Multi-Client Study

[2019 version of Inkjet Printing Market Forecast]

=Detailed market analysis of commercial printing, industrial printing hardware,

inks, and printheads=

June 2019

Data Supply Inc.

"The Latest Trend of the

Industrial Inkjet Market

Driven by China and Asia"

Market Report

“HP Scitex 15500 Corrugated Press” is HP’s flatbed inkjet printer

Komori’s Nanographic Printing system “Impremia NS40”Field test began in spring of 2019

“VEGA3000DT” by Atexco, China’s leading textile printer maker

Summary

<Overview> I. Theme [2019 version of Inkjet Printing Market Forecast]

“The Latest Trend of the Industrial Inkjet Market Driven by China and Asia” = Detailed market analysis of commercial printing, industrial printing hardware, inks, and printheads =

II. Abstract The environment surrounding the commercial and industrial printing is changing significantly. On

top of the worldwide prevalence of mobile devices and the rise of social media services, IoT- and AI-driven management in manufacturing and logistics is more common than ever, leading to an explosive growth of digital data. Amid this, personalized marketing to satisfy individual customer needs through analysis of increasingly growing digital data is becoming essential in many lines of business. In response, the printing industry is also trying hard to create a digital-based printing market away from the traditional analog printing. In the industrial digital printing market, the innovation-led inkjet method is becoming dominant,

whereas the electrophotography is reaching its limit in terms of non-paper media handling, printing media size, as well as productivity and costs. In contrast, inkjet printing is applicable to film, fabric, plastic, wood, and many other media, and supports B2 size printing more widely. There’s still room for improvement of productivity but inkjet printing is making steady progress, and in the industrial inkjet market, third-party inks were used to some degree to expand the market, which helped customers economically. By application, besides the conventional graphics and signage fields, ceramic tile printing has also

been covered mostly by inkjet technology, while inkjet textile printing has been successful in Italy. Looking forward, the inkjet technology is expected to make inroads into packages, labels, publication, and commercial printing among others. By country and region, China and Asia will lead the industry. People in the industry are especially carrying high hopes for China and other emerging nations in Asia to drive the market and its expansion as textile and package printing is closely linked to population and income growth backed by urbanization. Among them, China, which is becoming very concerned about environmental issues, can shift to industrial inkjet printing including the textile field quickly. Market watchers are closely observing the development. In the market, Japanese copier and printer manufacturers have distributed inkjet printheads

globally, and they have come to invest heavily in the inkjet business as their core market of office equipment was overcrowded at a faster pace. From this point on, they as hardware manufacturers will face competition with those from Europe and the US as well as China. In the meantime, fast growing inkjet technology will further be developed while upgrading levels and creating demand of inks and printheads. 2019 version of Inkjet Printing Market Forecast will be the third publication of the series, with

stronger focus on the Chinese market expected to grow further. The report also provides a detailed description of the inkjet technological trends. We hope many readers will find the report beneficial to their inkjet-related business. III. Items and Makers

1-1. Rival Markets

1-2. Inkjet-related Items (main theme of the report)

2. Makers 1) Hardware makers (18 makers in Japan and more than 80 from overseas) 2) Printhead makers (8 makers in Japan and 7 from overseas) 3) Ink makers (7 makers in Japan and more than 10 from overseas) 4) Dye and pigment makers (8 makers in Japan and several from overseas) 5) Others (post-processing equipment makers and parts makers) IV. Research Period and Methodology 1. Research period

The research period is set from 2016 to 2022 and target regions are Japan, North America, Europe, China, and other regions.

2. Methodology 1) On-site and in-person interviews with target makers 2) Analysis and review of open literatures, materials, statistics, and other sources 3) Analysis of Data Supply's own proprietary database

V. Format and Report Preparation Period 1. Research form: Multi-client study 2. Research period: January to March of 2019 3. Publication date: June 17, 2019 (Japanese version has been available since March 28, 2019) 4. Report format: A4 size (PDF format) 5. Price: $5,000- 6. Researchers

Mr. Yukio YAMAMOTO, Mr. Kosuke YOSHIDA, and Mr. Masafumi HARIU Phone: +81-3-3831-9201 FAX: +81-3-3831-9204 E-mail: <yamamoto@datasupply.jp> <yoshida@datasupply.jp> <hariu@datasupply.jp> Homepage: http://www.datasupply.jp

<<Table of Contents>> A. Comprehensive Analysis

1. Overall trend of shipment value of industrial inkjet machines (2016-2022) ········································· 1 1) Overall (hardware machines, inks, others) 2) Shipment value by application field

