Global Printing Market Continues to Grow
In recent years, the global printing market has experienced sustained growth. This trend is driven by the increasing demand for digitization and personalization, which has broadened the range of applications for printed products. From books and magazines to advertisements and packaging, printed items are ubiquitous in our daily lives.
According to market research reports, the global printing market is expected to maintain its growth momentum in the coming years. For instance, the Smithers Pira research institute predicted that the global printing market will grow to a value of 8627 billion US dollars by 2024, with an average annual compound growth rate of approximately 1.3% from 2019 to 2024.
Moreover, digital printing, a key segment of the printing industry, is experiencing rapid growth. Its market share is projected to increase from 13.5% in 2014 to 21.1% by 2024. Specifically, the market value of digital printing packaging products is expected to reach 316 billion US dollars in 2024, accounting for 6.38% of the total market value of printed packaging products.
The expansion of the printing market is also evident in the packaging industry. The global packaging market is anticipated to grow from 1.14 trillion US dollars in 2024 to 1.38 trillion US dollars by 2029, with a compound annual growth rate of 3.89%. This growth is attributed to the increasing demand for sustainable packaging solutions, such as soft packaging, high-barrier films, and retort pouches, which are replacing traditional packaging materials.
In addition, the packaging market is witnessing significant growth in specific segments. For instance, the luxury packaging market is experiencing an annual compound growth rate of 5.1%, with Asia Pacific and Latin America leading the way. Meanwhile, the e-commerce packaging market is growing rapidly, with a compound annual growth rate of 14.8%.
In summary, the global printing market is poised for continued growth in the coming years, driven by the increasing demand for digitization, personalization, and sustainable packaging solutions.
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