February 28, 2023 07:22 ET | Source: Fortune Business Insights Fortune Business Insights
Pune,India, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global Digital Textile Printing Market size is estimated to reach USD 311.7 million by 2028 and exhibit a CAGR of 10.1% during the forecast period. The growing consumer awareness for trending apparel fashion and clothing is anticipated to be the key factor driving the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Digital Textile Printing Market, 2021-2028”. 100 Cotton Fabric
The growing need for printed fabric materials and textiles has induced manufacturers to adopt digital printing technology for better and faster fabric printing. The development of compact, fast, and lightweight printers attracts more customers towards printed fabric clothing products. The development of advanced Digital Textile Printings is likely to stimulate market growth in the coming years.
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Key Players in the Digital Textile Printing Market are:
The global pandemic has severely impacted the global economy and stagnated the growth of several industries and markets. The market for Digital Textile Printings has witnessed a negative impact of the coronavirus outbreak. The disruptions in the global supply chain networks due to the implementation of stringent lockdowns and curfews have affected the market's growth. Additionally, the consumer’s focus has shifted to essential expenditures, which has declined the demand for clothing and textile products. Nonetheless, the vaccine is now available to the masses, and the market is gradually recovering. The market is expected to witness steep growth post-pandemic.
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Growing Consumer Awareness for Trending Fashion Apparel to Fuel Market Growth
Digital printing machines help businesses to improve profitability by reducing operational costs and enhancing print quality. Additionally, the automation of the process helps to cut down the human resource requirements at the facility. The overall cost advantage of digital printing machines is anticipated to bolster the global digital printing machine market growth. Additionally, the development of advanced digital printers by key manufacturers is likely to boost the growth of the market.
The growing consumer awareness for trending fashion apparel and clothing is expected to be the key factor driving the growth of the market. Moreover, the improving personal disposable income levels and living standards of consumers are anticipated to stimulate the market’s growth in the coming years.
Digital printing solutions offer virtual printed models of fabrics, and users can get a glimpse of the finalized product before initiating the actual process. This helps the consumers choose the best-suited fabric texture and is likely to amplify the market's growth. However, the high costs of employing digital printers are expected to hinder the market growth.
On the basis of operations, the market is bifurcated into multi pass and single pass. On the basis of application, the market is segmented into clothing and apparel, soft signage, home décor, and others. Geographically, the market is classified into five major regions- North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Asia Pacific to Gain the Largest Share due to Growing Needs for Printed Fabrics
Asia Pacific is anticipated to hold the largest portion in the global Digital Textile Printing market share. India and China are expected to be the leading regions in the market. The ever-increasing population and the growing needs for printed fabrics are likely to bolster the growth of the market. North America is expected to witness considerable growth due to the substantial imports of textiles.
Europe is projected to gain steep growth in the coming years due to the increasing use of digital printing in the soft signage segment. The market possesses significant untapped growth potential.The surging urbanization and the expanding imports of textiles are anticipated to drive the growth in the Middle East and Africa.
Key Players Bolster their Market Positions Through New Product Launches
The key players in the market are focused on strengthening their operations and logistical networks that were impacted by the coronavirus pandemic. They adopt various ingenious growth strategies such as partnerships, mergers, acquisitions, and others to garner growth and improve their market positions. The key players aim to diversify their product portfolios through new product launches and technological developments. For instance, in February 2020, Mimaki launched a hybrid digital textile printer called the Tx300P-1800 Mkll. The new printer is capable of performing transfer printing with interchangeable platens.
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