2. Digital applications versus analog applications of industrial inkjet machines ······································ 3 3. Market share of sales of industrial inkjet business by inkjet maker (2018) ·········································· 4 4. Shipment trend of hardware machine market (2016-2022) ······························································· 5 1) Shipment volume 2) Shipment value

5. Shipment trend of inks ··············································································································· 7 5-1. Shipment trend by market (2016-2022) 1) Shipment volume 2) Shipment value 5-2. Shipment trend by type of inks (2016-2022) 1) Shipment volume 2) Shipment value 5-3. Trend of ink technology by market··························································································· 11 5-4. Trend of ink price by market··································································································· 15

6. Shipment trend of printheads (2016-2022) ···················································································· 16 1) Shipment value 2) Trend of printhead applications by market

7. Major M&A in industrial inkjet markets ······················································································ 18 8. Comparison to other related markets ···························································································20

B. Individual Inkjet Market

B-1. Graphics and technical market ································································································ 21 1. Overall shipment value (hardware machines and inks from 2016 to 2022) ········································ 21 2. Digital versus analog ················································································································ 22 3. Market share of sales of graphics and technical business by inkjet maker (2018) ······························· 23 4. Shipment trend by application of hardware machines ···································································· 24 (graphics / technical from 2016 to 2022) 1) Shipment volume 2) Shipment value

3) Market share of shipment volume by maker (2018) (1) Overall (2) Graphics market (3) Technical market

5. Shipment trend by type of inks ·································································································· 27 (water-based dye / water-based pigment from 2016 to 2022) 1) Shipment volume 2) Shipment value 3) Shipment share of inks by maker (2018)

4) Trend of ink technology 5) Trend of ink price 6. Trend of printhead applications ································································································· 32 7. Summary of major makers ········································································································ 32 1) Japanese makers: Epson / Canon (Océ) / Ricoh / Mutoh Industries 2) European and US makers: HP

8. List of major machines of each maker (5 makers) ········································································· 33

B-2. Signage market ····················································································································· 36 1. Overall shipment value (hardware machines and inks from 2016 to 2022) ······································· 36 2. Digital versus analog ··············································································································· 37 3. Market share of sales of signage business by inkjet maker (2018) ··················································· 38 4. Shipment trend of hardware machines by type of inks ·································································· 39 (solvent / UV / latex from 2016 to 2022) 1) Shipment volume 2) Shipment value 3) Market share of shipment volume by maker (2018) (1) Overall (2) High-end market (3) Low-end to mid-range 5. Shipment trend of hardware machines by type of inks ·································································· 42 (solvent / eco-solvent / UV / latex from 2016 to 2022) 1) Shipment volume 2) Shipment value 3) Shipment share of inks by maker (2018)

4) Trend of ink technology 5) Trend of ink price 6. Trend of printhead applications ································································································· 49

7. Summary of major makers ········································································································ 49 1) Japanese makers: Mimaki Engineering / Roland DG / Canon (Océ) / Epson / Mutoh Industries / Oki Data

/ Ricoh / Screen (Inca) / Fujifilm 2) European and US makers: HP / EFI / Agfa-Gevaert / Durst / SwissQprint AG

3) Chinese makers (major makers): Beijing JHF Technology / Fei Yeung Union / Gongzheng Group / Guangzhou Xucheng Electronic Technology / Human Digital Technology (Shanghai) / Nanjing Fortune-lit Digital Technology Industry / Shanghai ALLWIN digital technology / Shanghai Teckwin technology Development / Shanghai Wit-Color Digital Science & Technology / Shenzhen HANDTOP Tech / Shenzhen Runtianzhi Digital Equipment (FLORA) / Sky Air-ship Digital Printing Equipments / Zhengzhou New Century Digital Print Technology

8. List of major machines of each maker (110 makers) ······································································ 52 B-3. Textile market ······················································································································· 79

1. Overall shipment value (hardware machines and inks from 2016 to 2022) ······································· 79 2. Digital versus analog ··············································································································· 80 3. Market share of sales of textile business by inkjet maker (2018) ····················································· 81 4. Shipment trend by type of hardware machines ············································································· 82 (DTF / sublimation transfer / DTG from 2016 to 2022) 4-1. Overall······························································································································· 82 1) Shipment volume 2) Shipment value 4-2. Shipment trend of DTF & sublimation transfer printers by speed segment ·································· 84

