to create a surge in the demand for specialty printing consumables that are needed for business communication activities in offices.
Digital Printing to Witness High Demand due to its Cost-effectiveness
The U.S. specialty printing consumables market is segmented on the basis of the printing process, product, application, and geography. The printing processes used in the U.S. specialty printing consumables are lithographic printing, flexographic printing, rotogravure printing, and digital printing. Out of all the printing processes, the lithographic printing segment dominated the overall market, accounting for nearly 51% of the U.S. specialty printing consumables market in 2015. Researchers predict that the digital printing segment will show a good growth rate between 2016 and 2024 as digital printing is a cost-effective option which eliminates the use of printing plates. Furthermore, the low-volume production abilities of this printing method will also allow users to customize their demand and output.
Increasing Installed Laser Printer Capacity to Boost Toner Segment
The key products used in the specialty printing consumables market are inks, toners, specialty substrates, and chemicals. Research shows that the toner segment held the largest share in the overall market in 2015, accounting for about 48% of the total revenue. The primary growth driver for this segment is the growing installed laser printer capacity. As toners are an important part of laser printers, the sale of laser printers is heavily influencing the toner market.
Office and Professional Application Segment to Rise at Highest CAGR
Office and professional application, commercial printing and publishing application, and other applications are the commonly seen applications of specialty printing consumables. As of 2015, the office and professional application segment was dominant in the market with a 54% share. Analysts predict that this segment will grow at the highest CAGR between 2016 and 2024.
Some of the important players in the U.S. specialty printing consumables market are Flint Ink Inc., DIC Corporation, Canon Inc., Eastman Kodak Co., Xerox Corporation, Hewlett-Packard Development Company, L.P., Lexmark International Inc., and Nazdar Ink Technologies. The majority of these market players are witnessing tough competition and thus looking at mergers and acquisitions for creating greater opportunities to remain at the forefront of the U.S. specialty printing consumables market.
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