The global 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%. Major factors driving the growth of the microprinting market are standards and regulations in the banking sector, and technological advancement in microprinting technology.
Major players in the microprinting market include 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). These players have adopted various growth strategies, such as product launches and developments, to further expand their presence in the global microprinting market. Agreements, acquisitions, expansions, partnerships, and investments have been the most preferred strategies adopted by key players from 2017 to 2018, which helped them strengthen their product portfolio and broaden their customer base.
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Xerox is a leading provider of MicroText marks printing solutions across the world. It 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.
Videojet Technologies mainly focuses on its organic growth to strengthen its position in the microprinting market. For instance, in 2018, Videojet Technologies launched a 70-micron nozzle for Videojet 1860 continuous inkjet printer. Also, in 2015, the company launched 2 products Videojet 1650 HR and Videojet 1620 HR (CIJ) that support microprinting. These printers address the demands from electronics, components and cable industries, as well as other industries, which require ultra-small printing capabilities.
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
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