After reaching an estimated US$ 778.31 million in 2023, the size of the global microprinting market is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2033. An estimated US$ 1,380.74 million will be spent on microprinting worldwide in 2033.
The Industrial Growth Is Sparkled by the Development of Microprinting Technology
The fundamental processes used by businesses to create value are becoming more and more integrated with the advancements in digital technology. Microprinting is being used extensively by businesses in a range of industries.
Important components include rules and regulations pertaining to the banking industry, the introduction of innovative products, expanding e-commerce, and growing demand for anti-counterfeiting goods are expected to develop significantly. The growth of the market is mostly being driven by the advancement of microprinting technology and the growing need for affordable printing solutions worldwide.
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Microprinting Market May Experience Sluggish Expansion Owing to Rising Digitization
The widespread use and adoption of digitalization techniques, the decision to save sensitive data digitally rather than on paper, problems with heat settings in micro printers, and other reasons could slow the market’s expansion.
The microprinting market growth would be constrained by the growing digitization. In light of how developed the global market is, it is challenging for new competitors to succeed.
Owing to the Presence of Banks and Financial Institutions, Asia Pacific Leads the Market
Due to the prevalence of numerous banks and financial institutions, governmental organizations, and corporate businesses, Asia Pacific dominates the microprinting market. When creating banknotes and cheque books, the banking and finance industries in China, Japan, and India largely utilize microprinting technology.
The market for microprinting is expanding as the technology becomes more widely used in developed nations. The introduction of counterfeit money and rising instances of fraud are additional elements that support the market expansion.
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Key Takeaways
- With a revenue share of 60% throughout the anticipated period, the monochrome segment in the type category commanded the market.
- During the projected period, it is expected that the color segment in the type category would expand at a sizable CAGR.
- Between 2023 and 2033, the paper segment is expected to register a 46% revenue share in the Substrate Type category.
- Over the projected period, the metal segment in the Substrate Type category is anticipated to expand with a sizable CAGR.
- The market is projected to be dominated by the magnetic inks category within the ink type category, which is anticipated to register a market share of more than 33% between 2023 and 2033.
- Between 2023 and 2033, the ink type category’s UV invisible inks segment is expected to experience a quicker CAGR growth.
- In the print type category, the single-sided market segment is anticipated to rule, contributing a tremendous market share of over 66% during the forecast period.
- Between 2023 and 2033, the labels application segment is expected to lead the market with a revenue share of almost 24%.
Competitive Landscape
A lot of companies are emphasizing organic growth activities, such as new product releases, product approvals, and other things like patents and events. Various inorganic growth strategies seen in the market include acquisitions, alliances, and partnerships.
Participants in the market have been able to grow their clientele and revenue thanks to these measures. With the increasing demand for microprinting on the worldwide market, market players in the microprinting industry can anticipate profitable growth possibilities in the future.
Canon, Inc., Videojet Technologies, Inc. (Danaher Corporation), Zebra Technologies Corporation, Xerox Corporation, Ricoh Company, Ltd, Brady Corporation, Xeikon N.V., Hubergroup Deutschland GmbH, and Matica Technologies Group S.A. are a few of the leading firms mentioned in the research.
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Recent Development
- Acquisition
The primary global provider of printing solutions for MicroText markings is Xerox. It looks for acquisitions in certain growth areas to enhance portfolio blend and increase benefit.
To expand its business channels with multi-brand office arrangement vendors and improve its position in the Microprinting Market, Global Imaging Systems (GIS), a division of Xerox, purchased MT Business Technologies (US). Acquisitions are made by the organization as part of its growth strategy to increase distribution in underserved markets.
- Launch
Manufacturers of physical access control systems (PACS) and its security integrator channels now have access to a card printer family from Matica Technologies AG.
Key Segments
By Type:
- Monochrome
- Color
By Ink Type:
- Micro-Embossing
- Special Inks
- Magnetic Inks
- UV Invisible Inks
- Infrared Ink Markings
By Print Type:
- Single-sided
- Double-sided
By Application:
- Currency
- Stamps
- Bank Checks
- Labels
- ID and Payment Cards
- Documents
- Others
By Region:
- North America
- Europe
- Asia Pacific
- South America
- The Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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