Worldwide microprinting market is projected to cross US $800 million by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
As the number of cases of document forging are increasing, the governments around the globe are working on enhancing security and are adopting security printing techniques which in turn is driving the microprinting market. Dubai’s General Directorate of Residency & Foreign Affairs (GDRFA) detected more than 1000 fake travel documents at Dubai International Airport in April 2018 compelling the government to implement microprinting technique as a strong measure against forgery. Indian government is also applying microprinting for passport to enhance security.
Leading companies in the business sphere are offering advanced printing techniques for passport designing to ensure high security. Other technological innovations in microprinting with improved resolution, security, and quality are increasing the adoption of the product. One of the key players of the microprinting market, Videojet Technologies launched 1620 HR Continuous Inkjet (CIR) and 1650 High Resolution (HR) printer in April 2015 with the capability of printing text smaller than 0.6mm. Additionally, Xerox Corporation launched Xerox AltaLink Multifunction Printers in April 2019 which provides an extra layer of safety against network risks improving the security.
Based on the print type, the single-sided segment is presumed to dominate the product market owing to the necessity of adopting secure printing technologies for various packaging and government applications. The technique prevents the product duplicity by unique printing of packaging label, hence benefitting the packaging industry. While the government uses the single-sided technique for printing official documents, ID cards, and postal stamps. PR-C101 printers by NiSCA offers affordable printing solution for durable and high-quality micro printed plastic ID cards.
As cited in the report, the microprinting market from packaging applications is projected to witness significant growth owing to the adoption of detailed & informative packaging along with the ability to provide better product identification to avoid duplicity. With secure printing techniques, the manufacturers can safeguard their brand image globally. Moreover, shifting consumer product preferences are encouraging vendors to adopt microprinting for differentiating products, in turn bolstering the demand for the technique.
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In terms of regional prospect, Asia Pacific is anticipated to witness considerable growth over the forecast period. This can be attributed to the existence of numerous government agencies, banks and corporate organizations in the developing nations of the region. Swift economic expansion and burgeoning developmental activities in countries like India, China and Japan highlights the need for high-security and anti-fraudulent measures stimulating the growth of microprinting market in the region.
The key contenders of the microprinting market are focusing on developing microprinting solutions with features such as product marking, coding, and in-line printing to protect sensitive documents from fraudulent duplication. The companies profiled in the report include Control Print Ltd, Xerox Corporation, Videojet Technologies, Inc., William Frick & Company, Evolis, and Zebra Technologies Corporation.