Product Launch and Development and Expansions have been the Key Strategies Adopted by Companies to Strengthen their Business and Gain a Competitive Advantage in the Digital Textile Printing Market.
The digital textile printing market is expected to reach USD 2,314.5 Million by 2023 from USD 1,763.4 Million in 2018, at a CAGR of 5.59% between 2018 and 2023. The market has been segmented on the basis of printing process, ink type, application, and geography.
Product launch and development and expansions have been the key strategies adopted by companies to strengthen their business and gain a competitive advantage in the digital textile printing market. This strategy accounted for a share of 56% of the overall growth strategies adopted by the key players between January 2015 and January 2018. In addition to product launches and developments and expansions, the companies also adopted agreements, acquisitions, and collaborations to expand their product portfolio, sales, and distribution network. This strategy significantly increased their market shares and strengthened their position in the overall digital textile printing market. These strategies collectively accounted for 44% of the overall growth strategies adopted by key market players between January 2015 and January 2018.
Seiko Epson is primarily engaged in developing, manufacturing, selling, and providing services for products in printing solutions, visual communications, wearable and industrial products, and other businesses. Seiko Epson has production and R&D sites in 29 locations around the globe. The company operates through four business segments: printing solutions, visual communications, wearable & industrial products, and other businesses. The printing solutions segment comprises printer business, professional printing business, and others. The businesses in this segment leverage Epson’s original Micro Piezo and other technologies to develop, manufacture, and sell products. The printing solutions business primarily includes home and office inkjet printers, Serial Impact Dot Matrix (SIDM) printers, page printers, color image scanners, and related consumables as well as office papermaking systems. Seiko Epson Corporation announced two new hub sites dedicated to the development of new industrial digital textile products. The Innovation Research Lab is focused on ink technology R&D and has been created by Epson in partnership with For.Tex (Italy). The Printing Research Center, in collaboration with F.lli Robustelli, would help in future development of Epson inkjet core technology dedicated to textile printing. Seiko Epson also invested approximately USD 0.14 billion to construct a new building (named Innovation Center Building B) on the campus of its Hirooka Office, in the city of Shiojiri in Nagano, Japan. The new building has a test laboratory for digital textile printing with a total floor area of 37,650 m˛.
Mimaki Engineering was founded in 1975 and is headquartered in Nagano, Japan. It is a Japan-based company engaged in the manufacture and sale of inkjet printers, textile printers, flatbed printers, cutting plotters, and others. Mimaki is an innovator and a pioneer in the development of digital printing and cutting products worldwide. Mimaki uses inkjet printing technology and cutting technology to develop innovative products. It develops inkjet printers, cutting plotters, modeling plotters, and software. The company has segmented its industrial inkjet printer business into three different categories: Sign Graphics (SG) market, Industrial Products (IP) market, and Textiles & Apparel (TA) market. The SG market includes inkjet printers to produce products such as advertisements and signboards. The IP market includes inkjet printers to manufacture products such as industrial products and parts. The TA market includes inkjet printers to print on fabrics and clothing. In December 2017, Mimaki Engineering acquired the operations (manufacturing and sales of pre- and post-processing equipment for digital textile printing) from Rimslow Global Pty. Ltd. (Australia). Rimslow was involved in the development, manufacturing, and sales of pre- and post-processing equipment (coating machines, steamers, washers, etc.) for digital textile printing. Also, in June 2017, Mimaki Engineering established a joint venture company with Italian BOMPAN S.r.l (Italy). The new joint venture Mimaki Bompan Textile S.r.l (Italy) looks after the sales and maintenance services for inkjet printers, cutting plotters, and related consumables (inks, etc.).
Related Reports:
Digital Textile Printing Market by Printing Process (Roll to Roll, DTG), Ink Type (Sublimation, Pigment, Reactive, Acid), Application (Textile & Decor, Industrial, Soft Signage, Direct to Garment), and Geography - Global Forecast to 2023
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