The global functional printing market is projected to grow at a CAGR of 20.13% to reach a total value of US$37.756 billion by 2025, from US$12.560 billion in 2020. Functional printing can be a two or three dimensional and is used for bringing functionality to what is printed. It is used for printing on different substrates and inks. Functional printing technology provides graphical effects like electrochromic effect and electroluminescent effect. The functional printing technology has various advantages like low production cost, less energy consumption, high manufacturing rate, and less material wastage. Advancing printing technology is increasing the reliability, accuracy, and mounting need for mass production of electronic devices like LED, OLED, and RFID chips. The growth in display and biosensors' requirement and development of a new printing process like micro-contact printing and nanoimprint lithography is boosting the functional printing market growth.
Inkjet projected to hold a notable share
Functional printing market is segmented by printing technology as Inkjet printing, flexographic printing, screen printing, gravure printing, and others. Inkjets are flexible, versatile, and setting up an inkjet printer is easy. It is best used for low-viscosity, soluble materials like organic semiconductors. Screen printing is widely used in the production of sensors and radio frequency identification (RFID) antennas. Screen printing has numerous advantages over other printing technologies such as durability, versatility, speed, and affordability. These advantages are boosting the adoption of screen printing technology by different industries. Gravure printing is applied for transforming paper into a viable substrate for printing electronics. The printing of high-performance electronic devices onto paper is limited by the large surface roughness and ink absorption of paper. The Gravure printing has overcome this by providing a local smoothing layer and printing organic thin-film transistors (OTFTs). That exhibits performance on-par with the device on a plastic substrate.
RFID anticipated to show good growth
By application the market is segmented into sensors, batteries, RFID, photovoltaic, and flexible display. The demand for thin and highly efficient displays required in the different applications has increased the growth of OLED and LED displays segment. Advancing technology in printed electronics is developing OLED displays and making them thinner, rollable, and efficient as OLED display developed using traditional methods. The function printing market is growing owing to recent advances in technology and a decline in the cost, reliable and robust electronic devices such as RFID antennas and sensors all over the world.
Asia Pacific expected to grow substantially
Regionally the Functional Printing market is classified into North America, South America, Europe, Middle East, and Africa, and the Asia Pacific The report also analyses 16 countries across these regions with complete analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers. North America has a significant market share of the functional printing due to increased usage of this printing technology by the electronics sector because of its design, low cost, and material utilization benefits. Asia Pacific region will witness the fastest growth due to the massive production of electronic components, amplified investments in research and development, and fast-emerging economies like India and China. Factors like rapid industrialization and supportive government regulations such as FDI, trade agreements will significantly contribute to the functional printing market growth over the forecast period.
Prominent key market players in the functional printing market are Eastman-Kodak, GSI Technologies, Mark Andy, Novaled GmbH, and Blue Spark Technologies, among others. The global functional printing market is highly competitive with key market players competing by way of continually innovating new applications and technologies. M&A and partnerships are some of the key strategies being implemented by key market players to gain a larger market share.