At ten o'clock on the opening morning of Media Expo Mumbai, the queue outside the hall was dense, there was an opening which was graced by 11 women professionals. Inside the aisles, one witnessed an industry undergoing a subtle, internal re-evaluation: printers compared new non-PVC substrates with the intensity of engineers, brand managers documented textured wall graphics, and equipment suppliers engaged in conversations that had transcended the simple metrics of speed and price.
As Raj Manek, the managing director of Messe Frankfurt noted, what was significant was not just the reliable footfall, but the nature of the inquiries. The wide-format print industry, which continues to expand at a six-to-seven percent annual pace fueled by India's infrastructure build-out, was no longer asking what it could do, but what it, in good conscience, should do next. This shift signals an industry less defined by the physical limits of banners and hoardings, and more by an evolving ecosystem where business models, applications, and material conscience are maturing in unison.
This quiet moral calculus has already begun to manifest in the materials themselves, pushing the market toward a necessary, if sometimes complicated, divorce from polyvinyl chloride—that cost-effective, ubiquitous stalwart of traditional signage. Manufacturers now highlight non-PVC, TPU-based graphic films, positioning them as new agents of environmental responsibility. Yet, adoption moves along a dual track: swiftly among the large, export-oriented brands driven by global sustainability mandates, and far more hesitantly in the price-sensitive local markets where the industry’s most significant physical growth is now localised in tier two and tier three cities.
Meanwhile, technology providers such as Epson, HP, Mimaki, Roland and Monotech are responding to this bifurcated reality by introducing all-in-one, modular platforms, ensuring that print service providers can commit to higher-value applications. These include retail signage or permanent infrastructure graphics, while retaining the ability to scale output without disrupting the replacement of core equipment. The ambition, it seems, is growth without explosion, and sustainability without prohibitive cost.
Growth without explosion
If the halls at Media Expo feel busier this year, the obvious question is whether the industry itself is expanding at the same pace, or simply becoming more efficient at doing more with the same base.
At first glance, the signals are positive. Strong footfall, engaged visitors and packed stands suggest a market in motion. But that momentum does not necessarily translate into a surge in new entrants. Manek draws a clear distinction when he says, “The wide-format is growing in terms of the orders that they’re getting, the growth in revenue for this industry is growing. But the number of players doesn’t necessarily mean it’s growing.” This frames the current phase as one of deeper activity rather than wider participation.
What is visible instead is a shift in how existing players are operating. Print service providers are investing in better technologies, improving throughput and expanding into higher-value applications. The focus is less on adding capacity and more on extracting value from it.
What does this mean for the structure of the market? PrintWeek estimates the ecosystem at around Rs 3,500 plus-crore. “A significant share still operates within the unorganised segment,” says Rajat Dhingra, vice president sale and marketing at Garware Hi-Tech Films. This split suggests that growth will come not only from new demand, but also from formalising what already exists. As larger, organised players scale and standardise, they are likely to absorb a greater share of the market.
At the same time, demand itself remains resilient. “This industry will never stop because no company will stop their branding and advertising,” says Dhingra, reinforcing the central role of visual communication. The question is no longer whether demand exists, but who is best positioned to serve it efficiently and at scale.
From a global perspective, India continues to present a steady growth story. Xavier Regue, vice president large-format print at HP notes that the segment is expanding at around six to seven percent annually, supported by infrastructure development and broader economic activity. But this growth is not confined to traditional hubs. Manek highlights the importance of tier two and tier three cities, where much of the signage and branding activity is localised and continues to expand.
There is also a post-pandemic context to consider. “Since Covid, this industry has seen the most startups,” Manek says, noting that the pace has now stabilised as those businesses have established themselves or adjusted to market realities.
What remains is a more settled landscape, where disruption has given way to consolidation.
The substrate shift gains urgency
If growth is the headline, then substrates are the subtext quietly rewriting the rules of the game.
Walk through the show floor and the question keeps resurfacing in different forms. Is the industry finally ready to move away from PVC, or is sustainability still a premium conversation for a price-sensitive market? The direction of travel is becoming clearer, even if the pace varies.
