Functional Printing Market - Forecasts from 2023 to 2028

The global functional printing market is expected to grow at a CAGR of 25.15%, from US$16.398 billion in 2021 to US$78.838 billion by 2028.

The growing demand for various low-cost electronic items is one of the key drivers driving functional printing's uptake. Numerous organizations can produce goods at high speeds and with minimal expense due to the wide variety of available printing methods and materials. Functional printing, a developing technology that could enable what is viewed as the next wave in high-volume electronic manufacture, has witnessed significant advancement soon.

Low energy and material waste from the production of electrical devices, which has a smaller negative environmental impact, are additional major reasons influencing the expansion of the functional printing industry. However, the increased demand for high accuracy to achieve the required results and the complexity of functional printing techniques are the two main factors holding back the market. Over the course of the forecast period, these factors are anticipated to pose a challenge to the market for functional printing.

Rising demand for Inkjet Printing is boosting the functional printing market growth.

Further, it has been demonstrated that printing techniques are highly effective and suitable for flexible polymeric materials, including inks and substrates. Thus, there is a significant need for flexible substrates for various applications, including sensors, displays, lighting, batteries, photovoltaics, and others. They enhance productivity, understanding, and assessment of the many qualities provided by functional printing techniques. Inkjet printing has tremendous advantages throughout numerous supply chains, and its use is expanding. For instance, the development of a new 3D printing substance called Ultramid Advanced N, which is intended to give high mechanical rigidity and strength for functional items, was announced by BASF SE in October 2022. In addition, it is anticipated that 3D printing will become more widespread due to rising demand.

Additionally, a positive cycle of application and page increase in volume is likely to result from the introduction of cut-sheet inkjet printers. Although other printing technologies also exist, inkjet is becoming a necessary tool for print service providers and in-house printing operations due to its quick turnaround times, productivity flexibility, and capacity to print variable data, which has also increased the revenue of major suppliers. For instance, per the HP annual report of 2022, the revenue increased from US$15.9 billion in 2021 to US$16.5 billion in 2022.

Advances in printed electronics technology are enabling the development of OLED displays that are thinner, rollable, and more efficient than typical OLED displays. The function printing market is expanding globally because of recent technological breakthroughs and a decrease in the cost of durable and sturdy electronic components such as RFID antennas and sensors.

The process of propagating functionality in 2-D and 3-D silicon components is known as functional printing. It is used to print on various substrates, such as paper and glass, with inks and substrates. RFID tags, displays, and sensors are well-known applications expected to drive market expansion. It also aids in depositing and controlling the desired pattern on the material.

Printed UHF-RFID provides supply chain management integration with ordinary objects or packaging, either by printing the antenna on a flexible substrate attached to the object or by printing directly on the packaging. Furthermore, growth in the retail industry is expected to increase the adoption of RFID tags, supporting market growth. RFID eliminates the need for employees to scan products manually and automates merchandise tracking throughout the retail supply chain, from the warehouse to the store floor. The high demand for RFID antennas in printed electronics in North America is anticipated to grow.

Market Developments:

• In January 2023, RAIN introduced a new RFID device, the KC industrial R-5000. This reader features an ergonomic design and is comfortable to handle and operate, with great UHF RFID performance.
• In April 2021, Manz AG, a global high-tech engineering firm with a diverse technological portfolio, is purchasing a share in CADIS Engineering GmbH, enabling direct printing on components using digital printing technology. The transaction is consistent with Manz AG's business strategy of expanding its technology portfolio in potential future industries through focused M&A activity.
• In Apri,l 2021, Mimaki Europe, a major provider of inkjet printers and cutting systems, announced that it would showcase its extensive array of cutting-edge digital print technologies at the first virtual drupa. Mimaki also unveiled two new printing systems at virtual drupa as part of the company's long-term commitment to driving innovation in the digital printing market.

The Asia Pacific region is expected to grow substantially in the functional printing market.

This growth is being driven because of the region's rapidly expanding industrialization and increasing consumer demand for innovative and advanced technology products. Moreover, the growth in the region's healthcare sector and the rise of the smart packaging industry are also expected to fuel the growth of the functional printing market in this region.

The North American functional printing market is one of the leading markets globally, with a significant market share. Functional printing involves the use of printing technology to create functional devices, such as sensors, antennas, and electronic circuits, among others. The market has been growing steadily in recent years, and its growth is expected to continue in the coming years.

The growth of the functional printing market in North America is driven by several factors, including the presence of well-established end-use industries such as automotive, healthcare, and consumer electronics. These industries require advanced technology solutions, including functional printing, to enhance their product offerings and stay competitive. Moreover, North America is home to several key players in the functional printing market, who invest heavily in research and development activities to improve and advance technology.

Market Segmentation:

By Technology

• Inkjet
• Screen
• Gravure
• Flexography

By Material

• Substrates
• Inks

By Application

• RFID
• Displays
• Batteries
• Sensors
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• United Kingdom
• Italy
• France
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• Thailand
• Others