(EMAILWIRE.COM, August 01, 2019 ) 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.

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Based on substrate, paper to be largest contributor in microprinting market in 2019

The large market share can be attributed to the high implementation of microprinting technology in paper-based banknotes, check slips, and postage stamps to avoid counterfeit. For example, the Federal Reserve System (US) and the European Central Bank (UK) widely use microprinting in its currency for security purpose. Most banknotes are made of paper, and almost all papers are made from cotton fibers to increase the strength and durability. In some cases, linen or forensic fibers are added to give paper added individuality and protect against counterfeiting.

Single-sided print type to account for larger market by 2024

In terms of value, single-sided microprinting is likely to account for a larger share of the overall microprinting market by 2024. The growth is mainly attributed to the wide acceptance of single-sided microprinting in government, education, and corporate applications. Almost all postage stamps, employee ID cards, event badges, and membership ID cards use single-sided microprinting.

Browse and in-depth TOC on "Microprinting Market"

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Microprinting market in APAC to grow at highest CAGR during forecast period

APAC is witnessing increasing use of microprinting technology-based printers owing to the presence of a large number of banking and finance organizations, government agencies, and corporate companies. The banking and finance sector of China, Japan, and India are heavily deploying microprinting technology while designing banknotes and check books. Increasing incidences of fraudulent activities and introduction of fake currency are factors that help drive the growth of the microprinting market.

Moreover, the growth of the market is attributed to the high adoption of microprinting technology in packaging application. China is the biggest product manufacturer for consumer electronics, and it exports a huge number of products across the world. It is necessary for manufacturers to have proper packaging, along with product information, which enables easy product identification and avoids product duplicity.

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Key Market Players

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 among the major players in the microprinting market.

Xerox is a leading provider of MicroText marks printing solutions across the world. The company invests USD 0.45 billion in R&D and engineering annually. It also pursues acquisitions in targeted growth areas to improve portfolio mix and drive more profit. For instance, in May 2017, Global Imaging Systems (GIS), a subsidiary of Xerox, acquired MT Business Technologies (US) to expand its sales channels with multi-brand office solution dealers and strengthen its position in the microprinting market. The company adopts acquisitions as its growth strategy to expand distribution in under-penetrated markets, including APAC, Africa, and RoW.

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