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Commercial Printing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 132 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4897124
The global commercial printing market was valued at USD 433.79 billion in 2021. It is projected to be worth USD 484.22 billion by 2027, registering a CAGR of 1.74% during the forecast period (2022-2027). The growing advertising needs of enterprises across the world and extensive technological proliferation are the key factors driving the market growth. Many organizations are adopting commercial printers as they are more cost-effective and efficient for bulk printing.

Key Highlights

  • Including customized marketing messages in promotional and marketing strategies is one of the drivers of the commercial printing industry. There is a significant demand for personalized printed content, which is being catered to by commercial printing companies that use digital printing technologies. Such technologies include variable data printing (VDP), which enables the customization of images, text, and graphics on each printed piece. The short-run self-publishing industry witnesses a high demand for digital printing due to order flexibility, optimized stock handling, and minimization of time-to-market for printed content. This may also contribute to the growth of the commercial industry's spending.
  • The applications for short-run production for a wide range are increasing. Some examples of these applications are books, direct mail, brochures, and catalogs. In direct mail, the conventional practice was to send the same message to many customers. However, digital marketing utilizes data to customize printed messages according to the person's interests, resulting in higher customer satisfaction.
  • Sustainability is becoming increasingly important in businesses today. Commercial inkjet products are gaining traction as they use less power, produce less carbon dioxide, and are associated with cleaner air as they do not emit toner dust. Many companies are investing in inkjet printers to enhance their offerings, personalize packaging and messaging, aid clients in promoting their brands, and meet the seasonality of their demand. For instance, in 2021, DS Smith Iberia installed the EFI Nozomi C18000 Plus six-color single pass-LED inkjet printer in its facility in Lisbon, Portugal. The productivity of the Nozomi is expected to reduce the time to market and offer a printing quality equivalent to that of offset printing without the need for litho lamination.
  • The printing industry has historically been labor-intensive, with a strong relationship between the trend in turnover and employment. Machinery design, digitalization, and computerization have significantly contributed to improving productivity and transforming this industry so that growth capacity is no longer linked to direct work. However, the rising raw material costs during the procurement process limit the operability of several players. The raw materials used in commercial printing include paper, ink, printing materials, and other chemical products. The feedstock prices are dynamic and fluctuate based on several socioeconomic factors, thereby hindering the business activity of the companies operating in the studied market. The last few years were tumultuous for the purchasing departments of ink manufacturers.
  • The demand for commercial printing reduced during the COVID-19 pandemic. Many events were canceled, leading to a lowered demand for promotional materials. Many organizations have also moved to remote working, which may boost the trend toward paperless operations. Additionally, with customers spending more time online, advertisers are opting for digital media over other forms of media. Although event cancelations and remote work are expected to be temporary measures until the COVID-19 situation is under control, they may cause a lasting loss in demand for printed materials.

Key Market Trends

Packaging Segment Expected to Witness Significant Growth

  • Folding cartons, flexible packaging, and label printing are the three packaging applications that require printing and cutting, with folding cartons adding a few more processes to the file preparation (structural CAD files) and finishing (die-cutting, folding, gluing).
  • With a rise in the digital delivery of information, commercial printers have been observed to be imbibing digital technologies to enhance packaging print quality. Quick response (QR) codes have become a basic/mainstreamed print on product packaging to be scanned with a smartphone for additional display of data, such as product info and promotional content.
  • Additionally, the demand for printing from packaging and labels for pharmaceuticals, tobacco products, and alcoholic beverages is expected to increase, as the companies must comply with dynamic government regulations and protect against counterfeiting.
  • Increased cooperation among the convertors and retailers surrounding packaging has led to the development of innovative ways of customer enticement. Online shopping and curating personalized experiences have further aided the market for commercial printing in the packaging domain. Owing to this, many packaging companies are investing in commercial printing solutions, thus boosting the market's growth.
  • Furthermore, the booming e-commerce market across the world offers a lucrative opportunity for commercial printing providers, as e-commerce players rapidly adopt innovative printing solutions for their daily packaging. As e-commerce grows, its relative share of brick-and-mortar retail sales, the allied stakeholders, from logistics to warehousing to retail brands, have begun to invest in technologies unique to the specific needs of e-commerce.
  • In October 2021, Xeikon announced two new label presses, the Xeikon PX3300 and Xeikon PX2200, to expand its Panther UV inkjet technology portfolio and help in advancing the digitization of print manufacturing. The Xeikon PX2200 and PX3300 use the company's Panther DuraCure UV technology to produce high-gloss labels with high scruff resistance. This reportedly offers a wide color range and long-term durability for applications, including industrial, chemical, household, and high-end labels for the premium beverage, health, and beauty sectors.
  • Such developments in innovative and sustainable printing offer a promising future for commercial printing in the packaging industry. In addition, the growing number of investments, mergers, and collaboration activities among commercial printing and packaging providers may enhance the product offerings and cater to a higher level of demand, thereby boosting the growth of the studied market.

