Market Research Future published a research report on “Microprinting Market Research Report – Global Forecast to 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
The need to thwart fraudulent activities is predicted to shape the microprinting market in 2020. The silicon, wafer and fabrication reports are formed by Market Research Future, which covers market alternatives for progress. A USD 751.8 million income potential is expected to be displayed with a CAGR of 5.91%.
The counterfeiting of currencies, documents, and cheques are rising at an alarming rate globally, and this is estimated to play out in favour of microprinting industry. The government organizations are implementing the use of microprinting in a major way, and this is predicted to enhance the microprinting market share in the impending period. The intensive use of microprinting in currency is likely further to create scope for further innovation in the microprinting market.
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The need to mitigate losses sustained by the current public health crisis is estimated to be the sole focus of the market contenders in the upcoming years. Furthermore, the need to adopt a rapid and cost-effective method of operation is estimated to shape the market in the impending period. The capability of contenders to influence change in the market is increasing at a stable rate in the impending period. Also, the need to encourage business to include the environmental impact of their decisions is estimated to shape the development of the market in future. The support from government bodies around the world is rising because the market needs an extra stimulus to achieve normalcy in such a scenario. The disharmony in the forces of demand and supply is estimated to create a slow growth background in the market. The emphasis on innovation is estimated to rise in the coming years, as the consumer needs have to be addressed in a better manner to ensure the resurgence of the global market.
The vital competitors functioning and adding to the progress of the Microprinting Market are Videojet Technologies, Inc. (US), Hewlett-Packard Company (Ticker: HPQ) (US), Brady Corporation (Ticker: BRC) (US), Domino Printing Sciences PLC (UK), Printegra (US), Gallas Label & Decal (US), Xerox Corporation (Ticker: XRX) (US), Matica Technologies AG (Germany), Team NiSCA (US), Ricoh Company Ltd. (Japan), Diagramm Halbach GMBH (Germany). Source Technologies (US), SAFEChecks (US), Control Print Ltd. (Ticker: CONTROLPR) (India), Saueressig GmbH Co KG (Germany), and Data Carte Concepts (Canada) to name a few.
Microprinting Market – Segmentation
By ink type, the market has been segmented into micro-embossing, special inks, magnetic inks, UV invisible inks, infrared ink marking, and others. The magnetic ink segment is expected to dominate the microprinting market during the forecast period. Its increasing utilization in the banking and finance sector to prevent counterfeiting. The micro-embossing segment is expected to grow at the highest CAGR during the forecast period.
By substrate type, the market has been segmented into plastic, paper, and metal. The paper segment dominates the microprinting market and is expected to continue its dominance throughout the forecast period. This is due to its rising application in currencies and cheques by banks. The plastic segment is expected to grow at a significant pace during the forecast period.
By application, the microprinting market has been segmented into BFSI, government, packaging, healthcare, consumer electronics, education, corporate, defense, and others. The banking and finance sector dominated the microprinting market in 2018 and is expected to contribute a significant revenue share to the market during the forecast period. The government segment is likely to register a high CAGR during the forecast period owing to microprinting application in licenses and identity cards.
Global Microprinting Market – Regional Analysis
The global market for microprinting is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of microprinting market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific dominated the market in 2018 and is expected to lead the microprinting market throughout the forecast period. The implementation of the microprinting technology in countries such as China, Japan, and India has led to the growth of the market. Microprinting technology is applied on consumer electronics packaging for printing product information. China is the largest manufacturer and exporter of consumer electronics and provides a number of opportunities for the growth of microprinting market. North America is also expected to witness huge demand for microprinting technology owing to the demand from banking and financial sector and packaging sector.
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