[137 Pages Report] The microprinting market is expected to grow from USD 525 million in 2019 to USD 670 million by 2024, at a compound annual growth rate (CAGR) of 5.0%
According to the new market research report "Microprinting Market by Substrate Type (Plastic, Paper, Metal), Print Type (Single-Sided, Double-Sided), Type (Monochrome, Color), Application (Banking & Finance, Government, Packaging, Healthcare, Education, Corporate), Geography - Global Forecast to 2024", The microprinting market is projected to reach USD 670 million by 2024, growing at a CAGR of 5.0% from 2019 to 2024. Standards and regulations in the banking sector, and technological advancement in microprinting technology are a few major factors driving the growth of the microprinting market.
Single-sided print type to hold major share of microprinting market during forecast period
Single-side microprinting is done on check slips, stamps, official documents, medical prescription and reports, packaging labels, and a few ID cards.
The growth of this market is mainly attributed to its widespread use in government, education, and corporate applications. Almost all postage stamps, check slips, event ID cards require single-sided microprinting.
Moreover, the packaging industry adopts single-sided microprinting to protect products from duplicity. Matica Technologies AG (Germany), one of the leading financial card providers, offers XID8600 printer, which supports single-sided microprinting on cards.
The XID8600, a premium quality printer, could be used for ID card printing. It has the ability to produce up to 120 single-sided cards per hour.
Banking & finance application to dominate microprinting market during forecast period
The banking & finance application is expected to hold the largest market share of the microprinting market during the forecast period. The growth of this market is attributed to the increasing demand from banking and financial sectors for anti-counterfeit tools and printers for counterfeit deterrence.
Banking & finance application uses microprinting for various banking documents, including check slips, currency/banknotes, financial or payment cards, ID cards. Microprinting technology focuses on fulfilling these demands by printing microscopic text.
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APAC to hold major share of microprinting market by 2025
APAC is likely to be the leading region in the adoption of microprinting technology. APAC is witnessing increasing use of microprinting technology-based printers owing to the presence of a large number of bank and finance organizations, government agencies, and corporate companies.
Moreover, growing demand for security and anti-counterfeit measures in banking and finance, government, and education sectors is expected to drive the growth of the microprinting market in APAC. In addition, the markets in India, Japan, and China are more likely to govern the microprinting market in the coming years, in terms of adaptability and market size.
Moreover, countries such as India and China are expected to witness high growth in the microprinting market because of growing developmental activities and rapid economic expansion.
Xerox Corporation (US), Videojet Technologies, Inc. (US), Matica Technologies AG (Germany), Brady Corporation (US), Zebra Technologies Corporation (US), HP Inc.
(US), Ricoh Company Ltd. (Japan), Canon Finetech Nisca Inc. (Japan), Source Technologies (US), SAFEChecks (US), Xeikon (Netherlands), Domino Printing Sciences PLC (UK), Control Print Ltd.
(India), Data Carte Concepts (Canada), Evolis (France), Micro Format, Inc. (US), Spectrum Positive (UK), Printegra (US), Trustcopy (Singapore), and William Frick & Company (US) are major players in the microprinting market.
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