For material manufacturers, the shift has already begun. Deepak Joshi, sales and marketing, Garware Hi-Tech Films frames the company’s latest launches as a move into high-value, sustainable segments. “We only focus on niche products which can help customers,” he says, pointing to solutions that combine performance with environmental responsibility.
That intent becomes more explicit in the product strategy. Rajat Dhingra highlights Platina, a TPU-based, non-PVC graphic film, as a flagship example. “It will come as a sustainable graphic,” he explains, positioning it as a forward-looking solution designed for durability and long-term use. Sustainability is no longer an add-on. It is being built into the core product.
Adoption, however, remains uneven. Santosh Nair, group director and CEO at Kaleido Print Technologies and Kromodyne Digital Solutions points to a gap between intent and execution. “Everybody has been given the agenda that you have to go sustainable,” he says. “The challenge is they don’t have the right information. People are just selling them a product.”
Printers are aware of alternatives and brands are asking questions, but uncertainty around performance, recyclability and long-term value continues to slow decision-making. Cost adds another layer of complexity. “It’s all based on cost,” says Raj Manek, noting that businesses serving local markets remain driven by margins.
This creates a dual-speed transition. Export-oriented companies and large brands are moving faster, driven by compliance and sustainability mandates. Local businesses are more cautious, where affordability continues to dictate material choice.
Technology providers are beginning to align with this shift. HP’s latex ecosystem combines water-based inks with more sustainable media options. “Customers are more and more preferring more sustainable medias,” says Vitesh Sharma, country manager for large-format business – IBSL at HP India, pointing to a gradual but visible change in buying behaviour.
This shift is not limited to domestic manufacturers, but is reflected across global material portfolios as well.
When global materials rethink the baseline
If the shift away from PVC is gaining momentum, the next question is how global material science is influencing that transition.
At Media Expo, the presence of players such as Avery Dennison and 3M signals a broader recalibration that extends beyond the Indian market. These are companies operating at the intersection of performance films, adhesives and surface science, and their direction often sets the tone for where the industry is headed.
Rajkumar Sharma of Avery Dennison positions this shift as a redefinition of what a substrate can be. “Unlike traditional printed graphics, these materials incorporate authentic elements such as flower petals, grass, leaves and hay,” he says, pointing to a new category of surfaces that blur the line between print and natural texture.
This expands the conversation beyond sustainability as compliance. It introduces a sensory and aesthetic dimension, where materials are not only lower-impact but also capable of delivering differentiated visual and tactile experiences. In applications such as interior decor and experiential retail, this becomes a value proposition rather than a constraint.
At the same time, Sharma emphasises that performance remains non-negotiable. The challenge is to ensure that these innovations match traditional substrates in durability, conformability and ease of application, particularly in demanding environments such as fleet graphics and outdoor branding.
Ujjwala Upadhyay of 3M approaches the transition from a different vantage point, one rooted in scale and long-term research. She points to the company’s portfolio of over one lakh patents as an indication of sustained investment in material science, and highlights its collaboration with the Delhi government as an example of how innovation is being applied in real-world, public-facing environments.
Her emphasis is on applicability. “The transition will only happen when solutions make sense for the application and the customer,” she says, underlining the need for material innovation to align with on-ground requirements rather than theoretical benchmarks.
This reinforces a critical point. The move away from traditional substrates is not a linear substitution. It is a redesign of the baseline itself, where durability, usability and lifecycle impact must converge.
At the same time, both Sharma and Upadhyay acknowledge the realities of the Indian market. Adoption remains closely tied to cost and application economics, particularly outside premium segments. While global portfolios may lead with advanced solutions, their uptake in India will depend on how effectively they align with local pricing structures and business models.
Sustainability moves from intent to infrastructure
If substrates make sustainability visible, the next shift is towards systems that support it.
Across the show floor, sustainability is no longer confined to product claims. It is being framed as a process that extends from material selection to disposal and measurable environmental impact.
