Functional Printing Market Synopsis
The data experts at Market Research Future Reports (MRFR) have analyzed the global functional printing market. The global functional printing market is estimated to value USD 30.27 billion, recording a promising CAGR of 19.26% during the review period. The growing demand for cheaper and fast-paced production is one of the most significant factors driving the global functional printing market 2030. Besides, with the burgeoning technological advancement, the companies are successfully achieving low-cost and face-paced production. Besides, the waste produced is minimalistic, which is why it is preferred. In addition, the development of 3D printing is estimated to present several opportunities for market expansion in the forthcoming period. However, the functional printing process demands an acute accuracy with being complex in management which is likely to hinder the market growth. In addition, the pandemic COVID-19 has severely affected the global functional printing market. The economy has been affected due to the disturbance caused in the cycle of production and demand. The lockdown imposed across various countries is likely to bring a massive disturbance in the market. The market will start recovering as the lockdown is lifted in a phased manner.
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Market Segmentation
The worldwide functional printing market can be segmented on the basis of printing technology, material, application, and geography.
On the basis of printing technology, the worldwide functional printing market can be segmented into flexography, screen printing, inkjet printing, gravure printing, and others.
On the basis of material, the worldwide functional printing market can be segmented into substrates and inks. The substrates vertical can further be classified into plastic, glass, paper, gallium nitride (GAN), silicon carbide, and others. The inks segment can be further classified into graphene ink, conductive inks, dielectric inks, and others.
On the basis of application, the worldwide functional printing market can be segmented into displays, sensors, lighting, photovoltaics, batteries, RFID tags, others.
On the basis of geography, the worldwide functional printing market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
The established key players of the global market are L.P. (US), HP Development Company, Haiku Tech (US), BASF SE (Germany), Avery Dennison Corporation (US), Blue Spark Technologies (US), E Ink Holdings Inc. (Taiwan), Display Corporation (US), Eastman Kodak Company Ltd (US), GSI Technologies LLC (US), and Enfucell Oy (France).
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Geographical Analysis
The worldwide functional printing market is estimated to expand significantly during the assessment period from 2019 to 2024. The geographical analysis of functional printing market has been performed for North America, Europe, Asia-Pacific, and the rest of the world. According to the study, the global market is estimated to be dominated by North America. North America is likely to acquire the largest market share during the assessment period. The region has been experiencing a continuous advancement in technology which is fueling the market. In addition, the growing demand for near-field communication (NFC) in Europe and North America. Furthermore, the application of RFID tags in the retail sector is estimated to bloom the regional market. On the other hand, the APAC region is projected to expand at the highest CAGR during the assessment period. The region is blooming due to the presence of developing economies like India, Japan, and China. In addition, the APAC region also comprises of established printing companies and the electronic companies that are used in the manufacturing processes.
However, the regions have been affected significantly due to the outbreak of coronavirus. Several markets have been shut temporarily due to the lockdown imposed to contain the spread of coronavirus.