A new report published by Allied Market Research titled, Mexico Digital Textile Printing Ink Market by Ink Type and Application: Opportunity Analysis and Industry Forecast, 2015-2023," the Mexico digital textile printing ink market was valued at $16 million in 2016, and is projected to reach $51 million by 2023, growing at a CAGR of 19.6% from 2017 to 2023. Based on type, the sublimation segment occupied approximately half share in 2016 in terms of revenue.
Digital textile printing inks are used on small garments such as promotional wear, t-shirts, and jackets. These inks are used on large format rolls of textile. The Mexico digital printing inks market has witnessed significant growth owing to increase in demand for advertisements and corporate branding such as flags, retail graphics, and banners.
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The growth in urbanization and increase in demand for corporate branding and advertisement has increased the growth of the market for digital textile inks in Mexico. The sublimation ink segment has witnessed major demand owing to increase in demand for dye-sublimation printer in computer printing applications. Furthermore, the demand for pigment-based inks is anticipated to witness growth owing to its excellent archival print life and color stability. Based on application, the display segment witnessed significant growth in 2016 owing to increase in demand for screen and pad applications. Clothing/garments and household segments are expected to create lucrative growth opportunities for Mexico digital printing inks market owing to increase in textile and household decorative applications. Rise in concerns related to health hazards associated with the toxicity of inks is projected to affect the overall market growth in the developed and the developing countries, but investments in R&D activities to produce novel textile printing inks are expected to provide opportunities for growth in the future.
Key Findings of the Mexico Digital Textile Printing Inks Market :
- The sublimation segment is expected to continue to dominate the Mexico digital textile printing inks market during the forecast period.
- The pigment segment is projected to witness the highest growth during the forecast period.
- In 2016, the display segment occupied more than 60% share of the market, in terms of revenue.
- East India is projected to register the highest growth rate in terms of value during the forecast period.
- Pigment base is anticipated to be the most lucrative material for India PVC pipes market during the forecast period.
Key players have economically invested majorly in R&D activities to develop advanced products to cater the requirements of the market. These players operating in the industry include AnaJet, BASF SE, DuPont, Huntsman Corporation, KIIAN Group, Hongsam, SPG Prints, LANYU Digital, Sawgrass, and Kornit Digital.
Major players in the industry invest significantly on R&D to launch of new products at a reasonable cost, expand their capacities, and to meet the growing consumer demands. Strategic acquisitions and collaborations are other major strategies adopted by these players.
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