1) Shipment volume 2) Shipment value 3) Market share of shipment volume by maker (2018) (1) DTF (MIF-based) (2) Sublimation transfer (shipment volume-based) 4-3. Shipment trend of DTG ········································································································ 88 1) Shipment volume 2) Shipment value 3) Market share of shipment volume by maker (2018)

① DTG (for mass production) ② DTG (desktop) 5. Shipment trend of inks by type (2016-2022) ················································································· 91 5-1. Shipment trend by type of hardware machines 1) Shipment volume 2) Shipment value 5-2. Shipment trend by type of inks ···························································································· 93 (reactive / dispersion / acid / sublimation transfer / pigment) 1) Shipment volume 2) Shipment value 3) Shipment share of inks by maker (2018) ① DTF ink ② Sublimation transfer ink 4) Trend of ink technology 5) Trend of ink price 6. Trend of printhead applications ································································································ 99

7. Summary of major makers ···································································································· 100 7-1. Major DTF printer makers ································································································ 100 1) Japanese makers: Konica Minolta / Epson (Robustelli) / Mimaki Engineering (La Meccanica) / Toshin

Kogyo / Seiren 2) European and US makers: MS Printing Solutions (Dover) / Reggiani (EFI) / Aleph / Durst

3) Chinese makes: Atexco / HOMER / Hopetech / Others 7-2. Major sublimation transfer printer makers ·········································································· 102 1) Japanese makers: Epson / Mimaki Engineering / Others 2) Chinese makers: Human Digital Technology (Shanghai) / Shanghai ALLWIN Digital Technology

7-3. Major DTG printer makers ································································································ 103 1) Japanese makers: Epson / Brother Industries / Ricoh (AnaJet) / Others 2) European and US makers: Kornit Digital / Others

8. List of major machines of each maker (43 makers) ···································································· 104 8-1. DTF / sublimation transfer (28 makers) 8-2. DTG (15 makers) B-4. Transaction market ·············································································································· 113

1. Overall shipment value (hardware machines and inks from 2016 to 2022) ····································· 113 2. Digital versus analog ············································································································· 114 3. Market share of sales of transaction business by inkjet maker (2018) ··········································· 115 4. Shipment trend of hardware machines by size (2016-2022) ························································· 116 1) Shipment volume 2) Shipment value 3) Market share of shipment volume by maker (2018) 5. Shipment trend by type of inks ······························································································· 119

(water-based pigment / water-based dye from 2016-2022) 1) Shipment volume 2) Shipment value 3) Shipment share of inks by maker (2018)

4) Trend of ink technology 5) Trend of ink price 6. Trend of printhead applications ······························································································ 122

7. Summary of major makers ····································································································· 123

1) Japanese makers: Canon (Océ) / Ricoh / Screen / Miyakoshi / Fuji Xerox / Brother (Domino) 2) European and US makers: HP / Kodak / Xerox / BlueCrest

8. List of major machines of each maker (9 makers) ······································································· 124 B-5. Commercial printing market ································································································· 126

1. Overall shipment value (hardware machines and inks from 2016 to 2022) ······································ 126 2. Digital versus analog ·············································································································· 127 3. Market share of sales of commercial printing business by inkjet maker (2018) ································· 128 4. Shipment trend by type of hardware machines ··········································································· 129 (continuous-feed / sheet-feed from 2016 to 2022) 1) Shipment volume by size 2) Shipment value by size

3) Market share of shipment volume by maker (2018) (1) Continuous-feed (2) Sheet-feed 5. Shipment trend by type of inks ································································································· 132

(water-based pigment / UV from 2016-2022) 1) Shipments volume 2) Shipment value 3) Market share of shipment volume by maker (2018)

4) Trend of ink technology 5) Trend of ink price 6. Trend of printhead applications ································································································ 135

7. Summary of major makers ······································································································· 136 1) Japanese makers: Canon (Océ) / Fujifilm / Konica Minolta / Screen / Ricoh / Others 2) European and US makers: HP / Kodak / Landa

8. List of major machines of each maker (11 makers)······································································· 137

B-6. Labels and packaging market ································································································· 139 1. Overall shipment value (hardware machines and inks from 2016 to 2022) ····································· 139 2. Digital versus analog ············································································································· 140 3. Market share of sales of labels and packaging business by inkjet maker (2018) ······························ 141 1) Overall 2) Label printing market 3) Packaging printing market 4. Shipment trend of hardware machines by application (labels / packaging from 2016 to 2022) ··········· 142 1) Shipment volume 2) Shipment value 3) Market share of shipment volume by maker (2018) (1) Label market (2) Packaging market 5. Shipment trend by application and type of inks ········································································· 145 1) Shipment trend by application (labels / packaging from 2016 to 2022)

