According to a new report published by Allied Market Research, titled, “Digital Textile Printing Machine Market: Global Opportunity Analysis and Industry Forecast, 2017-2024,” the global digital textile printing machine market was valued at $647 mn in 2017, and is expected to reach at $1,248 mn by 2024, growing at a CAGR of 10.0 per cent during the forecast period. The direct-to-fabric segment accounted for more than half of the market share in 2017 and is expected to witness significant growth during the forecast period.
Digital textile printing machine is a mechanical machine that prints graphics or designs directly on the fabric using computer software and inkjet technology. There is an increase in demand for the machine, owing to the increase in demand for fast and short run products, rise in sales of clothing and homecare products through e-commerce, and growth in its applicability in the lifestyle, promotional, and advertisement products. In addition, huge benefits offered by the machines and increased awareness about eco-friendly products are expected to propel the market growth. However, enduring competition from traditional textile printing machines pose a threat to the market growth.
The clothing & apparel has the largest market share in the digital textile printing machine market during the forecast period. Its market share is expected to grow because of the new varying fashion trends, and increased demand for branded clothing by consumers. Furthermore, others such as industrial furnishing, corporate furnishing, and packaging in the application segment is expected to grow at the highest CAGR during the forecast period, owing to rise in demand for automotive textiles, packaging of products, corporate furnishing, and event management shows.
Some of the key findings from the report are:
- By process type, the direct-to-fabric segment dominated the market in 2017, in terms of revenue and is projected to grow at a CAGR of 9.7 per cent during the forecast period
- The clothing & apparel segment generated the highest revenue in 2017, and is estimated to grow at the growth rate of 8.9 per cent
- In 2017, Europe was the dominant region in terms of revenue; however, Asia-Pacific is anticipated to grow at the highest CAGR in the market
- In Europe, Italy accounted for more than one-fourth of the market share in 2017