Hardcopy Peripherals & Printing Consumables Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Hardcopy Peripherals & Printing Consumables Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Hardcopy Peripherals & Printing Consumables Market is expected to grow at a CAGR of 7% over the forecast period 2021 to 2026.

Key Highlights

• Expanding usage of printing consumables in educational institutes, organizations, and commercial sectors such as packaging and textile have been driving the growth of the specialty printing consumables market.
• Expansion in the textile printing industry, mounting applications in the packaging industry, industrial, and IT sectors is likely to encourage the use of digital printing technology in the market over the forecast period and is presumed to drive demand for Hardcopy Peripherals & Printing Consumables required for business communication activities in their business processes.
• According to CyberMedia (India) Ltd, the hardcopy peripherals market's growth was led by Inkjet printers, specifically Ink Tank printers, and now command the maximum part of the overall Inkjet market. The online sales played a significant role in catering to the market's increased demand from the Consumer and SMB segment.
• According to gfu & BVT, in 2019, the total number of sales for printers, scanners, and multifunctional devices (MFD) generated roughly 425 million euros, and approximately 3890 thousand devices were sold in Germany.
• Also, the increasing size of exports and online orders by E-commerce websites is anticipated to deliver the growth possibilities to the Hardcopy Peripherals & Printing Consumables Market players in the forecasted period.
• Toner being a powdered mix, is applied in laser printers and photocopies to print text on paper and images. It is widely accepted for commercial publishing such as novels, newspapers, and journals.
• With the flourishing education industry globally, the need for printed study material is progressing, thereby encouraging the growth of the Hardcopy Peripherals & Printing Consumables Market in this segment.
• On the other hand, the introduction of less time consuming and economical products are likely to pose a threat to the market.

Key Market TrendsPrinting Ink to Dominate the Market

• The textile industry's extension, coupled with the revolution in the fashion industry and the rapid adoption of digital printing against conventional printing, drove the growth of the printing ink market globally. Additionally, the demand for digitally printed books is also expanding rapidly. Textbooks can be tailored to the students, novels to readers, and business messages to the targeted audiences.
• According to the US Census Bureau, it is projected that the revenue of printing ink manufacturing in the U.S. will amount to approximately 4,264 million U.S. dollars by 2022. Additionally, MOEA (Taiwan) stats that, in 2019, the direct export value of printing ink in Taiwan had amounted to approximately TWD 1514.8 million as against TWD 1359.06 million in 2018, altogether depicting an augmented growth of the segment.
• With a surge in global interest in 3D printing technology from researchers, consumers, and industrial production, the demand for 3D printing inks is expected to grow. Unlike 2D inks intended for the fabrication of planar surfaces, 3D inks are designed for the fabrication of volumetric constructs and tools.
• In April 2018, researchers at Dartmouth College revealed a smart ink that changes 3D-printed structures into objects that can shift shape and color. The ink intends to add added functionality to 3D printing. Similarly, in June 2018, experts at the Georgia Institute of Technology, Atlanta, uncovered a novel ink that, when mixed with a new method of printing and changing lighting, hardens with the 3D printing object.
• The fast turnaround ability that digital printing suggests has been prevalent among several brand owners. Recent advancements in digital printing, such as creasing, digital carton cutting, and other completion technologies, have raised the potential for more applications in corrugated packaging, flexible packaging, and folding cartons.
• The digital press's variable data capacity is also allowing versioning and personalization in prominent food and beverage companies, which encourages fast customer response. For example, Coco-Cola took advantage of the digital press, with its ‘Share a Coke’ campaign in the United States and 35 European countries, involving the printing of over 750 million packages, producing over a billion labels.
• Growing concerns regarding the emission of volatile organic compound (VOC) and toxic metals present in some inks of printing solutions have compelled government agencies to shift towards bio-friendly alternatives and has resulted in a stringent regulatory framework for manufacturers.

United States to Dominate the North American Market

• Technological printing ink advancements and the growth of end-use applications in the United States majorly contributed to the Hardcopy Peripherals & Printing Consumables Market in the region. Ceramic, packaging segment, and textile printing are among the major growing applications in the United States.
• According to the US Department of Commerce, in 2018, the printing industry in the U.S. produced gross output of around 81.7 billion U.S. dollars, an increase of 1.7% on the previous year. Total output remains well below the levels before the 2008 financial crash and has remained on a general gradual decline since.
• In 2019, computer accessories, peripherals, and parts worth around 53.12 billion U.S. dollars were imported to the United States, according to the US Census Bureau. The same source asserts that in 2018, the e-commerce sales value of computer hardware peripheral equipment and communications equipment, including cellphones, amounted to almost 25.88 billion U.S. dollars, thus presenting lucrative opportunities for the market vendors.
• Flexible plastic packaging could be witnessing huge demand in the United States to check future COVID-19 outbreaks. This assertive momentum in the packaging industry is anticipated to boost the market demand for printing inks and, thus, printing Consumables.
• Despite, poignant government regulations are staggering the packaging industry in the region and forcing the FMCG firms to use recycled plastic packaging. This is exacted to present challenges for the market growth of printing inks and hence printing consumables in the packaging applications.

Competitive Landscape

The Hardcopy Peripherals & Printing Consumables Market is moderately competitive and consists of several major players. Multiple vendors are pouring investments into research activities. The principal motive of this move is to offer superior quality products for end-users. These initiatives are expected to push the global hardcopy peripherals & printing consumables market in the upcoming period. Canon Inc., Seiko Epson Corporation, HP Inc., ACM Technologies Inc., and AstroNova Inc. are some of the principal vendors in this market.

• May 2020 - Canon announced the conclusion of a patent infringement dispute with LD Products, Inc. in the U.S. District Court for the Central District of California, concerning toner cartridges sold for use in various models of Canon and HP laser beam printers.

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