Printer Ink Cartridge Market to Hit $ 22,996.79 Mn by 2030, Exhibiting a CAGR of 6.4%
Global printer ink cartridge market is projected to register a CAGR of 6.4% during 2023-2030, owing to the increasing demand from the education sector to print worksheets, research papers, and administrative documents.
New York, June 09, 2023 (GLOBE NEWSWIRE) — As per the research report “Global Printer Ink Cartridge Market” published by Consegic Business Intelligence, the market was worth USD 14,273.03 Million in 2022 and is anticipated to reach over USD 22,996.79 Million by the year 2030, growing at a CAGR of 6.4%.
A printer ink cartridge is defined as a removable component of a printer that contains ink for printing documents or images on paper. An ink cartridge is a small container made of plastic that holds the ink and is designed to be easily inserted and removed from the printer. Additionally, ink cartridges are available in distinct colors namely black, cyan, magenta, and yellow, and are replaced at regular intervals as the print quality deteriorates.
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The increasing demand for printer ink cartridges, particularly from educational institutes and small enterprises to produce high-quality print at low-cost serves as the key factor responsible for driving the growth of the printer ink cartridge market. Additionally, the improvements in the cartridges including the emergence of radiant infusion technology to print large text documents precisely by reducing the downtime is also contributing significantly in propelling the market growth. For instance, in November 2021, Canon introduced the All in One PIXMA E4570 Printer equipped with advanced cartridges for educational institutes and small businesses. The cartridges have the ability to print approximately 400 prints of text documents at an affordable price, thus contributing notably in bolstering the market growth.
The increasing demand to develop eco-friendly and sustainable printing solutions to minimize environmental impact is projected to create potential opportunities for the growth of the market. The incorporation of recyclable material and bio-based non-toxic ink formulations with ink cartridges is expected to drive market growth in upcoming years. However, the presence of volatile organic compounds (VOCs) in ink cartridges leads to respiratory irritation including coughing, sneezing, and wheezing, which in turn is hampering the growth of the market.
|Report Attributes||Report Details|
|Market Size By 2030||USD 22,996.79 Million|
|Key Players||HP Development Company, L.P., Seiko Epson Corporation, Ricoh Company, Ltd., Brother Industries, Ltd., Canon Inc., Samsung Group, Fuji Xerox Co., Ltd., Lexmark International, Inc., Dell Inc., Marabu GmbH & Co. KG|
|By Type||Dry Sublimation Ink, Aqueous Ink, Solvent Ink, Eco Solvent Ink, Indigo Ink, and Others|
|By Design||Thermal and Piezoelectric|
|By Sales Channel||Offline and Online|
|By Application||Inkjet Printers, Inkjet Fax Machine, and All in one Machine|
|By End-User||Residential and Commercial|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more|
|By Region||North America, Europe, Asia-Pacific, Latin America, Middle East & Africa|
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Printer Ink Cartridge Market Growth Drivers:
- The increasing demand from the education sector for printing worksheets, research papers, and administrative documents is driving the growth of the market.
- The rising demand of printer ink cartridges from professional photographers to deliver high-quality and accurate prints is accelerating the growth of the market.
- The emergence of advanced technology including radiant infusion technology to enhance color accuracy and sharpness is propelling the market growth.
- Presence of volatile organic compounds (VOCs) in printer ink cartridges leads to respiratory disorders and hampers the market growth.
- The solvents used in printer ink formulations including methylene chloride, corrosive acids, and alkalis are toxic in nature and contribute to air pollution, thus restraining the growth of the market.
- The increasing demand to develop eco-friendly and sustainable printing solutions to minimize environmental impact is projected to create potential opportunities for the growth of the market.
Global Printer Ink Cartridge Market Segmentation Details:
Based on Type, the aqueous ink segment contributed the largest shares to the market growth in 2022. The growth is attributed to the ability of aqueous ink to be employed in a wide range of printing applications, including office documents, graphics, photography, and fine art prints. In addition, aqueous ink offers a wide color gamut and reproduces vibrant colors using radiant infusion technology, further propelling the growth of the printer ink cartridge market.
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Based on Design, the thermal ink cartridges segment offered substantial shares to the global printer ink cartridge market in the year 2022. The growth of the market is attributed to the ability of thermal ink cartridges to offer fast print speeds, suitable for high-volume printing applications. In addition, thermal ink cartridges are capable of achieving precise dot placement and accurate color reproduction, resulting in clear and vibrant prints. Consequently, the aforementioned factors, including improved speed and high quality prints are collectively responsible in accelerating the growth of the market.
