DUBLIN--(BUSINESS WIRE)--The "Coding and Marking Ink Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The coding and marking ink market is expected to grow at a CAGR of over 5% during the period 2018-2024
The global coding and marking ink market has been subjected to several regulatory compliances and crucial coding terminology over the years. Adherence to regulatory standards remains crucial for vendors. They need to follow the prescribed manufacturing guidelines as their end-products printed over-packaged foods are supposed to undergo rigorous quality checks.
The market is witnessing high demand for efficient ink solutions as their usage varies across end-users. With the advent in technology, vendors are consistently developing solutions to cater to the growing demand from several end-user industries. While APAC is the fastest-growing region, the popularity of innovative packaging designs in China and India has influenced the market. Regions such as Europe and North America remain the highly demanding market for coding and marking ink Vendors are developing ink solutions in collaboration with customers.
Coding and Marking Ink Market: Segmentation
The market research report includes detailed market segmentation by material, product, end-user, printing, packaging, and geography. Water-based inks were the largest end-user segment in the global coding and marking ink market in 2018. They have witnessed a considerable rise in demand due to the growth in the popularity of Drop on Demand (DoD) printing. Oil-based inks have started to witness significant traction among VIJ printers. The popularity of these solutions has further driven by the growth of the e-commerce sector. The need to prevent product counterfeiting and increase internal traceability within manufacturers is increasing the usage of UV inks.
The healthcare industry has remained a key end-user due to the high applicability in several medical devices and drugs. The application of coding solutions in the healthcare industry is gaining traction. Government regulations are directing the use of drug-specific information on pharmacy products worldwide. Therefore, regulations worldwide tend to push manufacturers to undergo several coding and marking procedures. The adoption of coding and marking services in the electrical & electronics industry is growing rapidly. CIJ is one of the major technologies used in the industry.
The CIJ segment is likely to continue its dominance due to high-speed printing and "quick-dry" nature of CIJ technology. The easy availability and high penetration of CIJ technology are projected to increase the revenue of the segment during the forecast period. PIJ technology, on the other hand, is gaining acceptance among commercial and industrial end-users. The technology offers high-speed printing, long service life, and relatively low operating costs for end-users. However, any change in the regulatory environment is expected to hinder the segment growth.
The dye segment dominates the global coding and marking ink market. Dye-based inks are highly preferred given their superior color gamut than pigments. The high application of dye-based solutions on a wide range of substrates such as plastics, paperboard packaging, and metals is a major factor for the high market share of the segment. Further, the implementation of dye-based inks as standard ink types in inkjet printers is likely to remain stable and steady during the forecast period.
Key Vendors Analysis
The competitive environment in the coding and marking ink market is intensifying. The market currently witnesses the presence of several major as well as other prominent vendors, contributing toward the market growth. However, the market is observing an influx of local vendors entering the market. Domino (Brother Industries), Videojet (Danaher), Markem-Imaje (Dover Corporation), ITW, and Hitachi Industrial Equipment Systems are the key vendors in the market.
Vendors in the market are frequently launching innovative offerings in end-user industries and are coming up with a wide variety of inks suitable for diverse printing applications. Factors such as quality, durability, drying-time, colors, and variety, and feasibility with printers provide vendors opportunities for creating differentiation among competitors.
New product development and technological advancements remain key for competitors to capitalize upon in the coding and marking ink market across the globe. