The latest market research report by Technavio on the global commercial printing market predicts revenue of around USD 317 billion by 2022.
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Technavio has published a new market research report on the global commercial printing market 2018-2022 under their ICT library. (Graphic: Business Wire)
The report segments the global commercial printing market by service (printing services and other services), by application (packaging, advertising, and publishing), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global commercial printing market, according to Technavio ICT researchers:
- Global growth in packaging industry: a major market driver
- In 2017, the printing services segment dominated the market by occupying almost 79% share
- APAC dominated the global commercial printing market with 42% share in 2017
- Dai Nippon Printing, LSC Communications, Quad/Graphics, and R.R. Donnelley & Sons are the leading players in the market
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Global growth in packaging industry: a major market driver
The growth in the global packaging industry can be attributed to the global change in demographics, which led to changes in consumer behavior and tastes and preferences, resulting in an increase in demand for packaged foods. Among the rising urban population, the demand for packaged foods is more. The increase in penetration of the internet is another factor that has positively impacted the market.
Positive effects on the global packaging market, especially for foldable cartons, is observed due to the growing trend of online purchases. As per the properties of the products transported, online retailers and e-commerce companies use different types of corrugated boxes and packaging techniques, which ensures the safety of the products during storage and transportation.
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APAC: largest commercial printing market
Countries such as China, India, Philippines, Vietnam, and Thailand have propelled the demand for the commercial printing market in APAC. The growth can be attributed to the low cost of material and labor. Vendors are also witnessing increasing rate of foreign customers due to the low cost of material and labor. Government initiatives to promote education due to the low literacy rate will impact the market.
According to a senior analyst at Technavio for research on IT professional services, “In the education sector, through mediums such as book, stores, online mail orders, and e-books, vendors worked toward expanding their distribution. Even though the region is moving towards adoption of digital content, the commercial printing market will sustain for a few more years due to the low levels of penetration of electronic devices and slow internet speed.”
Competitive vendor landscape
Owing to factors such as overcapacity and pricing pressures, the global commercial printing market is highly fragmented and competitive. With the continued decline in industry volumes, the industry is posed with the challenge of excess manufacturing capacity, due to which the downward pricing pressures have accelerated. Such factors combined with uncertain economic conditions will impact the business operations of vendors.
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