Functional Printing Market Growth and Sales forecast 2024

The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.

The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry. The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry.

In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.

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The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.

They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.

The functional printing market is a research study which covers printing technologies in addition with functional inks employed for printing electronics. Multiple technologies used in the market include screen, inkjet, gravure, flexo and others. Various applications of functional printing include sensors, displays, lighting, batteries, photovoltaic, medical and RFID.

Demand for new low cost electronic products lead to the demand of functional printing globally. This is made possible with the introduction and development of new printing technologies and materials. Traditional printing techniques such as flexography, inkjet, gravure and screen have been developed and modified which made them capable of printing on a wide range of substrates with the use of functional inks. At present, the screen printing technique has highest share in functional printing market owing to its higher reliability. Screen printing is primarily used in the making of sensors and RFID antennas. In addition, functional printing market enjoys huge opportunity and is being used to manufacture RFID chips, sensors and OLED displays and so on.

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Multiple substrates such as graphene are being developed for printed products. These materials are responsible for production of reliable and robust electronics. New ink such as graphene and other substrates are enabling the companies to adopt printed electronics technology with the use of functional printing. In addition, rising demand for displays, biosensors and RFID tags is driving the functional printing market. The current printing technologies are not specially planned for the purpose of functional printing. Although, now companies are bringing up new printing technologies especially designed for printing electronics.

The major players in functional printing market include

• Avery Dennison Corporation,
• Blue Spark Technologies,
• E Ink Holdings Inc.,
• Kovio Inc.,
• Nano Solar Inc.,
• Novaled AG,
• Palo Alto Research Center Incorporated,
• Toyo Ink SC Holdings Co Ltd,
• Vorbeck Materials,
• Xaar PLC.,
• Xennia,
• BASF SE,
• DuraTech Industries Inc.

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