Digital textile printing methods have contributed to an emergent industry and its growth has augmented the progress of the digital textile printing inks market. The inks that are used on small garments as well as on large format rolls of textiles have earned widespread popularity across various applications. The increase in the demand for 3D printing technologies has also boosted the market for digital textile printing inks, whether for clothing, household technical textiles, or displays. The development of various fashion trends has also augmented the growth of this market.
The global digital textile printing inks market was evaluated at $698 million in 2016. It is further expected to reach the impressive figure of $2.114 million by 2023. According to Allied Market Research, this would happen with a projected CAGR of 17.2% in the forecast period. The industry is expected to grow at a swift pace, owing to the rise in the number of investments by top market players. Moreover, the R&D projects that focus on better, cost-effective digital textile printing ink formulations are expected to provide ample growth opportunities for the entire market.
Vibrant competitive landscape of industry
The growth of the industry is impacted by the presence of several factors, such as the increase in the demand for advertisements and corporate brandings which include digitally printed textiles like flags, retail graphics, and banners. To tap the budding potential of the market, there are a lot of market players who are making their presence felt in the inks scene and contributing to a robust competitive landscape. Whether it is product launches, mergers, takeovers, or new marketing strategies, the market has a vibrant competitiveness.
For instance, INX Digital has geared up to introduce its three new TRIANGLE branded inkjet inks at Fespa Germany, in early June 2017, Hamburg, Germany. The trio is a combination of a pair of solvent inks LV8 and XCS along with an eco-solvent ink OKS. J-Teck3 is all set to showcase an entirely new series of digital textile pigment inks, which are water-based, at Fespa 2017. SPG Prints and Ricoh are also not far behind in launching their own pigment and printing solutions at the event in Germany. The massive number of competitors gearing to come up with their best inks and pigments at the global event are a testimony to the colorful landscape of the industry.
Geographical distribution of the market
The global digital textile printing inks market is a rapidly growing industry that has been catapulted to gradual progress by the increase in the demand for advertisements and corporate brandings. The rise in the need for flags, retail graphics, and banners by various advertising agencies, corporate organizations, and marketing departments has also augmented the market’s growth. The geographical presence of the market in various regions of the world is also a testimony to significant reach of the market.
The North American region accounts for a considerable portion of the global digital textile printing inks market. It is touted to grow at a CAGR of 17.6% during the period 2016–2023. Various segments of the market also have a specific growth performance in different regions, based on consumption and usage. For instance, in European nations, the direct disperse types of inks are estimated to grow at a CAGR of 17.2% from 2017 until 2023. Among application type, the household segment is expected to grow at a CAGR of 20.7% in the Asia-Pacific countries. This can be attributed to the rise in urbanization, especially in the developing economies of China and India. They are expected to fuel the market growth and create lucrative investment pockets for new entrants into the market.
The global industry is expected to grow even further in the next few years. The increased need for dye-sublimation printing is set to be triggered by the increase in computer printing applications. Pigment-based inks are anticipated to earn more popularity owing to their excellent colour stability along with good archival print life. The global digital textile printing inks market is poised for a significant growth as it goes ahead to establish its prominence in textile, commercial, and household decorative applications.