The global flexographic printing plate market is expected to witness a CAGR of 7.8%, and is projected to reach USD 1,592.4 million by 2024. Advancement in flexographic printing technology over the past few years to manufacture high quality final product are the key factors leading to the greater demand for flexographic printing plates. Printing plate is a key component in print industry to overcome and resolve printing challenges.
Printing plates is generally used in package printing of paper and plastic film, However, its applications have become more diverse in recent years. The market for flexographic packaging printing has grown significantly year over year. Technological advances have turned flexo plate making into a controllable, exact science providing boost to the market growth.
Packaging printing application drives the market holding the largest share over the forecast period.
Flexogrpahy is majorly used in flexible packaging driven by consumer demand for products easy to handle coupled with shelf appeal. Flexographic printing plates provide the high and consistent quality including fine screens and vignettes and smooth solids on all commonly used substrates. Growing awareness and adoption of sustainable packaging have led to an increasing demand for flexographic printing plates. Further, advancement in plate technology including digital flexo plates highly compatible with different inks has open new avenues for packaging printing application across various end-user industry.
Flexographic printing plate Market – Regional insight
North America holds the largest market share in the global flexographic printing plate market in 2017. Growing demand for diversify print products coupled with advancement in printing plate technology has led to greater demand for the plates across various end-user industries. Asia-pacific is expected to grow at high CAGR over the forecast period. Rising competition, consumer awareness and increasing disposable income, as well as demand for aesthetically appealing packaging and sustainable printing has led to greater demand for flexographic printing plates in the region. China, India and Malaysia are the key markets in the region and creates favourable condition for market growth over the forecast period.
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