Value in the world print market continues to expand, having risen +2.28% since 2018, this will reach $910.8 billion in 2023, according to the latest exclusive data from Smithers. Available to purchase now in the market report – The Future of Global Printing to 2028 – Smithers expert forecasting shows the market will expand at a +1.7% compound annual growth rate (CAGR) to reach $988.6 billion in 2028, at constant prices. 

Print volumes have declined notably across the past five years, with over 5 trillion A4 equivalent disappearing from annual output. This decline in now plateauing, reaching 44.67 trillion A4 prints in 2023; but profound changes in print supply chains are still needed to match evolving technology and customer demands. 

Demographics are shaping the evolution of print demand, with nearly all volume expansion set for Asia and smaller developing markets, in the Middle East and Africa. Across the 51 countries profiled by Smithers, the fastest growth will occur in emerging markets such as Vietnam and the Philippines. The greatest increase will come in China however, where print value is set to expand by $44.79 billion across the next five years. 

Across its 2023-2028 Smithers analysis tracks how the greatest gains will be made in packaging and labels work (+2.9% CAGR); while publications and many graphic print segments continue to decline. Newspaper and magazine circulations will continue to decline in the face of competition from online media, although there is a more positive outlook for book printing (+3.4% CAGR), including wider deployment of long-tail and print-on-demand buying models. Most traditional graphics applications (advertising, catalogues, directories, transaction print) will continue to decline, although commercial print markets are forecast to witness a moderate recovery (+0.9% CAGR) through 2028. 

Print buying is also changing, with customers prioritizing agility and fast response in job turnaround. This is pushing to greater use of advanced workflow software, web-to-print platforms, and digital (inkjet and toner) presses to manage these cost-effectively. These can also be much more lucrative for print service providers. Smithers data show that in 2023 digital accounts for just 3.8% of global output; but will secure 16.3% of revenue.

Digital print and automation are the focus for most OEMs, with multiple new presses set to debut at Drupa 2024. This is pushing for the development of much higher capacity inkjet machines in packaging work. Superior print resolution, which can increasingly match that of the best colour litho, will see inkjet make inroads into the sheetfed sector with new installations for B3, B2 and B1 format machines, as well as challenging toner in many applications. 

These broad trends will also be reflected in print consumables. Ink volumes will increase especially for inkjet formulations, with a new premium on more sustainable formulations emerging in all print processes. By contrast, the shift away from traditional analogue work will see a drop in demand for printing plates; except in flexo, which will be sustained by demand for long-run packaging jobs. 

Declining volumes and increased uptime mean that sales of new print equipment are declining, with fewer presses handling more jobs, with improved efficiency and turnaround. Smithers market data show that in 2023 global sales of print equipment reached $16.80 billion, worldwide; down from $19.20 billion in 2018. A further decline in sales (-0.5% CAGR) is forecast through to 2028, placing a new emphasis on OEMs to innovate and offer post-sale services to press operators. 

In a parallel trend, print businesses are offering services well beyond traditional ink-on-paper and finishing activities – such as stock management, warehousing, and mail response handling – as well as diversifying into new segments like home décor printing. 

Combining expert technical, demographic, and market analysis; The Future of Global Printing to 2028 provides an invaluable strategic insight on the next five years of this rapidly evolving sector. This is quantified in granular detail via a dataset of over 400 tables and figures, segmenting the market by: 

• Print process – Sheetfed litho, Heatset web offset, Coldset web, Gravure, Flexo, Screen, Letterpress, Electrophotography, Inkjet, Other
• End use application – Books, Magazines, Newspapers, Directories, Catalogues, Advertising, Commercial print, Photobooks, Transactional print, Security print, Labels, Packaging 
• Print substrate – Newsprint, Uncoated mechanical, Coated mechanical, Uncoated woodfree, Coated woodfree, Other paper, Packaging board, Foil, Film, Other
• Geographic region – Western Europe, Eastern Europe, North America, Latin America, Asia, Australasia, Middel East, Africa; and 51 leading national markets.