Portland, OR, Sept. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global digital printing on wood market generated $4.60 billion in 2020, and is expected to reach $5.97 billion by 2030, witnessing a CAGR of 2.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, key segments, top investment pockets, regional scenarios, value chain, and competitive landscape.
Increase in preference for printed wood flooring among designers and architects and surge in usage of engineered woods drive the growth of the global digital printing on wood market. However, availability of alternatives of wood hinders the market growth. On the other hand, emergence of advanced printers and rise of the residential real estate worldwide create new opportunities in the coming years.
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Covid-19 Scenario:
- The manufacturing facilities have been closed due to the economic slowdown and unavailability of the workforce worldwide. Moreover, lockdown in many countries led to closure of manufacturing facilities and disrupted the supply chain.
- Many end-use activities such as flooring, furniture, and roofing were stopped during the lockdown. This led to reduced demand for digital printing on wood. However, the demand would grow steadily as these activities restart during the post-lockdown.
- Owing to the closure of recreational activities, ban on yachting, and other activities, the demand for digital printing on wood reduced significantly.
The report offers detailed segmentation of the global digital printing on wood market based on type, end user, and region.
Based on type, the plywood segment contributed to the highest share in 2020, accounting for nearly one-third of the total market share, and is projected to continue its lead position throughout the forecast period. However, the oriented strand board segment is expected to manifest the largest CAGR of 4.9% from 2021 to 2030.
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Based on end user, the flooring segment accounted for the largest share in 2020, holding nearly one-fourth of the global digital printing on wood market, and is expected to maintain its leadership position during the forecast period. However, the roofing segment is estimated to portray the fastest CAGR of 3.8% from 2021 to 2030.
Based on region, North America held the highest share in 2020, accounting for around two-fifths of the total share, and is estimated to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is expected to register the highest CAGR of 4.9% during the forecast period.
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Leading players of the global digital printing on wood market analyzed in the research include Simpac S.r.l., Electronics For Imaging Inc., SWISS KRONO Group, Roland DG Corporation, and Stainer Schriften & Siebdruck GmbH & Co. KG.
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