Inkjet Printers Market Size, Share & Trends Analysis Report By Type, By Technology (CIJ Printer, DOD Inkjet Printer, UV Inkjet Printer), By End User, By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global inkjet printers market size was valued at USD 34.24 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2020 to 2027. The packaging industry is witnessing a rapid growth across the globe due to huge demand from the e-commerce transport and shipment, food and beverages, personal care, household care, and healthcare industries for convenience-based packaging. This growth is creating a massive demand for inkjet printers for packaging purposes, which one of the major factors driving the market.

Inkjet printers are non-contact printers that recreate a digital image by propelling droplets of ink through nozzles on the paper and plastic substrates. The inkjet technology comprises ionized ink which is directed by magnetic plates to spray on to the paper. These printers are used in various industries such as advertisement, textile, packaging, education, and pharmaceutical.

The rapidly growing advertisement industry, coupled with increasing demand for higher print resolution and better print quality, is anticipated to drive market growth. Large format printers are used majorly to advertise products on banners, posters, signage boards, billboards, and hoardings. Banners and billboards consist of detailed information including images, graphics, and logos to capture the attention of viewers. Thus, marketers prefer large format printers to print visual campaigns-including graphic-rich posters and banner advertisements with high-quality images-for display in offices or public spaces. It gives advertising and marketing professionals the power to develop brand awareness and improve visibility for a product/ service in a specific industry. Furthermore, large format printers are used by photographers to print photographs without pixel split, proper color, and combination on any substrate.

Inkjet printers were initially designed for use in coding and marking applications in packaging. However, these printers are now being used in various other industries such as textile and healthcare industries. There have been several advancements in textile printing techniques from block printing to the rotary screen printing machine and dry heat transfer printing. In recent years, digital printing has evolved as the latest innovation, wherein it involves the artwork to be processed by a desktop and then printed directly on to the fabric. In addition, digital printing offers various benefits over other conventional printing techniques, including screen printing. The textile inkjet printer with digital printing helps the manufacturer to print in different colors, designs, and patterns on the same fabric with higher operating speed, ranging up to 1000 meters per minute, as compared to screen printing.

On the other hand, factors such as the high operating speed of digital printing as compared to other printing techniques such as screen printing, dry heat transfer printing for bulk printing-and increasing use of laser printer, are anticipated to hinder the market growth over the forecast years. The laser printers act as a substitute for inkjet printers, thereby posing a potent threat to the latter. The laser printer offers lower running costs and has high printing capacity as compared to an inkjet printer. In addition, ink refilling and replacing are expensive and can dry up if the printer is not used for long, causing blockages within the printer. However, there are certain advantages of inkjet printers over laser printers, such as lightweight and compact size, which requires less space, easy setup process, less war-up time, and low startup cost-as compared to laser printers.

Type Insights

The multifunctional printer segment accounted for the largest revenue share of 24.62% in 2019 and is expected to grow considerably over the forecast period. This is attributable to the integrated features of multifunctional printers such as high-speed, multifunctional capabilities including copy, print, scan, and fax into one machine, and affordability. Furthermore, the growing demand for multifunctional printers in the healthcare sector is one of the major factors positively impacting the market in the coming years. Sharing patient information timely and securely and store patient information digitally is increasing the demand for multifunctional printers in the healthcare sector. For instance, Xerox Corporation’s multifunctional printers allow healthcare providers to share patient-related vital information through a secure electronic medium.

Moreover, multifunctional printers are widely used across corporate offices and academic institutions, such as colleges and schools. The flexibility of these printers to copy, print, paper handling, scan, and fax has boosted the demand for multifunctional printers in educational institutes. In addition, several multi-functional inkjet printers are now available with connectivity options for Wi-Fi, LCD screen, USB, touch, and Bluetooth, which makes these printers more controllable and user-friendly. The cost-effectiveness coupled with the low variants of these printers has boosted the use of multifunctional over single functional inkjet printers.

Technology Insights

The Continuous Ink Jet (CIJ) printer segment accounted for the largest revenue share of 37.73% in 2019 and is expected to grow considerably over the forecast period. This is attributable to the lower maintenance cost, minimum leak of Volatile Organic Compounds (VOCs), and the option to fill different types of inks, among others. Technology-based printers offer sealed cartridge-based systems for ink delivery, which simplifies replacement while reducing the possibility of the spill. Thus, end users preference for Continuous Ink Jet (CIJ) printer is anticipated to boost the market demand in the coming years.

Printers with Drop on Demand (DOD) inkjet technology are expected to emerge as the fastest-growing segment over the forecast period. The benefits offered by DOD in terms of flexibility, reduced downtime, and functionality are the major factors propelling the segment growth in the coming years. In a DOD system, liquid is ejected from the print head only when a drop is necessary. The DOD inject printer print-head comprises numerous individual valves-including 7, 16, or 32-that print dots at regular intervals. The DOD inkjet printers are majorly used in various industrial applications, such as printing on plasterboard, plastics, timber and hardware, metals, packaging, and concrete products.

