The global flexographic printing plate market is estimated grow at a CAGR of 5.9% over the forecast period. Growing demand for diversified printing products coupled with advancements in printing plate technology has led to an increased demand for the flexographic plates across the globe. Moreover, technological advancements in industrial manufacturing is likely to further impel the market growth over the forecast period. However, despite the growing use of flexography across a wide range of industries, the high initial cost of flexographic printing plates and the presence of substitutes in the market is likely to hinder the market growth over the forecast period.
Printing plates are generally used in package printing of paper and plastic films. However, their applications have become more diverse in recent years. The market for flexographic packaging printing has grown steadily over the years. Consumer demand for products easy to handle coupled with shelf appeal has led to increased demand for flexography, which in turn has positively impacted the flexographic printing plates market. Either flexographic printing plate is sold as a solid plate (sheet) ready for imaging, or as a liquid photopolymer that is cast by the plate maker at the time of imaging.
Flexible packaging has gained rapid adoption in variety of consumer goods in the market. This has expedited the advancements in printing technology and materials used for flexible packaging. Innovation in packaging industry for food and other applications has led to design and development of novel technologies. Moreover, demand for flexible packaging from cosmetics and dairy industry is also expected to boost the flexographic printing plate market over the coming years.