The Asia-Pacific coding and marking systems market is predicted to grow at 8.4% CAGR during the forecast period (2019–2024) to reach USD 2,140.3 million by 2024. The Asia-Pacific market is primarily driven by the extensive growth in the retail and industrial domain.
Coding and marking are considered to be the most vital part of the manufacturing and logistics process in consumer and industrial products. It is the system that is extensively being used to print the details on the product and packaging relating to manufacturing date, lot size, expiry date, and other details in order to disperse authentic information to the customers. Moreover, these systems enable the manufacturers to track the products along with the enhanced focus of the manufacturers towards safety concerns, quality assurance of the product and brand establishment.
Insight by Technology
Based on technology, the coding and marking systems market is categorized into continuous inkjet, thermal transfer overprinting, thermal inkjet, drop on demand, print & apply labelers, laser coding & marking, and valve jet & hot melt inkjet, of which continuous inkjet held the largest share in the Asia-Pacific coding and marking systems market. Continuous inkjet coding is extensively being adopted by the business organizations due to its affluence of installation, high-speed printing, and ease of running for long hours with the minimum requirement of service.
Insight by End User
On the basis of an end user, the coding and marking systems market is categorized into food and beverages, electrical and electronics, automotive and aerospace, chemicals, healthcare, and others. The food and beverage industry is estimated to be the largest end-user category in the market in 2018. This is primarily due to the strict government regulations towards marking information on the food and beverage products. In addition, growing consumer awareness towards the manufacturing and expiry date of the product, and information related to ingredients, thus increasing the demand for coding and marking systems in the food and beverages industry.
The increasing manufacturing sector, pharmaceutical sector, food and beverages industry, and increasing demand for packaging in various industries are the major factor contributing towards the growth of the Asia-Pacific coding and marking systems market. The increasing demand for packaged foods, fruit juice, canned foods, frozen foods, bottled water, and others has boosted the growth of packaged food and beverage industries. Thus, increases the demand of coding and marking systems in food and beverages industry, which has positively impacted the growth of the APAC market.
Furthermore, strict government regulations in order to show the formulation of the product, the amount of each ingredient credited toward a pattern component is further bolstering the growth of the Asia-Pacific coding and marking systems market.
The high cost of coding and marking systems is expected to hinder the growth of this market amongst the industrial consumers from developing countries such as India, Indonesia, Thailand, and others that are considered to be price sensitive.
Geographically, China is the largest coding and marking systems market as the country is home to a large retail base, manufacturing hub, and growing food and beverage industries, and also the huge investment is witnessing in these industries. According to a recent report, it has been observed that China Food and Drug Administration has introduced reform for labeling of prepackaged products according to that norm the manufacturers operating in food and beverage industry are required to adhere to certain norms such as inclusion of detailed information pertaining to name of the product, details of producer, storage condition, ingredients and identification of batch. Implementation of these regulatory reforms is thus driving the growth of this Asia-Pacific coding and marking systems market.
India is observed to witness significant growth in the market during the forecast period. Significant growth in the packaging industry (due to the easy availability of raw materials), plays a major role in driving the growth of the Indian coding and marking systems market.
ASIA-PACIFIC CODING AND MARKING SYSTEMS MARKET HIGHLIGHT
Danaher Corporation, Dover Corporation, Domino Printing Sciences plc, KGK Marking Technologies Group, Linx Printing Technologies, Control Print Limited, Hitachi Ltd., Matthews International Corporation, and ATD Marking Systems are some of the key players operating in the Asia-Pacific coding and marking systems market.
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