Surge in demand for 3D printing technologies, advancements in printing methods, and shift in fashion trends drive the growth of the global digital textile printing market
PORTLAND, Oregon, June 1, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Digital Textile Printing Market by Ink Type (Reactive, Acid, Direct Disperse, Sublimation, Pigment, and Others) Substrate (Cotton, Silk, Polyester, and Others), Application (Clothing/Garments, Households, Technical Textiles, Display, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global digital textile printing market was pegged at $2.2 billion in 2019, and is projected to reach $8.8 billion, growing at a 19.1% from 2020 to 2027.
Drivers, restraints, and opportunities
Surge in demand for 3D printing technologies, advancements in printing methods, and shift in fashion trends drive the growth of the global digital textile printing market. However, high cost of equipment and raw materials and the harmful environmental impact of digital textile printing hamper the market. On the contrary, rise in demand from emerging economies creates new opportunities for the market players.
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Covid-19 scenario: The emergence of Covid-19 has drastically impacted the global digital textile printing industry.
- As per the United Nations Conference on Trade and Development (UNCTAD), the outbreak of Covid-19 has impacted the global FDI by 5-15%. This negative impact on the FDI investment hampered manufacturers due to the dearth of raw materials and lockdown across various countries.
- However, government relief funds are expected to minimize the overall impact on the market growth.
Sublimation segment dominated the market
By ink type, the sublimation segment held the largest share in 2019, accounting for nearly half of the global digital textile printing market, owing to the increasing demand for dye-sublimation and customized printing services. However, the pigments segment is expected to register the highest CAGR of 21.9% during the forecast period, due to surge in penetration of pigments in fashion and sportswear because of their high durability and color stability.
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Display & Others segment to manifest fastest CAGR through 2027
By application, the display & others segment held the largest share in 2019, contributing to more than half of the global digital textile printing market, due to the shifting trend toward the application of eco-friendly inks in electronic circuits. The circuits are made with scalable inkjet printing using advanced digital textile printing methods. However, the household segment is estimated to portray the highest CAGR of 20.7% during the forecast period. This is due to the superior flexibility of digital textile printing in terms of color and design.
Europe, followed by Asia-Pacific and North America, held largest share
The global digital textile printing market across Europe, followed by Asia-Pacific, dominated in 2019, accounting for more than one-third of the market, owing to presence of large number of manufacturers with a steadily growing demand for digital textile printing. However, the market across Asia-Pacific is expected to register the highest CAGR of 20.7% during the forecast period, due to upsurge in demand for low-cost cotton fabric for household products. The market across North America is expected to register a CAGR of 18.9% during the study period.
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Major market players
- Huntsman Corporation
- Am Printex Solutions
- Ags Transact Technologies Limited
- Hollander B.V.
- China Dyeing Holdings Ltd.
- Dickson Coatings
- DazianLlc
- Fisher Textilesinc.
- Digitex India Inc.
- Mehler Texnologies Gmbh
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