Published on : Sep 19, 2016
The U.S. specialty printing consumables market has witnessed a tremendous growth over the past few years owing to the recuperating economy of the country. The demand for the specialty printing consumables is largely influenced by the impressive growth of the country’s IT and industrial sectors. The wide adoption of these consumables in facilities such as schools, colleges, hospitals, and offices for new construction as well as renovation of older ones is likely to offer viable growth potential to manufacturers.
According to a report by Transparency Market Research (TMR), the U.S. specialty printing consumables market was valued at US$24.09 bn in 2015 and is poised to rise to US$35.75 bn by the end of 2024, rising at a 4.4% CAGR from 2016 to 2024.
Increasing Trend for In-house Printing of Photographs to Boost Demand for Specialty Printing Consumables
Rising demand for digital cameras and color laser printing is giving a significant push to the growth of the U.S. specialty printing consumables market. The wave of in-house printing of photographs amongst U.S. citizens is anticipated to augur well for the adoption of these consumables across the nation. Another factor driving the market is the rapid expansion of the country’s printing and packaging industry.
However, the shortages of raw materials coupled with stringent set of regulations regarding their usage are expected to impede the growth of the market in the forthcoming years. Moreover, the introduction of electronic media is steadily replacing the concept of paper printing in the country. This factor is likely to hamper the adoption of these consumables.
Rising Adoption of Digital Cameras to Fuel Demand for Specialty Substrate
On the basis of product, the market is segmented into inks, toners, specialty, and chemicals. Ink will continue to remain the leading segment until 2024. Due to increasing demand for digital cameras, specialty substrate segment is expected to rise at a significant CAGR from 2016 to 2024. Based on printing process, lithographic printing is likely to retain its dominance until 2024. Digital printing, however, will register an impressive CAGR during the same period. Both these processes will have a considerable impact on different product types of the specialty printing consumables market.