Global Functional Printing demand is anticipated to be valued at US$ 21.3 Billion in 2022, forecast to grow at a CAGR of 19.26% to be valued at US$ 124.0 Billion from 2022 to 2032. Growth is attributed to increased demand for Functional printing products, especially across the semiconductor and electronics industry.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 17.8 Billion |
| Expected Market Value (2022) | US$ 21.3 Billion |
| Anticipated Forecast Value (2032) | US$ 124.0 Billion |
| Projected Growth Rate (2022 to 2032) | 19.26% CAGR |
Functional printing is a production process of forwarding functionality in two-dimensional and three-dimensional components, based on silicon. This type of printing is utilized to print on various substrates, including glass and paper using inks and substrates. Some of the applications of Functional printing include display, sensors and RFID tags, which are likely to reinforce the growth of the market. Furthermore, it facilitates in depositing as well as controlling the desired pattern upon a material. It holds a major potential to enable the next wave in high volume electronic production.
North America is expected to dominate the Functional Printing Market owing to the increasing demand of the near field communication along with the adoption of advanced technology and prevalence of improved infrastructure in the region. As the demand for low cost, reliable and robust electronics devices (including RFID antennas and sensors) rise, there has been an increase in the development of new types of substrates and inks, which has boosted the growth of the Functional Printing market and its sales prospects.
Simultaneously, rising need of high accuracy to gain desired outcome along with rising complexities in functional printing techniques are the factors that are expected to hamper the growth of the Functional printing market during the forecast period.
The functional printing market has been witnessing the convergence of several industry sectors such as printing, materials (substrate, inks, and chemicals), and electronics; which facilitates the development of new products, that is a factor anticipated to boost the growth of the Functional Printing Market.
Low-cost manufacturing process is expected to be one of the primary factors driving the Functional Printing market which in turn is expected to augment the demand for new substrates and inks over the next few years. The conventional high-volume-low-cost printing techniques enable the production of lightweight and robust electronic components at a lower cost; and this printing process does not involve etching, metalizing, and copper plating, thus eliminating the wastewater treatment. In addition, growth of the electronics and semiconductor market is expected to fuel the demand for functional printing market during the forecast period.
Further, there is a considerable development for the promising future of functional printing, an evolving technology that has the potential to enable what is seen as the next wave, in high-volume electronic production. Other significant factors that are fueling the growth of the functional printing market include lower energy consumption and material wastage, leading to a smaller impact on the environment, caused by the manufacturing of electronic devices.
Although functional printing has a wide application range, the global spread of COVID-19 has drastically impacted the functional printing sector. The rapid spread of the pandemic globally had initiated lockdowns in numerous nations, which lead to the disruption of supply chain activities and shutting down of several manufacturing plants. The slowdown precipitated in the manufacture of products using Functional Printing has severely impacted the growth of such industries. Thus, it is expected to hinder the market growth during the forecast period.
Moreover, limitations of the electrically functional inks currently used for functional printing pose as a restraint in the growth of this market. In addition, the rising need of high accuracy to gain desired outcome along with rising complexities in functional printing techniques are the factors that are expected to hamper the growth of the Functional printing market during the forecast period.
North America is considered to be a highly lucrative market for Functional Printing and its products, owing to the presence of most of the functional printing equipment & material manufacturers in the region. Moreover, due to the increasing demand of the near field communication along with adoption of advanced technology and prevalence of improved infrastructure, the region is expected to fuel the growth of the Functional Printing Market.
Further, the growth in the retail industry in North America is likely to accelerate the use of RFID tags, thereby fueling the market growth during the forecast period. RFID automates the tracking of merchandise throughout the retail supply chain, from the warehouse to the store floor, replacing the process of employees scanning products manually.
According to Future Market Insights, Asia Pacific region is expected to provide immense growth opportunities for Functional Printing market, with China and India expected to steer the bulk of all regional growth. Moreover, the Asia-Pacific is expected to boost the demand for the Functional printing products owing to the prevalence of multi prominent electronics companies in the region.
In addition, the other factors that are expected to accelerate the Asia-Pacific Functional Printing market include the significant growth in the consumer electronics industry coupled with the growing demand for sensors in wearable electronics, in emerging economies such as India and China.
Some of the key participants present in the global Functional printing market include Avery Dennison Corporation, BASF SE, Blue Spark Technologies, E Ink Holdings Inc., Eastman Kodak Company Ltd., Enfucell Oy, GSI Technologies LLC, and Isorg among others.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as Avery Dennison Corporation and BASF SE account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the North America.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 19.26% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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FMI projects the global Functional Printing market to expand at a 19.26% value CAGR by 2032
North America is expected to be the most opportunistic Functional Printing market
Avery Dennison Corporation, BASF SE, Blue Spark Technologies, and E Ink Holdings Inc. are some prominent players of functional printing market.
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