Hybrid Printing Market by Technology (UV Inkjet Printing, Water Based Printing, Solvent Printing, LED Curable, Dye Sublimation), Substrate (Textile & Fabric, Paper, Glass, Plastic, Metal), Application, End-use Industry and Region – Global Forecast to 2028
The global hybrid printing market size was valued at USD 5.5 billion in 2023 and is estimated to reach USD 10.2 billion by 2028, registering a CAGR of 13.2% during the forecast period.
The growth of the market is driven by increasing demand for short-run printing, the proliferation of high-quality printing in packaging and labeling applications, and the growing adoption of personalized printing material.
Hybrid Printing Market Forecast to 2028
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Hybrid Printing Market Dynamics:
Drivers: Rising demand for personalized printed material
The rising demand for personalized printing materials is set to drive the growth of the hybrid printing market, a powerful solution that combines digital and traditional printing technologies. This demand acts as a driving factor for hybrid printing by fuelling the need for customized and unique printed products.
Hybrid printing allows businesses to seamlessly integrate variable data and design flexibility with the efficiency and cost-effectiveness of traditional printing methods, catering to the growing demand for personalized materials. The advantages of the increasing demand for personalized printing materials are manifold. Primarily, it enables businesses to enhance their brand presence by offering tailored and captivating printed materials that resonate with their target audience.
Restraint: Operational complexities and need of skilled operators.
The complexity of operation poses a significant challenge and acts as a restraining factor for hybrid printing. Hybrid printing involves intricate workflows, integration of different printing technologies, and the need for skilled operators to efficiently manage and troubleshoot various aspects of the printing process.
This complexity can lead to operational inefficiencies, increased setup time, and potential errors, hindering the adoption and implementation of hybrid printing solutions. One of the major loopholes in managing the complexity of operation in hybrid printing is the need for seamless integration between digital and traditional printing technologies. Ensuring compatibility between different equipment, software, and workflows can be complex, requiring technical expertise and investment in interoperability solutions.
Opportunities: Expanding e-commerce market
The growth of the e-commerce market is creating new opportunities for hybrid printing providers. E-commerce retailers need to be able to print high-quality labels and packaging quickly and cost-effectively, and hybrid printing is a good solution for this.
One of the key advantages of hybrid printing is its ability to offer customization and personalization at scale. E-commerce businesses thrive on delivering personalized experiences to consumers, and hybrid printing allows them to create tailored packaging, labels, and promotional materials that resonate with individual customers. This capability enhances brand loyalty and enables e-commerce companies to stand out in a crowded marketplace.
Challenge: Need for specialized training and expertise.
Operators of hybrid printing presses must possess comprehensive knowledge of both digital and traditional printing methods to ensure the production of high-quality prints. The demand for specialized training and expertise in hybrid printing poses hurdles for the industry players due to the limited availability of training programs and associated costs, hindering the widespread adoption of hybrid printing and its potential benefits.
Hybrid Printing Ecosystem
UV Inkjet Printing segment to hold larger market share during the forecast period.
UV inkjet printing produces high-quality prints with precise details and vivid colors. This is because the UV light instantaneously dries the ink, preventing it from spreading or smearing. Fast printing techniques like UV inkjet printing can aid in cutting down on manufacturing costs and time. This is crucial for businesses that need to print numerous products fast.
Many substrates, including paper, plastic, metal, and glass, are suitable for UV inkjet printing. This makes it a flexible printing method that may be applied to various products. Prints made with UV inkjet technology are robust and scratch- and fade-resistant. Therefore, UV inkjet printing is highly adopted for products that are handled frequently or exposed to the environment. UV inkjet printing is also used in various other applications, such as textiles, wood, and glass printing.
Paper substrate segment account for the largest share of the hybrid printing market for during the forecast period
Hybrid printing on paper-based substrates is widely used in packaging applications, including folding cartons, corrugated boxes, bags, and pouches. It allows to create attractive and informative packaging designs, product branding, and label printing for various industries such as food & beverage, cosmetic, pharmaceutical, and consumer goods. Hybrid printing enables the production of high-quality marketing and promotional materials on paper substrates.
This includes brochures, catalogs, flyers, direct mailers, and posters. The combination of digital and analog printing technologies allows for eye-catching graphics, personalized messages, and variable data, enhancing the effectiveness of marketing campaigns. Hybrid printing on paper-based substrates is utilized in security printing applications, such as banknotes, passports, identity cards, and secure documents. The combination of analog and digital printing techniques allows for intricate designs, complex security features, and variable data, ensuring the integrity and authenticity of printed materials.
