Market Research Future (MRFR) offers an extensive understanding of the global microprinting market 2020, revealing that the market value in 2018 was USD 541.2 million. The market can reach an attractive valuation of USD 751.8 million by 2024-end. The market is also projected to advance at a rate of 5.91% over the forecast period (2019-2024).
Matica Technologies Ag, HP Inc., Brady Corporation, Xerox Corporation, Ricoh Company Ltd., Videojet Technologies, Inc., Canon Finetech Nisca Inc., Source Technologies, Zebra Technologies Corporation, are the top players that are responsible for the growth of the worldwide microprinting market.
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Growth Boosters and Key Challenges
The commercialization of fake goods may be viewed as a harmless activity on the surface, however it can be a significant threat to the society. This undermines the the economic growth to a great extent. In fact, every year, the losses incurred on account of forgery and counterfeiting are gigantic. As a result, businesses across the globe are constantly involved in intense researches to create hi-tech microprinting solutions, due to which the business space in the microprinting market can gain considerably in the approaching years.
In recent years, a number of corporate organizations along with government bodies have been making extensive use of the microprinting technology for licenses and identity cards. This helps prevent the misuse and also avoid fraudulent activities. The use of 3D-printed microstructures in the market has risen significantly over the years, since the need to boost the counterfeit protection has increased exponentially.
Microprinting has gained notable traction in applications like labels, packaging, defense, consumer electronics, bank checks and ID cards. ID cards and packaging are touted to be the highest gaining applications in the microprinting market and can go strength to strength in the ensuing years. Apart from this, biosensing and biomaterials are some of the applications gaining traction in the market can offer the players with several growth opportunities in the years ahead.
Microprinting Market Microprinting Market trends
The rising popularity of e-commerce is apparent from the fact that a single online platform, Amazon.com managed to gross USD 141.92 billion in 2018, observing a 19.7% surge from the previous year. With the expanding penetration of e-commerce among consumers, the need for precise labeling and tracking of packages continuous to rise, boosting the microprinting market demand all over the world.
The worldwide microprinting market COVID-19 Impact Analysis share has been extensively covered in the report, taking in account the primary segments like ink type, substrate type and application.
The various ink types explored in the report include infrared ink marking, special inks, micro-embossing, UV invisible inks, magnetic inks, and others. The magnetic ink segment can expect to take the lead in the microprinting market during the evaluation timeframe. Magnetic ink’s increasing use in the banking and finance sector to avoid counterfeiting has resulted in its strong growth in the global market. Micro-embossing can be the fastest expanding segment in the years to come.
The substrate types considered in the report are paper, metal and plastic. MRFR projects that the paper segment can attain the top position in the microprinting market and is likely to maintain its lead throughout the review period. The segmental lead is the outcome of paper’s increasing application in currencies as well as checks in banks. The plastic segment can progress at a fast pace in the approaching years.
The applications of microprinting are in consumer electronics, packaging, government, BFSI, education, healthcare, defense, corporate, and others. The banking and finance sector is the leading application-based segment, as reported in 2018. The government segment can possible achieve a robust growth rate in the coming years, given the increase in microprinting application in licenses as well as identity cards.
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The microprinting market growth during the review period can be observed in the primary regions of Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW), consisting of the Middle East and Latin America.
APAC is the top market, since the region is increasingly adopting the microprinting technology in emerging nations like India, China and Japan. Microprinting technology is finding widespread use in consumer electronics packaging for printing out the product information. China is the biggest manufacturer as well as exporter of consumer electronics, which creates numerous lucrative opportunities for microprinting market players in the region.
North America is a highly profitable market for microprinting, benefitting from the rising availability of low-priced scanning as well as printing solutions. The technology is noting high growth in governments and corporate companies, which boosts the market demand in the region. In addition, advancements in Google’s microprint pen and the rising use of microprinting in the USD 100 bill and the emergence of low-priced artificial cells by researchers at the Penn State University also fostesr the growth of the regional market.
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