WELLESLEY, Mass., Nov. 06, 2017 (GLOBE NEWSWIRE) -- Advancing from growth in the printing industry’s key applications, packaging printing, label making, and security and secure documentation, the market for tactile and dimensional printing is expected to see robust growth; in select subsegments and regions, the technology is even reaching double-digit growth.
While global print equipment markets generally are expanding at 2-4% annually, the market for global packaging is growing more quickly, especially as markets seek to diversity their product lines and use unconventional, unique and out-of-the-ordinary packaging to grab a consumer’s attention, according to an industry report by BCC Research.
The global tactile printing market is forecast to reach $1.9 billion by 2022 with a compound annual growth rate (CAGR) of 10.3%, according to the report Tactile and Dimensional Printing: Global Markets to 2022. While growth will be led by the packaging and labels sector, with a CAGR of 10.8% through 2022, the security and accessibility sector will also see robust increases, with a 7.8% CAGR through the end year.
Leaders in the field include American Banknote, AGFA, Canadian Bank Note Company, Canon, Enabling Technologies, Fuji Xerox, Heidelberg, Hewlett Packard, Kodak, Konica Minolta, Kyocera and ViewPlus Technologies.
“In consumer markets that are increasingly saturated in myriad products, consumer products and goods companies are increasingly looking to differentiate their products, in whatever means is available to them,” said report author Robert Eckard. “Where a product’s packaging can more wholly engage a potential purchaser through tactile elements, this can be a competitive edge for one product over another. Sensory marketing was born of this consumer preference for pleasing tactile elements in packaging.”
Cost Could Limit Future Growth
Cost is seen as one of the key drawbacks to tactile printing, the report notes. An industrial-scale UV inkjet printer can add 40% to 300% in capital expenses, while operating costs are also high, especially for UV-based ink systems. Tactile printing also necessitates greater operator skill and comes with higher maintenance costs.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
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