Nair argues that the real opportunity lies in building an ecosystem. “We wanted to take that journey towards recyclability and giving it back to the society in terms of CSR,” he says, referring to Kaleido’s Eco-MS initiative. This links print production to waste collection, recycling and carbon credit frameworks, moving beyond product-level interventions.
For technology providers, sustainability is becoming part of the core value proposition. “Every time an HP sales rep is talking to an enterprise customer, we talk about sustainability,” says Xavier Regue, indicating how environmental considerations are now embedded in commercial discussions, particularly with large brands.
The challenge lies in execution. The industry still lacks the infrastructure needed to support sustainable practices at scale. Recycling networks, collection systems and standardised processes are still evolving. Even organisers are responding. Manek highlights Messe Frankfurt’s efforts to reduce waste and enable recycling at its events, reflecting growing awareness at an industry level.
There are early signs that sustainability is moving beyond compliance. Nair notes that brands are beginning to link sustainability with CSR and carbon credits, creating a business case alongside environmental responsibility.
Applications redefine the business
If materials are changing, the next shift is in what those materials are being used for.
Wide-format print is no longer confined to banners and hoardings. The application landscape is expanding rapidly, and with it, the definition of the business itself.
Sharma of HP breaks it down into three broad segments. “We would divide it largely into three segments. One is your traditional retail, the second is infrastructure-led growth, and last but not the least is the home and commercial decor,” he says, outlining how demand is now being shaped by multiple sectors.
Retail is evolving from standard signage to layered, high-impact visual experiences. Sharma points to applications such as glass graphics, multi-layer printing and textured surfaces, driven by the need for differentiation in competitive environments.
Infrastructure is another major trigger. The expansion of metro networks, airports, bus terminals and EV charging stations is creating a steady pipeline of long-duration applications that demand durability and consistency. These are not campaign-led jobs but ongoing requirements.
At the same time, decor is emerging as a significant growth area. Rising disposable incomes and the growth of commercial real estate are fuelling demand for wall coverings, canvas prints and interior branding. Print is moving from communication into environment.
Dhingra of Garware points to applications such as fleet branding, container graphics and in-shop branding as key areas of growth. These segments demand more than print quality. They require conformability, durability and performance across complex surfaces.
This expansion is changing how printers approach their business. The opportunity is no longer in volume alone, but in servicing diverse applications with different technical demands.
Digital is entering some of these spaces, particularly in premium environments, but its role remains selective. As Dhingra notes, cost remains a limiting factor, ensuring that print continues to dominate where scalability and affordability are critical.
Technology that grows with the printer
If applications are expanding, technology is being reshaped to keep pace with changing demands.
The conversation is no longer centred on speed alone. It is about flexibility, scalability and long-term value.
For HP, this is reflected in modular platforms. Sharma of HP India describes the FS series as a system that allows printers to start small and scale up. “The FS actually stands for flexible and scalable,” he says, explaining how users can upgrade without replacing equipment.
This reflects a shift in investment thinking. Printers are looking to reduce risk while retaining the ability to grow, rather than committing to large upfront capital expenditure.
Nair of Kaleido approaches the issue from the standpoint of affordability. “We are now in a process of giving something which is affordability with quality and no compromise on your turnaround time,” he says. The focus is on making advanced capabilities accessible without eroding margins.
At the same time, expectations from technology are evolving. Nair notes that the market is moving towards impact-driven applications. “The market is moving towards how your application looks, how impactful your application is,” he says, highlighting the importance of software, firmware and application capability alongside hardware.
This aligns with HP’s emphasis on versatility, where features such as white ink, multi-layer printing and substrate compatibility enable printers to move into higher-value applications.
Technology alone, however, is not enough. Both HP and Kaleido highlight the importance of support systems. Training, experience centres and consultative engagement are becoming critical in helping customers maximise their investment.
The price of going green
If sustainability is gaining ground, the next question is whether the industry is willing and able to pay for it.
The intent to move towards greener solutions is evident. Materials are evolving, technologies are aligning and brands are asking more questions. But cost remains a defining factor in how quickly change takes place.