Asia-Pacific Dominates the Market

  • The Asian-Pacific region accounts for a significant market share due to increasing demand from critical regions like China, India, the Philippines, Vietnam, and Thailand. Factors such as the inception of new technologies, changing lifestyles, rise in e-commerce, and urbanization, are driving the growth of the printing market in the region.
  • Factors such as the inception of new technologies, changing lifestyles, and the rise in e-commerce and urbanization are driving the growth of the commercial printing market in the region. Moreover, the increasing demand for processed and canned food in emerging markets such as China and India is expected to impact the market in the region positively. Also, the increasing disposable income in the region is resulting in the growing demand for interior design with customized wallpapers.
  • The Chinese economy has experienced significant growth over the last few decades, which made the country the world's second-largest economy. The Chinese population is the largest in the world. Simultaneously, the economy is growing at a consistently high rate. Being the home of major manufacturers and attracting multiple Fortune 500 companies, the Chinese commercial printing market and the opportunities for the adoption of digital printing technologies have grown.
  • According to the Confederation of Indian Industry (CII), India is anticipated to become the fifth-largest consumer market by 2025. Also, according to an ASSOCHAM-EY joint study, India's print and packaging industry is expected to grow to USD 72.6 billion by 2020, registering a CAGR of 18%. The All-India Federation of Master Printers (AIFMP) estimates that the country may have more than 250,000 MSMEs and big printers. The data from AIFMP also suggests that commercial printing in the country is growing at an annual rate of around 10%, while digital printing is growing at a robust growth rate of 30%.
  • According to the Indian Printing, Packaging, and Allied Machinery Manufacturers' Association (IPAMA), the packaging industry may continue to grow due to the rapid changes undertaken by the industry players. The country's e-commerce boom and organized retail sector offer massive potential for the packaging sector’s growth, thereby supporting the commercial printing industry. Other factors, such as the booming economy, increasing consumerism, entry of global brands, and rising interest of foreign investors, are bound to offer growth opportunities to the industry.

Competitive Landscape

The commercial printing market is fragmented due to the presence of many global and regional players. Considering the homogenous nature of market products, many firms operating in the market are further being driven to compete on price.
  • July 2022: Toppan was recognized for consideration in several top indexes for its exceptional Environmental, Social, and Governance (ESG) performance. The FTSE4Good Index Series, the FTSE Blossom Japan Index, and the FTSE Blossom Japan Sector Relative Index were created by FTSE Russell. MSCI Inc. created the MSCI Japan Empowering Women Index (WIN), and the S&P/JPX Carbon Efficient Index was created in collaboration with the Japan Exchange Group.
  • May 2022: RRD announced the launch of Helium, an editorial solution service providing access to specialized copywriting, content strategy, and project management professionals. This service could give brands a centralized access point to hundreds of subject matter experts in content generation.

Additional benefits of purchasing this report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Industry
5.1 Introduction to Market Drivers and Restraints
5.2 Market Drivers
5.2.1 Increased Demand for Promotional Materials from the Retail, Food, and Beverage Industries
5.2.2 Introduction of Eco-friendly Practices
5.3 Market Restraints
5.3.1 Increase in Digitization and Rising Dependence on Feedstock Prices
5.4 Market Opportunities
6.1 By Type
6.1.1 Offset Lithography
6.1.2 Inkjet
6.1.3 Flexographic
6.1.4 Screen
6.1.5 Gravure
6.1.6 Other Types
6.2 By Application
6.2.1 Packaging
6.2.2 Advertising
6.2.3 Publishing Books Magazines Newspapers Other Applications
6.3 Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Latin America
6.3.5 Middle-East and Africa
7.1 Company Profiles
7.1.1 ACME Printing
7.1.2 Cenveo Corporation
7.1.3 R. R. Donnelley & Sons
7.1.4 Vistaprint (CIM PRESS PLC)
7.1.5 Toppan Co. Limited
7.1.6 Transcontinental Inc.
7.1.7 LSC Communications US LLC

Companies Mentioned

A selection of companies mentioned in this report includes:

  • ACME Printing
  • Cenveo Corporation
  • R.R. Donnelley & Sons
  • Vistaprint (CIM PRESS PLC)
  • Toppan Co Limited
  • Transcontinental Inc.
  • LSC Communications US LLC