The coding and marking systems market is projected to contribute USD 3.4 billion in 2017 and is expected to witness a CAGR of 7.0% during the forecast period 2018-2024. The rapid growth of this market is majorly attributed towards the benefits attained by coding and marking systems such as protection from existing counterfeits in the market. Additionally, during the process of logistics these systems are used for tracking the goods from manufacturing unit till the product is delivered to the end consumer. These codes are also beneficial for the manufacturers in developing brand image, enhancing safety concerns and in providing quality assurance to the consumers.
Coding and marking systems is extensively being used to print various details regarding a particular product such as manufacturing date, lot size, product specific details and expiry details and other related details as listed by the government authorities in various developing as well as the developed economy.
The manufacturing process of automobiles uses several exclusive materials and for the elimination of faults these materials are required to be placed at a specific part number. To implement in this process key players are enhancing utilization of coding and marking systems that is ultimately driving the growth of tis market across the globe.
The accelerating sale of processed foods, packaged snacks, non-alcoholic beverages, dairy items and processed food is enhancing the demand for packaged food and beverage sector across the globe. Additionally, this sector is observed to be the major consumer of coding and marking systems and as a result increasing demand for packaged products in developed as well as developing economy is extensively contributing towards the growth of global coding and marking systems. However, stringent regulations by the government agencies and high cost of these systems are further expected to impede the growth of global coding and marking systems market.
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On the basis of end user, the global coding and marking system market is segmented into food & beverage, electrical & electronics, automotive & aerospace, chemical, healthcare and others. Food & beverages is further sub-segmented into fruits & vegetables, meat & poultry, pet food & animal feed, dairy products, packaged food and others. Among all these segments food and beverage segment accounted for the largest share of more than 35.0% in the global coding and marking systems.
On the basis of technology, the global coding and marking systems is segmented into continuous inkjet, thermal inkjet, print & apply labelers, thermal transfer overprinting, laser coding and marking, drop on demand, and valve jet & hot melt inkjet. Among all these segments continuous inkjet coding is extensively being adopted by the business organizations due to its affluence of installation. Furthermore, this technology is further projected to generate the largest revenue during the estimated period and thermal transfer printers are expected to witness the fastest growth during the forecast period.
Geographically, North America accounts for the largest market size of USD 800.3 million in 2017 in the global coding and marking system market and is further expected to estimate the growth rate of 7.3% during 2018-2024 owing to technological upgradation and enhancing expenditure on research and development activities.
Europe is the second largest revenue holder in this market after North America. Moreover, Asia-Pacific is expected to witness the fastest growth in this market owing to the rapid upsurge of food and beverage industry, increasing demand for packaged products and implementation of several stringent rules portrayed by the government agencies in various countries of this region.
Globally industry players are leveraging market growth through technological upgradation in coding systems, innovation to adapt with ever-changing market dynamics and becoming more realistic in its approach. Some of the major players operating in the coding and marking systems industry are ATD Marking Systems, Danaher Corporation, Inkjet Inc, ID Technology, Hitachi Ltd, Diagraph Group, Matthews International Corporation, Dover Corporation, Overprint Packaging Ltd., and Domino Printing Sciences plc.
Global Coding and Marking Systems Market Coverage
Technology Insight and Forecast 2014-2024
End User Insight and Forecast 2014-2024
Coding and Marking Systems Market by Region
Middle East and Africa