(1) Shipment volume (2) Shipment value 2) Shipment trend by type of inks (water-based pigment / UV from 2016 to 2022) (1) Shipment volume (2) Shipment value

3) Shipment share of inks by maker (2018) 4) Trend of ink technology (1) Label printing (2) Corrugated and folding carton printing

(3) Flexible packaging printing 5) Trend of ink price

6. Trend of printhead applications ······························································································· 152 Label printing / packaging printing

7. Summary of major makers ······································································································ 153 7-1. Major label printer makers ······························································································ 153 1) Japanese makers: Epson / Brother (Domino) / Screen / Iwatsu / Canon (Océ)

2) European and US makers: Durst / Xeikon / Others 7-2. Major packaging (corrugated, folding carton, and flexible packaging) printer makers ··············· 154 1) Japanese makers: Fujifilm 2) European and US makers: HP / Barberan / EFI / Durst / Heidelberger / Landa / Kodak / Others

8. List of major machines of each maker (21 makers) ······································································ 155 1) Labels (8 makers) 2) Packaging (7 makers) B-7. Marking and coding market ··································································································· 159

1. Overall shipment value (hardware machines and inks from 2016 to 2022)··································· 159 2. Digital versus analog ·········································································································· 160 3. Market share of sales of marking and coding business by inkjet maker (2018) ····························· 161 4. Shipment trend by type of hardware machines ········································································ 162 (CIJ / DOD from 2016 to 2022)

1) Shipment volume 2) Shipment value 3) Market share of shipment volume by maker (2018) 5. Shipment trend by type of inks ····························································································· 165 (solvent / UV from 2016 to 2022) 1) Shipment volume 2) Shipment value 3) Shipment share of inks by maker (2018)

4) Trend of ink technology 5) Trend of ink price 6. Trend of printhead application ····························································································· 169

7. Summary of major makers ··································································································· 170 1) Japanese makers: Brother (Domino) / Hitachi Industrial Equipment Systems / Kishu Giken / Keyence 2) European and US makers: Danaher (Videojet) / Dover (Markem-Imaje) / Others

8. List of major machines of each maker (6 makers) ···································································· 171 B-8. Ceramic tiles and building material market ·············································································· 174 1. Overall shipment value (hardware machines and inks from 2016 to 2022)··································· 174 2. Digital versus analog ·········································································································· 175 3. Market share of sales of ceramic tiles and building material business by inkjet maker (2018) ········ 176 4. Shipment trend by application of hardware machines ······························································ 177 (ceramic tiles/building material from 2016 to 2022) 1) Shipment volume 2) Shipment value 3) Market share of shipment volume by maker (2018) 5. Shipment trend by type of inks ····························································································· 180 (oil-based / water-based from 2016 to 2022) 1) Shipment volume 2) Shipment value 3) Shipment share of inks by maker (2018)

4) Trend of ink technology 5) Trend of ink price 6. Trend of printhead applications ···························································································· 183

7. Summary of major makers ··································································································· 184 1) Japanese makers: Ricoh 2) European and US makers: Sacmi / Durst / KERAjet / EFI Cretaprint / System Ceramics / SITI-B&T/

Tecno Ferrari 3) Chinese makers: Foshan Meijia Ceramic Equipment / Hope Ceramic Machinery Equipment / Keda Clean

Energy / Shanghai Tecwin technology Development / Shenzhen Runtianzhi Digital Equipment (FLORA)

8. List of major machines of each maker (15 makers) ··································································· 186 B-9. Other markets ····················································································································· 188

1. 3D printer market 2. Electronics market 3. Anti-counterfeiting ink technology market 4. Food ink market

C. Inkjet Printhead Market ··········································································································· 191 1. Changes in shipment value by maker (2016-2022) ········································································ 191 2. Breakdowns of total shipment value by market (2018) ·································································· 192 3. Summary of each maker ··········································································································· 193

[1] Fujifilm Dimatix [2] Kyocera [3] Ricoh [4] Konica Minolta [5] Xaa [6] Seiko Epson [7] SII Printek [8] Toshiba TEC [9] Other makers: Panasonic / Brother Industries / HP / Xerox / Suzhou Real Fast Print Technology / AMSKY Technology / Beijing Aotemeter Electric Technology