Packaging printing segment to exhibit the largest share in terms of hybrid printing market during the forecast period
Packaging printing is making significant contributions to the pharmaceutical industry in various aspects. It aids in compliance by printing essential drug information to meet regulations. Additionally, they enhance security by incorporating features that deter counterfeiting, such as holograms and microprinting. Moreover, packaging printing supports branding through eye-catching graphics and colors, providing consumers with crucial product information and marketing messages.
Leading pharmaceutical companies utilize packaging printing to create interactive features such as clear & personalized labels, enhanced security, and sustainable solutions for their medications. Several leading pharmaceutical companies, such as Pfizer (US), Novartis (Switzerland), Sanofi (France), AbbVie (US), and Johnson & Johnson (US), are utilizing hybrid printing, which combines digital and analog methods to create personalized, eco-friendly, and secure packaging for their drugs.
Hybrid Printing market in Asia Pacific estimated to grow at the fastest rate during the forecast period.
The cosmetic industry in the Asia Pacific region is growing due to the rise in the number of working women, increased spending of masses on cosmetic products, and an increase in the young population in the region. This industry is expected to contribute significantly to the growth of the market. Increasing population, improving standards of living, increasing self-care awareness, and rising e-commerce activities have led to increased demand for cosmetic products in this region.
The emerging economies of China and India are high-growth markets for skincare, haircare, and makeup products, supported by the economic growth in these countries and increased consumer spending on cosmetic products. All these factors are expected to drive the growth of the Asia Pacific cosmetics, beauty & personal care market, thus driving the demand for hybrid printing.
Hybrid Printing Market by Region
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Key Market Players in Hybrid Printing Industry
Major vendors in the hybrid printing companies include FUJIFILM Holdings Corporation (Japan), HP Development Company, L.P (US), Ricoh (Japan), Konica Minolta (Japan), Bobst (Switzerland), Electronics For Imaging, Inc. (US), Seiko Epson (Japan), Koenig & Bauer AG (Germany), Heidelberger Druckmaschinen AG (Germany), among others. Apart from this, Kento Digital Printing (Spain), KTK (Spain), The M&R Companies (US), Floraprinter (China), JETSCI (India), and Xeikon (Netherlands) are among a few emerging companies in the hybrid printing market.
Recent Developments in Hybrid Printing Market Growth
- In March 2023, Durst Group AG (Italy) launched Durst Tau 330 RSC-E, a high-performance hybrid printing system that combines digital inkjet printing with screen printing. It is designed for printing on a wide range of materials, including textiles, ceramics, and glass. This is used to print high-quality, variable data labels for a variety of applications, including food and beverage, pharmaceutical, and industrial.
- In January 2023, Konica Minolta (Japan) launched AccurioLabel 400, a dynamic digital label press that presents compelling features for swift, high-quality label production. With speeds reaching 39.9 meters per minute and 1200 dpi resolution, it accommodates various media, including film and foil, and supports white toner for opacity. Enhanced by an integrated color management system and automated media handling, it's an ideal solution for efficient, top-notch label printing across diverse applications.
- In November 2022, Konica Minolta (Japan) and Agfa-Gevaert Group (Belgium) announced their partnership to distribute Anapurna inkjet printers across Norway, Denmark, and Sweden. This amplifies the wide-format printing market presence in the Nordic region, offering enhanced value and technology to customers.
Frequently Asked Questions (FAQs)
What is the total CAGR expected to be recorded for the hybrid printing market during 2023-2028?
The global hybrid printing market is expected to record a CAGR of 13.2% from 2023-2028.
Which regions are expected to pose significant demand for the hybrid printing market from 2023-2028?
Asia Pacific and North America are expected to pose significant demand from 2023 to 2028. Major economies such as China, Japan, the US, Canada, and India are expected to have a high potential for the future growth of the market.
What are the major market opportunities in the hybrid printing market?
Increasing adoption of high-quality printing in labeling and packaging applications, Growing demand for personalized printing material, and increased demand for short-run print are projected to create lucrative opportunities for the players operating in the hybrid printing market during the forecast period.
Which are the significant players operating in the hybrid printing market?
Key players operating in the hybrid printing market are FUJIFILM Holdings Corporation (Japan), HP Development Company, L.P (US), Ricoh (Japan), Konica Minolta (Japan), and Bobst (Switzerland).
What are the major applications of the hybrid printing market?