End-user Insights

The industrial end-user segment accounted for the largest revenue share of 24.12% in 2019 and is expected to grow with the highest growth rate of 6.9% over the forecast period. This is attributed to the higher operating speed of industrial inkjet printers. The high speed drop ejection enables the high operational speed of these printers for coding and marking of products along with high velocity. High velocity allows the nozzle to be positioned at a significant distance from the product, which enables manufacturers to design products of different sizes and shapes. Besides, these printers can also print on a cylindrical surface, which increases its adoption in the cylindrical products industry that includes small drums, bottles, and pipes.

The industrial segment comprises of packaging, publishing, and photography. The packaging segment accounted for the largest revenue share of 54.54% in 2019 and is anticipated to continue its dominance in the forthcoming years. The packaging industry uses large format inkjet printers to print high-quality labels and packages. These large format printers offer several benefits, such as fast turnaround time, low printing cost, and flexibility.

Regional Insights

North America accounted for the largest revenue share of 29.21% in 2019. This is attributed to the presence of prominent players in the region, including Videojet Technologies, Inc.; Xerox Corporation; Inkjet Inc.; and KEYENCE CORPORATION, is also a key growth driver. U.S. dominates the North America region in the current scenario, due to an increasing number of pharmaceutical stores.

Asia Pacific is expected to emerge as the fastest-growing regional segment over the forecast period. The growth is attributed to the substantial opportunities based on low labor cost and low manufacturing cost, which makes Asia-Pacific a prominent location for setting up production plants mass production of inkjet printers. The recent outbreak of the COVID-19 pandemic globally has adversely impacted the regional growth. China being a prominent supplier of films and foils used in packaging printing is expected to be highly affected by the COVID-19 pandemic. Also, various European printing companies depend on China for the supply of chemicals that are used as input materials in printing procedures, such as constituents of solvents and inks.

Key Companies & Market Share Insights

Inkjet printer providers are focusing on new product development, which aids in strengthening their market presence. For instance, in July 2018, Brother Industries, Ltd., an electrical/electronic manufacturing company launched a new series of INKvestment inkjet printers, namely MFC-J995DW and MFC-J995DW XL. Wherein, MFC-J995DW inkjet printer can be used without refilling the ink of the printer for one year and MFC-J995DW XL inkjet printer can be used without refilling the ink of the printer for two years. In addition, these inkjet printers monitor ink usage and display the estimated remaining page counts. Some of the prominent players operating in the inkjet printers market are:

• Videojet Technologies, Inc.

• Pannier Corporation

• Canon Singapore Pte. Ltd.

• HP Development Company, L.P.

• Xerox Corporation

• Brother Industries, Ltd.

• KEYENCE CORPORATION

• Konica Minolta, Inc.

• Seiko Epson Corporation

Recent Development

• In March 2023, Videojet Technologies, Inc. launched the new Videojet 1580+ to assess fluid consumption and ensure error-proof operation while printing dates, codes, and other variable data. The product launched includes integrated Wi-Fi connectivity providing a secure way for users to communicate with the inkjet printer. 

• In February 2023, Mimaki Engineering Co., Ltd. launched its first DTF printer TxF150-75 and heat transfer pigment PHT50 for DTF to further target apparel and textile printing applications. The new printer removes ink ejection defects and white ink clogging to support stable operation.  

• In February 2023, Seiko Epson Corporation announced to launch of two models of inkjet printheads I3200(8)-S1HD and S800-S1 widely used for industrial applications. The new models will enable Epson to support a wide range of industrial and other printing environments.

• In December 2022, Canon further expanded its existing PIXMA G and MAGNIFY GX series printers with refillable ink tanks. The product expansion aimed to help small and home offices to maximize printing productivity with faster and higher volume. 

• In May 2022, Canon Singapore Pte. Ltd. launched a new single-function inkjet printer with lower printing costs, and improved paper handling & networking capabilities to boost productivity. The new MAXIFY GX5070 launched delivers water-resistant prints and offers compatibility with a wide range of media. 

• In April 2022, Brother International Corporation launched an A3 inkjet all-in-one printer that enabled reliability and professional quality printing to make it perfect for office use. The product features enable faster printing speed, durability, and extremely high-quality print.

•  In July 2021, Seiko Epson Corporation introduced T3200 printheads with a built-in heater for greater UV ink compatibility for applications such as signage to deliver fast and high-quality printing. The product will expand Epson’s printhead offerings to a six-series lineup with wide digital printing environments.      

Inkjet Printers Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global inkjet printers market report on the basis of type, technology, end user, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Multifunctional

  • Desktop

  • Large Format

  • Inkjet Press

  • Industrial

  • Textile

  • Others

• Technology Outlook (Revenue, USD Million, 2016 - 2027)

  • Continuous Inkjet

  • Drop on Demand

  • UV Inkjet

  • Others

• End-user Outlook (Revenue, USD Million, 2016 - 2027)

  • Consumer

  • Education

  • Industrial

  • Textile

  • Pharmaceutical

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa