Market Research Future published a research report on “Microprinting Market Research Report - Global Forecast to 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
Market Overview:
Microprinting market is expected to grow from USD 541.2 million in 2018 to USD 751.8 million by 2024, at a CAGR of 5.91% during the forecast period. The rising need for security in the banking and finance sector and the need for microprinting in the packaging and consumer electronics sector are factors expected to boost the demand for microprinting market during the forecast period. Documents with microprinted characters cannot be copied as when printed, these characters would appear as a series of dots or a solid line.
The microprinting market has been segmented into ink type, substrate type, and application. The ink type segment has further been bifurcated into micro-embossing, special inks, magnetic inks, UV invisible inks, infrared ink marking, and others. The magnetic ink segment is expected to dominate the Microprinting Market during the forecast period while micro-embossing segment is expected to grow at the highest CAGR during the forecast period.
The substrate type segment has been further segmented into plastic, paper, and metal. The paper segment dominates the microprinting market and is expected to continue its dominance throughout the forecast period. The application segment has been divided into BFSI, government, packaging, healthcare, consumer electronics, education, corporate, defense, and others. The banking and finance sector dominated the microprinting market in 2018 and is expected to contribute a significant revenue share to the market during the forecast period. The government segment is likely to register a high CAGR during the forecast.
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Microprinting Market – Segmentation
By ink type, the market has been segmented into micro-embossing, special inks, magnetic inks, UV invisible inks, infrared ink marking, and others. The magnetic ink segment is expected to dominate the microprinting market during the forecast period. Its increasing utilization in the banking and finance sector to prevent counterfeiting. The micro-embossing segment is expected to grow at the highest CAGR during the forecast period.
By substrate type, the market has been segmented into plastic, paper, and metal. The paper segment dominates the microprinting market and is expected to continue its dominance throughout the forecast period. This is due to its rising application in currencies and cheques by banks. The plastic segment is expected to grow at a significant pace during the forecast period.
By application, the microprinting market has been segmented into BFSI, government, packaging, healthcare, consumer electronics, education, corporate, defense, and others. The banking and finance sector dominated the microprinting market in 2018 and is expected to contribute a significant revenue share to the market during the forecast period. The government segment is likely to register a high CAGR during the forecast period owing to microprinting application in licenses and identity cards.
Key Players
The key players profiled in the microprinting market are – Xerox Corporation (US), Videojet Technologies, Inc. (US), Matica Technologies AG (Germany), Team NiSCA (US), Ricoh Company Ltd. (Japan), Saueressig GmbH Co KG (Germany), Hewlett-Packard Company (US), Brady Corporation (US), Printegra (US), Gallas Label & Decal (US), and Diagramm Halbach GMBH (Germany). These players contribute a major share in the growth of microprinting market. The other prominent companies in the microprinting market include Source Technologies (US), SAFEChecks (US), Domino Printing Sciences PLC (UK), Control Print Ltd (India), and Data Carte Concepts (Canada) among others.
Global Microprinting Market – Regional Analysis
The global market for microprinting is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of microprinting market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific dominated the market in 2018 and is expected to lead the microprinting market throughout the forecast period. The implementation of the microprinting technology in countries such as China, Japan, and India has led to the growth of the market. Microprinting technology is applied on consumer electronics packaging for printing product information. China is the largest manufacturer and exporter of consumer electronics and provides a number of opportunities for the growth of microprinting market. North America is also expected to witness huge demand for microprinting technology owing to the demand from banking and financial sector and packaging sector.
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