Food and Beverages, Pharmaceutical, Textile and Fabric, Cosmetic, Retail, and Electronics are the major applications of the hybrid printing market.
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The study involved four major activities in estimating the size of the hybrid printing market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, sources such as annual reports, press releases, investor presentations of companies, white papers, and articles by recognized authors have been referred to. Secondary research has been done to obtain key information about the market’s supply chain, the value chain, the pool of key market players, and market segmentation according to industry trends, regions, and developments from both market and technology perspectives.
Primary Research
Extensive primary research has been conducted after understanding and analyzing the hybrid printing market scenario through secondary research. Several primary interviews have been conducted with key opinion leaders from both demand- and supply-side vendors across four major regions—North America, Europe, Asia Pacific, and RoW. Approximately 25% of primary interviews have been conducted with the demand side and 75% with the supply side. These primary data have been collected through telephonic interviews, questionnaires, and emails.
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Market Size Estimation
In the complete market engineering process, both top-down and bottom-up approaches, along with several data triangulation methods, have been used to perform the market size estimation and forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analyses have been performed on the complete market engineering process to list the key information/insights throughout the report. The following table explains the process flow of the market size estimation.
In this approach, important players such as FUJIFILM Holdings Corporation (Japan), HP Development Company, L.P (US), Konica Minolta (Japan), Ricoh (Japan), and Bobst (Switzerland) have been identified. After confirming these companies through primary interviews with industry experts, their total revenue has been estimated by referring to annual reports, SEC filings, and paid databases. Revenues of these companies pertaining to the business units (BUs) that offer hybrid printing systems have been identified through similar sources. Collective revenues of key companies that offer hybrid printing systems have been estimated for the market. Industry experts have reconfirmed these revenues through primary interviews. With the assumption that small players account for the rest of the market, the collective contribution of key players and other players has been assumed to be the size of the hybrid printing systems market for the financial year 2022.
Hybrid Printing Market: Bottom-Up Approach
The bottom-up approach has been employed to arrive at the overall size of the hybrid printing market from the revenues of key players and their share in the market.
Hybrid Printing Market: Top-Down Approach
In the top-down approach, the overall size of the hybrid printing market has been used to estimate the size of the individual markets (mentioned in the market segmentation) through percentage splits obtained from secondary and primary research. For calculating the size of specific market segments, the size of the most appropriate parent market has been used to implement the top-down approach. The bottom-up approach has also been implemented for the data extracted from the secondary research to validate the size of various segments and subsegments of the hybrid printing market.
Data Triangulation
After arriving at the overall market size through the process explained above, the overall market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, market breakdown, and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Definition
Hybrid printing is a cutting-edge technique that combines different printing technologies, such as digital and flexographic, to create printed products that are versatile and visually appealing. This innovative approach can produce personalized marketing materials that are flexible, cost-effective, and efficient, catering to both small and large-volume needs. The market for hybrid printing is expected to grow significantly as it can be used for a wide range of applications, including labels, packaging, promotional materials, among others. Hybrid printing is a dynamic solution for modern businesses as its adaptable configurations can meet varying printing demands.
Key Stakeholders
- Hybrid printing material providers
- Hybrid printing system providers
- OEM technology solution providers
- Technology, service, and solution providers
- Hybrid printing distributors, suppliers, and service providers
- Technology standards organizations, forums, alliances, and associations
- End users from various verticals
- Research organizations
- Analysts and strategic business planners
- Venture capitalists, private equity firms, and startups
Report Objectives
- To define, describe, segment, and forecast the size of the hybrid printing market in terms of value based on technology, substrate, application, end-use industry, and region
- To forecast the market size for various segments with respect to four main regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW)
- To provide detailed information regarding the significant drivers, restraints, opportunities, and challenges influencing the growth of the hybrid printing market
- To provide an ecosystem analysis, case study analysis, patent analysis, technology analysis, pricing analysis, Porter’s Five Forces analysis, and regulations pertaining to the hybrid printing market
- To provide a detailed overview of the value chain of the hybrid printing ecosystem
- To strategically analyze micromarkets1 with regard to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities for stakeholders by identifying the high-growth segments of the market
- To strategically profile key players, comprehensively analyze their market position in terms of ranking and core competencies2, and provide a competitive landscape of the market.
- To analyze strategic approaches such as product launches, acquisitions, mergers, agreements, collaboration, and partnerships in the hybrid printing market
- To study the impact of the recession on the hybrid printing market
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to 7)
Growth opportunities and latent adjacency in Hybrid Printing Market