Flexographic Printing Market worth $10.6 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 11, 2023 /PRNewswire/ -- The flexographic printing market is projected to grow from USD 8.7 billion in 2023 and reach USD 10.6 billion by 2028, growing at a CAGR of 4.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the packaging industry is continually evolving with growing trends such as the booming e-commerce industry and online shopping, due to which there has been a surge in demand for packaging material for the protection and delivery of the products. As flexographic printing is a commonly used technology for packaging printing, this factor also leads to the growth of the flexographic printing market.
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Flexographic Printing Market Report Scope:
The corrugated packaging application is expected to hold the largest share of the flexographic printing market during the forecast period. Corrugated boxes are commonly used for shipping and storing products. Applying flexographic printing to these boxes allows manufacturers and retailers to directly print branding elements, product information, logos, barcodes, and other relevant details onto the packaging. It also enables high levels of customization by providing the manufacturers with the feasibility to tailor and design the colors, and graphics to match their brand identity or the specific product being packaged.
Market for wide web flexographic printing machine is expected to account for largest market share during the forecast period.
Wide web flexographic printing involves using flexographic technology to print on substrates of significant width. This segment of the market is known for its capability to produce large-scale packaging materials and printed products efficiently. Wide web printing is chosen for its ability to produce a significant amount of printed material in a relatively short amount of time, making it ideal for industrial-scale applications such as producing packaging materials for bulk items (grains, cement, and other industrial goods). It is cost-effective for large print runs, where the benefits of scale contribute to lower costs per unit. Moreover, it can also be integrated with digital printing technologies for variable data and customization.
Flexible packaging application is expected to be the fastest growing market of the flexographic printing market during the forecast period.
Flexible packaging refers to a type of packaging that is made from flexible materials that can be easily molded, folded, or bent. This packaging type offers various benefits in terms of convenience, preservation, and sustainability. Flexible packaging serves a wide range of industries and sectors such as food, beverages, personal care items, pharmaceuticals among others. The materials used in flexible packaging are plastic films, aluminum foil, paper, and laminates which combine to create structures that provide barrier properties to protect the contents from moisture, oxygen, light, and other external factors. It provides its manufacturers with the versatility to design packaging that fits the specific requirements of their products, whether the need is to be resealable, portioned, or easily dispensed.
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Asia Pacific to have the largest share of flexographic printing market in during the forecast period.
Asia Pacific region is expected to have the largest market share of the flexographic printing industry during the forecast period. China, Japan, South Korea, and India are among the key countries in the Asia Pacific flexographic printing market. The growth of the flexographic printing market in this region is mainly attributed to the growing demand for quality, efficiency, and innovation, which the packaging industry demands. The availability of cheap and abundant labor, low energy prices, and relaxed environmental norms have aided the growth of packaging printing companies.
Leading players in the flexographic printing companies include Bobst (Switzerland), Mark Andy Inc. (US), Nilpeter A/S (US), Amcor Plc (Australia), Windmöller & Hölscher (Germany), Heidelberger Druckmaschinen AG (Germany), (MPS Systems B.V. (Netherlands), Aim Machinetechnik Pvt. Ltd (India), Rotatek (Spain), Koenig & Bauer AG (Germany) and Comexi (Spain), Uteco (Italy), Codimag (France), Gaullus (Switzerland), Tresu Group (Denmark), Komori Corporation (Japan), Nuova Gidue (Italy), Omet Group (Italy) are few other key companies operating in the flexographic printing market.
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