Digital Textile Printing Market: Analysis Business Opportunity, Growth Factors, and Future Prospects until 2027

 


The digital textile printing market is poised to grow significantly, with an expected value of USD 2,314.5 Million by 2023, up from USD 1,763.4 Million in 2018, reflecting a commendable CAGR of 5.59% during the period from 2018 to 2023. This dynamic market has been meticulously segmented based on printing process, ink type, application, and geographical factors.

To gain a competitive edge in the digital textile printing market, companies have employed key strategies such as product launches, development initiatives, and expansions. These strategic moves accounted for an impressive 56% share of the overall growth strategies adopted by key industry players between January 2015 and January 2018. In addition to product-related endeavors, companies have also entered into agreements, made strategic acquisitions, and engaged in collaborations to diversify their product offerings, bolster sales, and expand their distribution networks. Collectively, these strategies constituted 44% of the overall growth strategies implemented by prominent market players during the aforementioned period.

Seiko Epson, a prominent player in the market, is deeply involved in the development, manufacturing, and distribution of products in various sectors, including printing solutions, visual communications, wearables, industrial products, and more. Operating through four distinct business segments, the company leverages its original Micro Piezo and other technologies to create, produce, and market products. These include home and office inkjet printers, Serial Impact Dot Matrix (SIDM) printers, page printers, color image scanners, and related consumables, as well as office papermaking systems. Seiko Epson Corporation has announced the establishment of two new hub sites dedicated to the advancement of industrial digital textile products. The Innovation Research Lab, a partnership with For.Tex (Italy), focuses on ink technology research and development. Meanwhile, the Printing Research Center, in collaboration with F.lli Robustelli, is dedicated to furthering Epson’s inkjet core technology for textile printing. Additionally, Seiko Epson invested approximately USD 0.14 billion in the construction of the Innovation Center Building B at its Hirooka Office in Shiojiri, Nagano, Japan. This facility houses a digital textile printing test laboratory with a substantial floor area of 37,650 m².

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Mimaki Engineering, founded in 1975 and headquartered in Nagano, Japan, is a renowned company engaged in the manufacture and sale of various printing and cutting products, including inkjet printers, textile printers, flatbed printers, and cutting plotters. Mimaki is a global pioneer in digital printing and cutting technologies, utilizing these innovations to create cutting-edge products. Their industrial inkjet printer business is divided into three distinct categories: the Sign Graphics (SG) market, Industrial Products (IP) market, and Textiles & Apparel (TA) market. These encompass inkjet printers used for advertisements, signboards, industrial products, parts manufacturing, and fabric and clothing printing. Mimaki Engineering has expanded its presence through strategic acquisitions, such as acquiring the operations (manufacturing and sales of pre- and post-processing equipment for digital textile printing) from Rimslow Global Pty. Ltd. in December 2017. Additionally, the company established a joint venture, Mimaki Bompan Textile S.r.l, with Italian BOMPAN S.r.l in June 2017, to oversee sales and maintenance services for inkjet printers, cutting plotters, and related consumables in Italy.

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