India’s commercial and book printing industries are experiencing notable developments, marked by market growth, technological advancements, and evolving industry dynamics.
Market Growth and Projections
The Indian commercial printing market was valued at approximately USD 34.5 billion in 2023 and is projected to reach USD 45.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3% during the forecast period. This growth is driven by the increasing demand for printed materials across various sectors, including advertising, packaging, and publishing.
In the book printing sector, the Indian print book market is anticipated to approach INR 1 lakh crore (approximately USD 12 billion) by the end of 2024, reflecting a significant expansion from INR 30,660 crore a decade ago. This surge is attributed to the country’s large youth population and a growing emphasis on education.
Technological Advancements
The industry is witnessing a shift towards digital printing technologies to meet the demands for shorter print runs and faster turnaround times. Bindwel Technologies, a South Asian specialist in bookbinding machines, is set to become the first Indian equipment manufacturer to participate in the Hunkeler Innovation Days in Switzerland. This move underscores India’s commitment to integrating advanced digital printing and finishing solutions to cater to the evolving needs of the book printing sector.
Capacity Expansion and Industry Dynamics
Despite challenges such as fluctuating demand and pricing pressures, the commercial printing industry in India is expanding its capacity. The government’s initiative to triple the production of NCERT textbooks from 50 million to 150 million copies has provided a significant boost to the book printing sector. However, the installation of new offset machines is not currently keeping pace with earlier projections, indicating a cautious approach by industry players in scaling operations.
Overall, India’s commercial and book printing industries are navigating a dynamic landscape marked by growth opportunities and technological evolution. Stakeholders are adapting to changing market demands by embracing digital solutions and expanding capacities to maintain competitiveness in the global market.
