DUBLIN--(BUSINESS WIRE)--The "Coding and Marking Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The coding and marking market is projected to reach values of over $7 billion by 2024, growing at a CAGR of approximately 7% during 20182024.
The coding and marking market has witnessed significant transformations over the last decade, which can be majorly attributed to the rise in innovations, modification in regulatory standards, growth in end-user industries, Increased automation in the production process, and the influx of several vendors across geographies.
Stringent regulations and standards for food, medicine, and packaging are driving the coding and marking market. Further, increased focus on product safety and liability issues, an increase in demand for FMCG goods, and the requirement for fast retail cycles will boost demand for coding and marking market.
The market is shifting toward automation with the increasing demand for coding and marking products from varied industries such as chemicals, food & beverages, healthcare, electrical & electronics, and automotive. Also, strict regulations related to food, drugs, and industrial products are expected to seek innovative solutions in the future. Hence, regulations will drive the market for the vendors during the forecast period.
Coding and Marking Market - Segmentation
This market research report includes detailed market segmentation by technology, product mix, end-user industries, and geography. Based on technology, the global coding and marking market is categorized into CIJ, laser, VIJ, PIJ, TTO, TIJ, and PALM packaging coding.
In 2018, the CIJ segment captured nearly half of the market share. CIJ printing technology is exceptionally versatile and enables printing on virtually any surface. Features such as user-friendly installation procedure, high-speed printing, and quick-dry nature are contributing to increased growth of the segment. Domino Printing Sciences is a market leader in the field of CIJ technology. The laser and TIJ technology segments are expected to gain market share during the forecast period.
The food and beverage sector is the largest end-user of coding and marking market. TTO, TIJ, CIJ, technology play a vital role within the food & beverage industry worldwide. Domino Printing Sciences has recently launched a special formulated ink for printing on foil via their thermal inkjet printer. This has a significant potential to cater to the demand of creating sharp and clear contrast codes on foil wraps for food packaging.
The healthcare industry has remained a key end-user for the coding and marking solutions due to the high applicability for several devices and drugs. Also, healthcare spending worldwide is expected to grow at an annual rate of more than 5% during the period 2018-2022. Developed economies are further set to experience an increase in per-person spending on healthcare.
Coding and Marking Market: Geography
The global coding and marking market is diversified across North America, APAC, Europe, Latin America, and MEA. In 2018, the APAC region dominated the market due to high demand for coding and marking equipment by several end-users. The development of innovative, flexible packaging designs in developing countries such as Japan, South Korea, China, Indonesia, and India is driving the growth of the APAC region in the market.
Legislation and industry mandates have driven the coding and marking market in North America and Western Europe. The Harmonized Commodity Description and Coding System has increased the global demand for coding equipment. The coding and marking market in MEA is witnessing high growth, particularly in African countries, where the demand for consumer durables is increasing rapidly. Africa is one of the emerging and fastest growing economies globally. Western Africa has been increasing than southern countries of Africa. Also, the growth of the industry is governed by the expansion of the entire packaging industry.
Key Vendor Analysis
The competitive scenario in the coding and marking market is intensifying. Market leaders are providing high-quality products with additional features such as RFID system, QR codes required to enhance the performance of the product, while local vendors are providing less expensive product equipped with basic features. Further, the market is witnessing consolidation as small entities are getting acquired or merged with major players. Global and local vendors are competing, especially in terms of features such as quality, technology, and pricing.
- Brother Industries
- Hitachi Industrial Equipment Systems
- ANSER Coding
- Beijing Hi-Pack Coding
- Control Print
- EBS ElektronischeBeschriftungs-Systeme
- Guangzhou EC-Pack Packaging Equipment
- ID Technology
- Koenig & Bauer Coding
- Macsa ID
- Matthews International
- Paul Leibinger
- REA Elektronik
- SATO Holdings
- Squid Ink
- Universal Labeling Systems
- Weber Marking Systems
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