Exclusive Market Study Estimates that Global Flexographic Printing Technology will Grow at 6.5% CAGR During 2018-2028
Extensive Application of Flexographic Printing Machines in Packaging & Labelling to Drive Market Growth During Forecast Period
A flexographic printing machine is a type of printing machine commonly used in packaging and labelling applications. It is an advanced version of letterpress used to print on paper, plastic, woven and non-woven materials using water-based or ultra violet methods. A flexographic printing machine is an efficient printing press used for medium and long run print applications.
Currently, flexographic printing machines with a coloring capacity of 6 colors and above are widely used in packaging and labelling end-use applications. These flexographic printing machines cover more than 54% of the market in terms of value. Flexographic printing machines are predominantly deployed in packaging applications wherein, at present, inline flexographic printing machines have been witnessing rapid growth in terms of adoption rate, primarily driven by western countries.
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Growth of Servo Drive Technology and Increasing Adoption of Automation with Remote Monitoring
Flexographic printing machines are used for industrial printing operations, for both the sides of printing material surfaces. Narrow-width flexographic printing machines are commonly used for labelling, whereas wide-width machines are used for packaging applications. Soaring sales of used flexographic printing machines in developing economies is a significant factor expected to hamper the growth of the flexographic printing machine market. The growth of servo drive technology and increasing adoption of automation with remote monitoring are among the other important factors driving the adoption of flexographic printing machines.
Among various printing machines, flexographic printing machines are known for high energy consumption. Focusing on minimizing energy consumption and adhering to regulations is an important factor expected to drive the market during the forecast period. The flexographic printing machine market has been a low volume market, due to its high capital cost, and is expected to register steady growth during the forecast period, particularly across countries such as China, India, Indonesia, Vietnam, Mexico, and Brazil.
High Adoption Rate of 6 Color & Above Type of Flexographic Printing Machines
By product type, the flexographic printing machine market has been segmented into inline type press, stack type press, and central impression type press. This research study on the flexographic printing machine market also provides key information pertaining to end-use applications, such as print media, which covers newspapers, books & magazines and advertisements. The report only covers the sales of new flexographic printing machines and rental businesses; and the sales of used flexographic printing machines has not been considered. This global flexographic printing machine market study also does not take into account the maintenance and customization services provided by players.
The global flexographic printing machine market is estimated to have been valued at US$ 1,900.1 Mn at the end of 2018 and is anticipated to reach US$ 3,574.6 Mn by the end of 2028. During the forecast period, the global flexographic printing machine market is expected to expand at a CAGR of 6.5%. The incremental opportunity created by the global flexographic printing machine market between 2018 and 2028 is anticipated to be pegged at US$ 1,674.5 Mn.
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Presence of Regional Players in India Drives Sales of Flexographic Printing Machines at Competitive Pricing
The global flexographic printing machine market is expected to witness a steady growth rate in the coming years, driven by investments in new production units by leading manufacturers. Merger and acquisition activities among the prominent players in the global flexographic printing machine market are expected to create positive growth momentum in the future. In addition, collaborations between automation providers and manufacturers are further contributing to this momentum. The presence of competitive products such as offset printing have negatively influenced the sales of new flexographic printing machines; however, the rising adoption of automated flexographic printing machines and the increasing replacement rate expected to positively affect market growth. Western countries are driving the adoption of 6 color & above flexographic printing machines, which is expected to increase revenue generation during the forecast period. Growing investments in Asia for the production of foods and beverages are expected to support the growth of the flexographic printing machine market during the projected period. Further, strengthening of the distribution channel in developing economies is expected to further drive the sales of flexographic printing machines.
Some of the leading players reported in this study on the global flexographic printing machine market are Bobst Group SA, Gallus (Heidelberger Druckmaschinen AG), Koenig & Bauer, KOMORI Corporation, Mark Andy Inc., WINDMOELLER & HOELSCHER CORPORATION, and Barry-Wehmiller Companies, among others. Key participants in the global flexographic printing machine market, a number of which are multinational players, offer flexographic printing machines for packaging and labelling applications in various regions. In addition, manufacturers of intelligent servo drives for flexographic printing machines from Europe and Asia are exporting their machines to developing regions, such as ASEAN countries. In recent times, competition in the global market has intensified, which has created opportunities for collaborations with sales and distribution companies. Many Chinese players are offering low-cost stack type flexographic printing machines, which is supporting sales in the Asian region, but negatively affecting the market share of Western players. Indian players are observed to be targeting regions such as Middle East and Africa and ASEAN countries. During the forecast period, competition in the market is expected to further intensify with the growth of Asian players.