The microprinting market is likely to attain a valuation of USD 751.8 Mn at a CAGR of 5.91% by the end of 2024. The microprinting market stood at USD 541.2 Mn in 2018.
Microprinting is the creation of recognizable, extremely fine size patterns at a medium scale. It is a security feature that is adopted across various industry verticals to prevent forgery of official documents. Micro-printing, as an anti-counterfeiting technique, is widely used in documents, currencies, and cheques. Market Research Future (MRFR) has recently published a study on the global microprinting market and has indicated positive growth pattern in the market over the forecast period of 2019-2024. As per MRFR's analysis
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Elevating need for security in the banking and finance sector is a prime factor driving the growth of the microprinting market. Copying microprinted legal documents becomes impossible as micro characters appear as a series of dots or a solid line, and hence, counterfeiting can be prevented. Continued demand from legal institutions substantiates the growth of the market. The printing of currencies requires the highest level of counterfeiting deterrence, and thus, microprinting in currency printing is among the most common use of micro-printers. The governments in various countries are taking preventive steps to inhibit currency counterfeiting which is further fueling the growth off the market. Other factors contributing the market growth include the application of microprinting on miniaturized electric components, wires and cables, and other products which require product traceability. Furthermore, the sophistication of microprinting technology and cost-effective options have induced greater demand within the market.
The global microprinting market has been segmented based on ink type, substrate type, and application.
By ink type, the microprinting market has been segmented into micro-embossing, UV invisible inks, special inks, magnetic inks, infrared ink marking, and others. The magnetic ink segment is leading the market owing to its growing application in the banking & finance sector to prevent counterfeiting. However, the micro-embossing segment is anticipated to be the fastest-growing segment over the forecast period.
By substrate type, the microprinting market has been segmented into plastic, paper, and metal. Growing application of microprinting by banks for the printing of currencies and cheques is driving the growth of the paper segment. The plastic segment is likely to showcase remarkable growth over the forecast period.
By application, the microprinting market has been segmented into BFSI, packaging, education, healthcare, government, consumer electronics, corporate, defense, and others. The banking and finance sector held the largest share of the market in 2018 and is expected to exhibit remarkable growth over the forecast period. Microprinting for licenses and identity cards would spur the growth of the government segment over the forecast period.
The notable players in the microprinting market include Matica Technologies AG (Germany), Xerox Corporation (US), Diagramm Halbach GMBH (Germany), Saueressig GmbH Co KG (Germany), Brady Corporation (US), Videojet Technologies, Inc. (US), Printegra (US), Ricoh Company Ltd. (Japan), Team NiSCA (US), Gallas Label & Decal (US), and Hewlett-Packard Company (US).
Domino Printing Sciences PLC (UK), Control Print Ltd. (India), SAFEChecks (US), Data Carte Concepts (Canada), and Source Technologies (US) are some of the other players operating in the microprinting market.
April 2019 - Microlight3D, a manufacturer of high-resolution 3D microprinting technologies, announced the acquisition of Smart Force Technologies (SFT), producer of maskless lithography systems for micro-scale 2D printing. With the acquisition, Microlight3D added 2D printing capabilities to its microprinting portfolio.
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By region, the microprinting market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The APAC is at the forefront of the global microprinting market. Accelerated adoption of technology in emerging economies such as India, China, and Japan are contributing to the growth of the market. Expanding consumer electronics industry in the region, where microprinting is being extensively used for packaging has boosted the growth of the market.
The North America microprinting market is driven by continued demand from the banking & finance, and packaging sector.
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