Manek of Messe Frankfurt puts it plainly. “It’s all based on cost,” he says, noting that businesses serving local markets remain driven by margin considerations.
This places sustainability within a commercial framework. Material and technology choices are shaped as much by pricing and customer expectations as by environmental intent. The result is a segmented market. Export-oriented companies and large brands are moving faster, driven by compliance requirements and global standards. At the same time, a significant portion of the domestic market continues to prioritise affordability.
For printers operating in tier-two and tier-three cities, where price sensitivity is high, the transition is more gradual.
Technology and material suppliers are attempting to bridge this gap. “Customers are more and more preferring more sustainable medias,” says Sharma of HP India, indicating that awareness is beginning to translate into demand.
However, preference alone does not drive adoption. Decisions continue to be shaped by application requirements and return on investment. Nair of Kaliedo points out that while sustainability is a priority for brands, the ecosystem is still evolving in its ability to deliver practical and scalable solutions.
From product sellers to solution builders
As materials and technologies evolve, companies are redefining their role in the value chain.
The focus is shifting from products to solutions. Customers are no longer looking for machines or substrates in isolation. They are looking for support across the entire application process.=
Nair articulates this clearly. “We are a techno-sale company. We work as consultants to the printers. We don’t sell our boxes,” he says, positioning Kaleido as a partner rather than a supplier.
For companies like HP, this takes the form of capability building. Training programmes and experience centres are designed to help customers explore applications and maximise the potential of their equipment.
Material suppliers are also expanding their scope. Joshi of Garware highlights his company’s move into direct-to-consumer engagement through its home solutions platform. “We will give like end-to-end solution through our eCommerce,” he says, describing a model that connects product, application and installation.
This blurs the boundaries between B2B and B2C, opening up new opportunities. Competition is no longer defined solely by product specifications. It is increasingly shaped by the ability to deliver complete, integrated solutions. Printers, in turn, are becoming part of a broader ecosystem that includes materials, technology, application expertise and service support.
India beyond the metros
If growth is steady, its geography is shifting. The wide-format market has traditionally been associated with metro cities. But demand is increasingly spreading beyond these hubs.
Manek of Messe Frankfurt highlights the importance of regional markets. “So much happens in tier two, tier three cities which are just localised,” he says, pointing to the scale of activity outside major urban centres.
This localisation reflects a broader expansion of demand. Retail, infrastructure and branding are no longer confined to metros. Sharma of HP India notes a similar trend from a technology perspective. “We do observe a pan-India spread,” he says, indicating growing adoption across regions.
Infrastructure development is a key driver. Metro projects, airports and commercial developments are being rolled out across states, creating demand for signage and branding in new locations. Retail expansion is following the same pattern, with brands entering smaller cities and requiring consistent visual identity.
The shift is clear. Growth is no longer metro-centric. It is distributed across a wider geography.
Print and digital find their balance
As applications expand, the relationship between print and digital is also evolving.
Digital displays are becoming more visible, particularly in premium environments. But this does not signal the decline of print.
Dhingra of Garware offers a balanced view. While digital is gaining ground in high-end spaces such as airports, he is clear about print’s continued relevance. “Vinyl definitely will be there,” he says.
The distinction lies in economics and scale. Digital requires higher investment and infrastructure, limiting its adoption to specific use cases. Print remains accessible, flexible and cost-effective.
In many segments, including retail signage, fleet branding and infrastructure graphics, print continues to dominate due to its scalability. “Rather than replacing print, digital is complementing it. The two formats serve different roles within the same ecosystem,” says Dhingra.
For printers, the challenge is to understand where print delivers the greatest value. The opportunity lies in positioning it accordingly. The conversation is no longer about print versus digital. It is about how the two work together.
PrintWeek’s view
Media Expo Mumbai captures an industry in transition. Growth is steady, but the real story lies in how that growth is being shaped.
Materials are changing. Applications are expanding. Technology is becoming more adaptable. Business models are evolving. Sustainability is moving from the margins to the centre of the conversation.
For an industry once defined by ink on substrate, the future now looks more complex and more interesting.