4. List of machines by industrial inkjet printhead maker (12 makers) ················································ 203 D. Related Market

D-1. Shipment trend of home- and office-use inkjet printers (2016-2022) ············································ 207 1) Shipment volume 2) Shipment value D-2. Shipment trend of electrophotographic products (2016-2022) ····················································· 209 1) Shipment volume 2) Shipment value

E. Individual Makers E-1. Business summary of 18 major makers ··················································································· 211

[1] HP [2] Canon [3] Seiko Epson [4] Danaher [5] Dover [6] Fujifilm [7] EFI [8] Brother Industries [9] Mimaki Engineering [10] Roland DG [11] Ricoh [12] Agfa-Gevaert [13] Durst [14] Screen [15] Konica Minolta [16] Mutoh Industries [17] Kornit [18] Kodak

E-2. Corporate profile of each maker ····························································································· 261 E-2-1. Japanese makers ············································································································· 261 [1] Iwatsu [2] SII Printek [3] Oki Data [4] Kao [5] Kishu Giken Kogyo [6] Canon [7] Kyocera [8] Konica Minolta [9] Komori Corporation [10] Sakata INX [11] Shima Seiki [12] Screen Graphic Solutions [13] Seiko Epson [14] Seiren [15] DIC [16] Duplo [17] Toshiba TEC [18] Toshin Kogyo [19] Tokyo Kikai Seisakusho [20] Toyo Ink [21] Panasonic [22] Hitachi Industrial Equipment Systems [23] Fujifilm [24] Mimaki Engineering [25] Miyakoshi [26] Mutoh Industries [27] Ricoh [28] Roland DG

E-2-2. Overseas makers (in alphabetical order) ·············································································· 275 ① North America (17 makers): [1] BlueCrest (USA) [2] Buskro (Canada) [3] Colordyne Technologies (USA) [4] Danaher (USA) [5] Dover (UK) [6] Eastman Kodak (USA) [7] EFI (USA) [8] FUJIFILM Dimatix (USA) [9] HP (USA) [10] Huntsman (USA) [11] Mark Andy (USA) [12] Sensient (USA) [13] SUN Automation (USA) [14] Trojan (USA) [15] Videojet Technologies (USA) [16] VIPColor (USA) [17] Xerox (USA) ② Europe (35 makers): [1] Agfa-Gevaert N.V. (Belgium) [2] Aleph (Italy) [3] Axzyra (UK) [4] Azonprinter (Croatia) [5] Barberan (Spain) [6] BHS (Germany) [7] Bobst (Switzerland) [8] Domino (UK) [9] Durst (Italy) [10] Engico (Italy) [11] FUJIFILM Specialty Ink Systems (UK) [12] Gallus (Switzerland) [13] Heidelberger (Germany) [14] Hollanders Printing Systems (Netherlands) [15] Inca (UK) [16] KBA/kammann (Germany) [17] KERAjet (Spain) [18] Koenig & Bauer (Germany) [19] Kornit Digital (Israel) [20] Macarbox (Spain) [21] La Meccanica (Italy) [22] Landa (Israel) [23] Markem-Imaje AG (Switzerland) [24] Matan Digital Printers (Israel) [25] MS Printing Solutions (Italy) [26] mPrint (Germany) [27] NoeCha (Italy) [28] Océ (Netherlands) [29] Reggiani (EFI) (Italy) [30] Robustelli (Italy) [31] SPGPrints (Netherlands) [32] SwissQprint (Switzerland) [33] Uteco (Italy) [34] Xaar (UK) [35] Zimmer (Austria) ③ China (16 makers): [1] Atexco (China) [2] Fei Yeung Union (China) [3] FLORA (China) [4] Fortune-lit (China) [5] Gongzheng Group (China) [6] HANDTOP (China) [7] HOMER (China) [8] HOPETECK (China) [9] JHF (China) [10] Human Digital (China) [11] SKYJET (China) [12] Teckwin (China) [13] Wit-Color (China) [14] Wonderjet (China) [15] XSJ (China) [16] XULI (China) ④ Other regions (8 makers): [1] Biporin (Indonesia) [2] COLORJET (India) [3] DGI (S. Korea) [4] Dilli (S. Korea) [5] DyStar (Singapore) [6] ERAjet (Hong Kong) [7] Inktec (S. Korea) [8] Jetbest (Taiwan)

E-3. Industrial inkjet-related makers ··························································································· 300

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