The latest survey by FMI uncovers hidden opportunities for pad printing machine market expansion. It provides an unbiased analysis of the demand outlook presenting historical demand data (2016-2020) and forecast statistics for the period from (2021-2031). It also studies the growth prospects of the market across various segments on the basis of product type, printer type, output, and end use during the next ten years
Future Market Insights (FMI), Dubai: As per a recent study by FMI, the global pad printing machine market is expected to top US$ 1.1 Bn in 2021. With increasing applications of pad printing machines across industries such as textile, automotive, and consumer goods, the market is estimated to total US$ 1.8 Bn by the end of 2031.
Surging demand for advanced printing machines that can lay down complex images, graphics, and designs efficiently is creating immense growth prospects in the market. On account of this, sales of pad printing machines are estimated to rise at 5.4% CAGR over the forecast period 2021-2031, in comparison to the 3.6% CAGR registered between 2015 and 2020.
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Pad printing machines are finding a wide range of applications across the pharmaceutical and medical devices sector. Demand is expected to surge exceptionally owing to their ability to print any type of surface such as flat, irregular, spherical, and cylindrical.
It is also increasingly being used for a variety of devices including contact lenses, surgical instruments, syringes, catheter tubes, pills, and others.
Hence, burgeoning demand for aforementioned products following the outbreak of COVID-19 has spurred the sales. Against this backdrop, as per FMI, the pad printing machines market is projected to register 4.5% year-on-year growth in 2021.
On the basis of product type, the multi-color segment is projected to account for the maximum share in the market, expanding at 5.7% CAGR through 2031. Convenience in printing, ability to print complex designs, and clear image printing on substrates are the attributes favoring the growth in the segment.
“Leading manufacturers are emphasizing on introducing novel machines incorporated with cameras and sensors to enhance the quality of printing by detecting errors and checking the calibrations of the machine set up. This is expected to boost the market in coming years,” says a FMI analyst.
Key Takeaways from Pad Printing Machine Market Study
- North America market is anticipated to account for 16% of the total sales in 2021, owing to the presence of a large number of leading manufacturers in the U.S.
- Germany is projected to emerge as a highly attractive market in Europe, exhibiting growth at a 7% CAGR over the assessment period.
- China is projected to account for a significant share in the East Asia market, on the back of increasing application across the automotive sector in the country.
- Based on printer type, the flatbed printer segment is expected to hold dominant share in the market, accounting for 62% of the total revenue share in 2021.
- In terms of output, the medium segment is forecast to register the fastest growth, accounting for nearly 42.5% of the demand through 2031.
- Increasing use of pad printing machines for printing of various vehicle components such as wheel rims, knobs, dashboard, indicator parts, and door handles is propelling the demand across the automotive industry.
- Surging demand for automated printing machines and integration of the latest technologies in pad printing mechanisms to increase efficiency is expected to drive the growth in the market.
- High installation and maintenance cost of pad printing machines is hindering the sales in the market.
- Inability to print an image size more than 150 mm diameter and use more than 6 colors for printing is posing a challenge for the growth in the market.
As per FMI, the top tier players in the global pad printing machine market are estimated to account for nearly 25% to 35% of the sales in 2021.
Key companies are aiming for strategic collaborations and partnership with cups and printing inks manufacturers to address the growing demand from the overall printing sector. Some of the players are aiming at launching novel products to gain competitive edge in the market. For instance,
- In April 2021, Marabu Company, a leading manufacturer of printing inks, annocuned launching the first waterbased pad printing ink in the world, MaquaPad MAP. The company declares that the ink is suitable for all the natural and synthetic fabrics such as cotton, artificial leather stretch fabric, coated and polyester fabrics.
- In August 2019, Inkcups, leader in pad printing and industrial inkjet printing equipment,announced launching three new pad printers to expand its current pad printer portfolio – ICN-200, 2200-DLI and ICN-120. These product launches will assist the company to strengthen is footprint in the market.
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Some of the key players operating in the market profiled by FMI are: Inkcups Now Corp., Printex USA, Illinois Tool Works Inc., Engineered Printing Solutions, Printa Systems, LLC, DECO Technology Group, Inc. AutoTran Inc., Winon USA, Tampoprint AG, Miedl & Schnall GmbH, Tamponcolor TC Druckmaschinen GmbH, Mascoprint Developments Limited, Comec Italia Srl, Teca-Print USA, ESC Europa-Siebdruckmaschinen-Centrum GmbH & Co. KG