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Printing Market Report 2009
Key Note Publications Ltd, April 2009, Pages: 92
This Market Report examines the UK printing industry, which, as an essential component of the UK economy, tends to reflect the general health of the economy. Since summer 2008, the industry has been experiencing difficult trading conditions and the year as a whole has been described by some seasoned company directors as the worst year they can remember, i.e. since the 1970s.
However, the industry differs from the rest of the economy in that, for most print companies, profits are narrow whatever the state of the economy. Yet, despite the difficulties of maintaining high profitability, the industry survives and the strongest companies continue to invest. Although many printers have underinvested, the overall industry has invested significantly since 2003, and is regarded as one of the most productive and efficient in Europe. This is particularly important, given the major role of exports for the leading players. Nevertheless, the market is also threatened by cheaper imports from Eastern Europe and Asia.
We estimate that the UK market for printed products was worth around £12.5bn in 2008. This includes: publications, such as books, magazines and newspapers; business items, such as continuous stationery and account books; hard-bound stationery, such as exercise books, diaries, notebooks and calendars; promotional products, such as brochures, catalogues, direct mail and corporate literature; and packaging for manufacturers.
The UK industry is fragmented, supporting thousands of small and medium-sized firms. Out of more than 11,600 printers, only 3% have sales of more than £5m, and only five UK-based printing firms have turnovers above £400m. The number of printing companies has been declining since the mid-1990s and company closures in 2009 are expected to accelerate, negating the effect of the creation of any new ones.
There are four major challenges facing the industry: the Internet, which is draining advertising away from the printed media, as well as reducing the need for printed data, information and communication (although, in some sectors, the printed medium is either preferred or is an essential complement to online communication); rising prices for energy, transport, paper and inks; the ever-growing amount of environmental legislation; and the knock-on effects of the drop in consumer spending.
We predict that trading in 2009 and much of 2010 will continue to be difficult and the value of the print market will decrease before showing signs of recovery in the middle of the forecast period (2009 to 2013).
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