NAICS 323111 Quarterly Industry Report
Commercial Gravure Printing
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 323111Sector: 32Updated: Q1 2026
About This Report
This Fair Market Value industry report for NAICS 323111 provides business owners, acquirers, and financial advisors with data-driven valuation insights for the commercial printing sector, drawing on data from the U.S. Census Bureau[5] and Bureau of Labor Statistics[6] employment records. The report aggregates transaction multiples, financial benchmarks, and market trends specific to NAICS 323111 establishments, supporting buy-sell agreements, succession planning, SBA-financed acquisitions, and litigation support engagements.
Industry Snapshot
Key metrics for the commercial gravure printing industry.
Industry Definition & Overview
Commercial Printing, except Screen and Books (NAICS 323111) encompasses establishments primarily engaged in commercial printing using lithographic, digital, flexographic, gravure, letterpress, and engraving processes without publishing. Products include marketing materials, catalogs, direct mail pieces, labels, packaging inserts, business forms, and custom printed materials produced on a job-order basis for business and institutional customers. According to the U.S. Census Bureau[5], approximately 15,400 establishments operate in this industry, making it one of the largest manufacturing sectors by establishment count, though industry consolidation has reduced this number from over 27,000 in the early 2000s.
Small shops with fewer than 10 employees comprise roughly 70 percent of all establishments, while mid-size and large printers with advanced press technology and finishing capabilities handle high-volume production for national accounts. The Bureau of Labor Statistics[6] reports production roles including press operators managing offset and digital printing equipment, prepress technicians preparing files and plates, bindery workers performing cutting and folding, and estimators quoting complex print jobs.
Digital printing technology continues to reshape the industry by enabling short-run, variable-data, and on-demand production that reduces inventory and waste. Per the SBA Office of Advocacy[7], while digital communication has reduced demand for some traditional print products, growth in packaging, labels, direct mail, and wide-format graphics has sustained revenue for printers who have diversified beyond standard commercial print into specialty and value-added applications.
What's Included in This Industry
- Valuation multiples benchmarked to commercial printing establishments
- Revenue and EBITDA trends for domestic offset, digital, and specialty printing operations
- SBA lending data and financing terms for NAICS 323111
- Comparable transaction data from recent printing company acquisitions and mergers
- Industry risk factors including digital substitution and print volume decline trends
- Workforce composition and labor cost benchmarks for commercial print operations
- Regional market analysis covering major commercial printing centers
- Capital expenditure benchmarks for press, prepress, and finishing equipment
- Growth projections tied to packaging printing, digital production, and wide-format markets
- Owner compensation and discretionary earnings benchmarks
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Printing and Related Support Activities | 323 |
| Industry Group | Printing and Related Support Activities | 3231 |
| NAICS Industry | Printing | 32311 |
| National Industry | Commercial Printing (except Screen and Books) | 323111 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 323113 | Commercial Screen Printing | Commercial screen printing establishments producing decorated apparel, signage, and promotional products that complement offset and digital printing service offerings |
| 323117 | Books Printing | Book printing establishments operating similar press equipment for long-run production that overlaps with commercial printing capabilities and customer relationships |
| 323120 | Support Activities for Printing | Support activities for printing establishments providing prepress services, trade binding, and postpress finishing that commercial printers outsource or perform internally |
| 541810 | Advertising Agencies | Advertising agencies commissioning commercial print production including marketing collateral, direct mail campaigns, and branded promotional materials for clients |
| 541430 | Graphic Design Services | Graphic design services creating print-ready artwork and production files that flow through commercial printing operations for final output and finishing |
| 322120 | Paper Mills | Paper mills producing coated and uncoated printing paper grades that represent the primary consumable material input for commercial printing operations |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 12.4% | 1,920 |
| 2 | Texas | 7.3% | 1,118 |
| 3 | Florida | 6.6% | 1,022 |
| 4 | New York | 6.6% | 1,012 |
| 5 | Illinois | 5.3% | 810 |
| 6 | Ohio | 4.0% | 619 |
| 7 | Pennsylvania | 4.0% | 610 |
| 8 | New Jersey | 3.4% | 521 |
| 9 | Georgia | 3.3% | 504 |
| 10 | Michigan | 3.0% | 465 |
% Of Establishments
0%
12%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
1,816
Total SBA Loans
$1.2B
Total Loan Volume
$634K
Average Loan Size
11 yrs
Average Loan Term
10.03%
Average Interest Rate
17,200
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: Commercial printers seeking SBA financing typically qualify under the SBA size standards[8] for NAICS 323111, which set the threshold at 650 employees for small business classification. The SBA 7(a) loan program[9] provides up to $5 million for business acquisitions, press equipment upgrades, and working capital for paper and ink inventory. Industry CDC/504 loan program[10] offers long-term fixed-rate financing for digital press investments, facility consolidation, and finishing equipment upgrades. Lenders evaluate customer diversification, print technology capabilities, and the balance between declining commodity print and growing specialty segments when underwriting commercial printing transactions.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | First Internet Bank of Indiana | 80 | $67.3M | $841K |
| 2 | The Huntington National Bank | 112 | $64.2M | $573K |
| 3 | Newtek Bank, National Association | 112 | $64.1M | $572K |
| 4 | Meridian Bank | 48 | $63.7M | $1.3M |
| 5 | Wells Fargo Bank National Association | 48 | $56.5M | $1.2M |
Frequently Asked Questions
Common questions about this industry.
