New HP trends report predicts 23% growth in digitally printed wallpaper

HP has released a new report highlighting trends transforming large format printing. In the report the company states that print business leaders have a significant opportunity to reshape their work environment due to new products, services, and evolving work practices, coupled with a heightened focus on eco-consciousness and social responsibility.

Business leaders are actively seeking growth and adaptation to address pressing customer needs and exploring new offerings to guide clients in novel directions. Recognising the necessity for increased efficiency, cost management, and streamlined processes through technology, many are also aspiring to enhance social responsibility for the benefit of customers, reputation, and ultimately, profitability.

Examining these trends provides insights into their implications for print businesses in the months and years ahead.

The transformation of the industry is being driven by content and creativity, responding to customer demands for unique ideas and creative solutions. A Widthwise survey in 2020 revealed that two-fifths of print businesses prioritise diversifying their large format print offerings.

This diversification may involve introducing new products and services to existing customers or finding innovative ways to expand their customer base. For instance, the global digitally printed wallpaper market is predicted to grow at an annual rate of 23.6% until 2025, reaching a total value of $10.4 billion.

Addressing the evolving expectations around content, print businesses are challenged to provide creative solutions that deliver content, ideas, and experiences meeting customer demands, influenced by platforms like Canva and Zazzle.

Exploring how intelligent automation can enhance efficiency is crucial for print businesses. While focusing on sales growth, customer service, and profitability, business leaders must also reduce costs, errors, and wastage while improving productivity and time to market.

According to the FESPA Census, 72% of print businesses are experiencing increased demand for faster turnaround times, with 59% anticipating a rise in customer demand for "just in time" deliveries. The use of automation is increasing, with a Keypoint Intelligence survey indicating a shift from 63% of volume produced without automation in 2020 to an expected 36% by 2022.

Sustainability is becoming increasingly essential for print businesses, with 85% of PSP customers demanding sustainable products and practices, as per recent HP research. The Widthwise study further supports this, highlighting that 81% of PSPs considered sustainable print solutions more important in 2020 than two years prior.

This growing focus on sustainability is not only driven by social responsibility but also presents a business opportunity, especially with the urgent need to find alternatives to materials like PVC.

Print businesses, having evolved over time, faced accelerated change in 2020. Those demonstrating resilience, creativity, and adaptability are likely to thrive. HP offers support to ensure print businesses are well-positioned for success in this evolving landscape.

References used in the report:

1. July 2020 Widthwise Report www.imagereportsmag.co.uk/widthwise. Widthwise also did a PSP survey pre-Covid,
2. at the beginning of 2020
3. https://www.globenewswire.com/en/news-release/2019/04/23/1808076/0/en/Global-Digitally-Printed-Wallpaper-DPW-Market-to-Witness-a-CAGR-of-23-6-during-2019-2025.html
4. FESPA Print Census Report, 2018
5. https://postscript.psda.org/Full-Article/9-trends-for-print-distributors-in-2021
6. https://press.hp.com/us/en/press-releases/2021/hp-drives-versatility-sustainability-new-latex.html