SELBYVILLE, Del., Aug. 9, 2021 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the global Printing Toners Market was valued at $3.33 billion in 2020 and is slated to hit USD 4.67 billion by 2027, registering a CAGR of 4.9% from 2021 to 2027. The report offers a detailed analysis of the industry estimations & size, top winning strategies, major investment avenues, opportunities & drivers, wavering industry trends, and competitive scenario.
The printing toners market growth will be primarily driven by growing retail and food & beverage sales and the rising importance of packaging. A worldwide increase in electronics sales and increased disposable income levels will supplement this growth. The rise in the recycling of printing toners due to heightened demand for high-performance packaging across food & beverage, retail, pharmaceutical, and electronics sectors will be a key trend in the industry during the forecast period 2021-2027.
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In the food & beverage sector, printing toners are used for printing a range of packaging materials, including corrugated containers, flexible packaging, folding cartons, tags & labels, and others. They also find applications for the printing of catalogs, bookmarks, brochures, manuals, and menu cards commonly used for branding and advertising food and beverage products. Besides providing information describing the packaged contents, it also enlists the purchase price, size, and the date of manufacturing and expiry of the product. Since packaging is a key factor influencing the purchasing decisions of consumers, growth in packaging demand will certainly benefit the printing toners industry.
Key reasons for the printing toners market growth:
- Demand for high-performance packaging in retail, food & beverage, and other areas.
- Growing penetration of chemically prepared toners technology.
- Increased preference for color printing toners.
- Lucrative opportunities in the European region.
Chemically prepared toners segment to bring in substantial revenue by 2027:
The chemically prepared toners technology segment was estimated to be worth USD 2.27 billion in 2020. It has experienced growing popularity and commercialization in recent years as printers compatible with chemically prepared toners were not developed earlier. Superior printing capability and significant time and cost savings are key benefits of the technology. Further technological advances will positively impact the chemically prepared toners market forecast.
2027 forecasts show the 'color printing toners' segment retaining its dominance:
The market demand for color printing toners could rise at a CAGR of over 5.5% during 2021-2027. Continuous technological advances in printing devices and toners are making color printers and toners more affordable. Growing consumer attraction towards color printing due to better aesthetic appeal and increased purchasing powers will augment the product demand.
Europe to continue its top status in terms of revenue:
Europe's printing toners industry generated about USD 890 million in 2020. The regional product demand will be accelerated by the need for improved packaging, branding, and advertising in food & beverage, retail, electronics, pharmaceutical, and other industries.
Impact of COVID-19 crisis on printing toners market trends:
The COVID-19 pandemic has affected nearly every industry vertical, and the printing toners market is no exception. Nationwide lockdown measures and business shutdowns in most countries have led to weakened product demand. Shortage of workforce and strict protocols for operating amid the pandemic has also posed numerous challenges for printing toner manufacturers. Growing sales of essential commodities and supplies during COVID-19, especially through online channels, have augmented packaging demand, creating positive opportunities for the market.
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Leading market players:
The key market players analyzed in the global printing toners industry report include HP Inc., Epson, Xerox Corporation, Toshiba, Canon, Konica Minolta, IBM, Brother International Corporation, Lexmark, and others. Industry players are focused on product development, merger & acquisition, strategic partnership & joint venture, and R&D investment strategies over the long run.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Printing Toners Market Outlook
SOURCE Global Market Insights, Inc.