Printer Ink Cartridge Market Forecast 2023 - 2030

By Type:

The type segment is classified into dry sublimation ink, aqueous ink, solvent ink, eco-solvent ink, indigo ink, and others. The aqueous ink segment accounted for the largest market share in 2022 as the ink is employed in a wide range of printing applications, including office documents, graphics, photography, and fine art prints. Additionally, the advancements in technology including the emergence of Radiant Infusion technology to enhance color accuracy and sharpness is also contributing notably for delivering high-quality prints. Moreover, aqueous ink offers a wide color gamut and reproduces vibrant colors, further propelling the growth of the printer ink cartridge market. For instance, in October 2021, Canon launched the PROGRAF series printers with 10 pigmented aqueous inks. The ink is produced using radiant infusion technology to improve the brightness and softness of the prints.

Solvent ink is expected to register the fastest CAGR in the printer ink cartridge market owing to the ability to adhere to various substrates, including vinyl, fabric, and banner materials, suitable for outdoor signage and vehicle wraps that require long-lasting prints. Additionally, solvent ink offers excellent resistance to outdoor environmental conditions namely UV exposure, moisture, and abrasion. Moreover, prints made with solvent ink have the ability to withstand harsh outdoor conditions for extended periods without fading and are projected to drive the growth of printer ink cartridges in the upcoming years.

By Design :

The design segment is bifurcated into thermal and piezoelectric. Thermal ink cartridges accounted for the largest market share in 2022 as the cartridges are more cost-effective compared to other types of ink cartridges and offer fast print speeds, suitable for high-volume printing applications. The thermal printing process enables quick and efficient printing to produce high-quality prints with sharp text and graphics. Furthermore, thermal ink cartridges are capable of achieving precise dot placement and accurate color reproduction, resulting in clear and vibrant prints. For instance, in May 2020, Domino Printing Sciences (Domino) announced the launch of thermal inkjet printers that uses thermal ink cartridges to offer a fast and efficient printing experience to users. Thermal inks deliver high-quality prints at an affordable price, hence contributing significantly in accelerating market growth.

Piezoelectric ink cartridges are expected to register the fastest CAGR in the printer ink cartridge market by offering greater flexibility in terms of print head design. The piezoelectric printer inks allow for precise control over the droplet size and placement, enabling high-resolution prints with fine details suitable for fine art, photography, and graphic design. Additionally, piezoelectric ink cartridges are compatible with a broader range of inks, including aqueous, solvent, UV-curable, and eco-solvent inks, further accelerating the growth of the market. Consequently, the ability of thermal printer inks to offer improved flexibility and compatibility is anticipated to drive the market growth in upcoming years.

By Sales Channel :

The distribution channel is bifurcated into online and offline. The offline segment accounted for the largest revenue share in the year 2022 as offline channels have an extensive physical presence, allowing customers to conveniently browse, compare, and purchase ink cartridges in-store. Additionally, offline retail channels provide a personalized customer experience to seek guidance, ask questions, and receive immediate assistance in selecting the right ink cartridges for the specific printer models and requirements. 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 in boosting the growth of the offline segment.

The online segment is expected to emerge as the fastest-growing segment during the forecast period. Online distribution channels offer the convenience of easily browsing through a wide range of ink cartridges, comparing prices, reading reviews, and make purchases. In addition, customers have the flexibility to choose from an extensive product selection, including compatible and remanufactured cartridges, inks for specific printer models, and specialty inks for different applications. Moreover, the facility of home delivery provided by online sales channels is further contributing to the growth of the printer ink cartridges market.

By Application :

The application segment is trifurcated into inkjet printers, inkjet fax machines, and all in one machine. Inkjet printers accounted for the largest market share of 47.32% in 2022 as the cartridges provide the ink needed to produce high-quality text and graphics on paper. Additionally, 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. Moreover, the emergence of advanced technologies including MEMS (Micro-electro Mechanical System) delivers high-quality and accurate prints reducing the risk of failure and ensuring high drop ejection stability is also propelling the market growth. For instance, in November 2021, Ricoh launched the inkjet printhead RICOH TH6310F that employs advanced printer ink cartridges to provide high-quality prints. The product encompasses MEMS technology to deliver accurate prints, ensuring high drop ejection stability.

All in one machines are expected to witness the fastest CAGR during the forecast period in the printer ink cartridge market. Printer ink cartridges play a crucial role in the functionality of all-in-one machines by combining multiple functions into a single device including printing, scanning, and copying. The ink cartridges supply ink to the printer mechanism, allowing to produce high-quality prints. Consequently, the ability of printer ink cartridges to perform multiple functions in all in one machine is anticipated in driving the market growth in upcoming years.

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By End-User :

The end-user segment is bifurcated into residential and commercial. The commercial segment accounted for the largest market share in 2022 as printer ink cartridges are utilized in a wide range of official documents, including reports, memos, presentations, invoices, and contracts. Additionally, commercial entities rely on printer ink cartridges for producing marketing materials namely brochures, flyers, posters, catalogs, and promotional materials. Moreover, the advancements in technology including InkTank technology enable high-quality printing, scanning, and copying at low-cost is further accelerating the growth of the market. For instance, in December 2020, Epson introduced EcoTank L15160 with advanced ink refilling system designed specifically for commercial applications. The product utilizes InkTank technology to deliver high quality prints, thus contributing notably in bolstering the growth of the printer ink cartridge market.

The residential sector is projected to witness the fastest CAGR during the forecast period in the global printer ink cartridge market. Printer ink cartridges are deployed for printing various documents in residential settings including school assignments, personal documents, and resumes. Additionally, printers are also important for printing photos at home, further driving the adoption of printer ink cartridges in the residential sector during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

North America accounted for the largest revenue share in the year 2022 owing to the high adoption rate of digital printing technologies that rely on inkjet printers and ink cartridges. Digital printing offers advantages including faster turnaround times, cost-effective short print runs, and customization options, leading to increased demand for ink cartridges in the region. Consequently, the expansion in the digital printing sector is the key factor responsible for fueling the growth of the printer ink cartridge market in North America.

Asia Pacific accounted for USD 3725.26 Million in 2022 and is anticipated to witness the fastest CAGR of 6.7% accounting to USD 6,137.84 Million in the printer ink cartridges market in 2030. In addition, in the region, China accounted for the maximum revenue share of 29.5% in the year 2022. The growth of the market is attributed 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. In addition, Asia Pacific has several leading printer and ink cartridge manufacturers that have a strong focus on research and development, leading to the development of advanced ink cartridge technologies. For instance, in January 2023, Canon India launched multi-purpose PROGRAF TC-20 printer with 4-colour pigment ink deliver high-quality prints.