Based on Sales Channel, the offline segment holds the maximum share of the market growth in the year 2022. Offline channels have an extensive physical presence, allowing customers to conveniently browse, compare, and purchase ink cartridges in-store. Furthermore, offline retail allows customers to physically examine ink cartridges before making a purchase by checking product specifications, inspecting packaging, and verifying compatibility. The aforementioned factors are, thus collectively responsible for boosting the growth of the offline segment.
Based on Application, the inkjet printers segment contributed the largest shares to the market growth in 2022. Inkjet printers have the ability to reproduce vibrant colors and fine details using printer ink cartridges to deliver high-resolution prints, enabling the creation of professional photographic prints. Additionally, the emergence of advanced technologies including MEMS (Micro-electro Mechanical System) offers high-quality and accurate prints reducing the risk of failure and ensuring high drop ejection stability is also propelling the market growth.
Based on end-user, the commercial segment offered substantial shares to the global printer ink cartridge market in the year 2022. The growth of the market is attributed to the increasing adoption of printer ink cartridges to print reports, memos, presentations, invoices, and contracts. Additionally, commercial entities rely on ink cartridges for producing marketing materials namely brochures, flyers, posters, catalogs, and promotional materials, further increasing the adoption of printer ink cartridges in the commercial sector.
Based on region, North America has been a major contributor to the growth of the printer ink cartridge market. The growth of the market is attributed to the high adoption rate of digital printing technologies that rely on inkjet printers and ink cartridges. Additionally, digital printing offers advantages namely faster turnaround times, cost-effective short print runs, and customization options, leading to increased demand for ink cartridges in the region.
- In November 2022, Canon launched refillable ink tank printers to offer high-quality prints at a low cost. The cartridges are easy to maintain and are easily replaceable to deliver accurate prints at a faster speed.
- In October 2020, Cartridge Evolution and Fort Lee launched first ink cartridge recycling program in New Jersey State.
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List of Major Global Printer Ink Cartridge Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- HP Development Company, L.P.
- Seiko Epson Corporation
- Ricoh Company, Ltd.
- Brother Industries, Ltd.
- Canon Inc.
- Samsung Group
- Fuji Xerox Co., Ltd.
- Lexmark International, Inc.
- Dell Inc.
- Marabu GmbH & Co. KG
Global Printer Ink Cartridge Market Segmentation:
- By Type
- Dry Sublimation Ink
- Aqueous Ink
- Solvent Ink
- Eco Solvent Ink
- Indigo Ink
- By Design
- By Sales Channel
- By Application
- Inkjet Printers
- Inkjet Fax Machine
- All in one Machine
- By End-User
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Key Questions Covered in the Printer Ink Cartridge Market Report
- What will be the potential market valuation for the printer ink cartridge industry by 2030?
– The market valuation for the printer ink cartridge industry is expected to be approximately USD 22,996.79 Million by 2030 driven by the increasing adoption of printers in education and small businesses.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the printer ink cartridge market’s growth in the coming years?
– Asia Pacific is anticipated to have the largest impact on the Printer Ink Cartridge Market during the forecast period owing to the rapidly growing commercial sectors including retail and e-commerce. The sectors have extensive printing requirements for product labeling, packaging, marketing materials, and documentation, driving the demand for printer ink cartridges.
- What specific segmentation details are covered in the Printer Ink Cartridge Market report, and how is the dominating segment impacting the market growth?
– The report consists of segments including type, design, distribution channel, application, end-user, and region. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the type segment has witnessed aqueous ink as the dominating segment in the year 2022. The growth is attributed to the increasing applications of aqueous inks to print office documents, graphics, photography, and fine art prints.
- What specific segmentation details are covered in the medium Application switchgear market report, and how is the fastest segment anticipated to impact the market growth?
– The report consists of segments including type, design, distribution channel, application, end-user, and region. Each segment is projected to have the fastest-growing sub-segment fueled by industry trends and drivers. For instance, in the design segment, piezoelectric printers are expected to witness the fastest CAGR as the inks allow precise control over the droplet size and placement, enabling high-resolution prints with fine details suitable for fine art, photography, and graphic design.
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