What is the typical valuation multiple for a commercial printing company?
Commercial printers typically trade at 3x to 6x EBITDA, with higher multiples for operations featuring modern digital press capabilities, diversified customer bases, and growth in packaging or specialty printing. Per U.S. Census Bureau[5] data, the wide valuation range reflects differences between commodity commercial printers facing volume declines and specialty operations capturing growth markets.
What SBA loan options are available for commercial printing businesses?
The SBA 7(a) loan program[9] provides up to $5 million for acquisitions and press equipment, while the CDC/504 program[10] finances capital-intensive digital press and finishing equipment investments. Commercial printers with diversified revenue streams and modern equipment typically receive more favorable lending terms from SBA-preferred lenders.
How has digital printing technology affected commercial print operations?
Digital presses have enabled short-run, variable-data, and on-demand production that reduces setup costs, eliminates plate-making, and supports print-on-demand business models. Per Bureau of Labor Statistics[6] productivity data, digital printing has lowered entry barriers for small-format work while creating competitive pressure on offset printers that depend on long-run commodity print volumes.
What growth segments exist within commercial printing?
Packaging printing, labels, wide-format graphics, direct mail with variable data personalization, and specialty finishing represent the primary growth segments. Per U.S. Census Bureau[5] product shipment data, commercial printers diversifying into packaging and label production have maintained stronger revenue trends than those focused solely on traditional marketing collateral and business forms.
How has digital media affected print industry demand?
Electronic communication, digital advertising, and online content distribution have reduced demand for catalogs, directories, magazines, and standard business forms. Per Bureau of Labor Statistics[6] employment data, the printing industry has experienced steady employment declines over two decades, though targeted direct mail and tactile marketing materials have demonstrated resilience.
What is the SBA size standard for commercial printers?
The SBA[8] classifies businesses with up to 650 employees as small for NAICS 323111 commercial printing except screen and books. Given that small shops with fewer than 10 employees comprise roughly 70 percent of industry establishments, the vast majority of commercial printers qualify for SBA lending and government procurement programs.
What environmental regulations apply to commercial printers?
Commercial printers must comply with EPA[11] regulations governing volatile organic compound emissions from solvent-based inks, fountain solutions, and cleaning chemicals. Shift toward UV-cured inks, water-based coatings, and low-VOC cleaning solutions has reduced regulatory burden while meeting customer sustainability requirements for printed materials.
What are key due diligence factors for commercial print acquisitions?
Critical factors include press technology vintage, digital capabilities, customer concentration, revenue mix between declining and growing print segments, and workforce skill levels. Per U.S. Census Bureau[5] industry data, acquirers assess the percentage of revenue from packaging, labels, and specialty work versus commodity commercial print to evaluate long-term growth potential.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA Office of Advocacy advocacy.sba.gov
- [8]SBA size standards sba.gov
- [9]SBA 7(a) loan program sba.gov
- [10]CDC/504 loan program sba.gov
- [11]EPA epa.gov
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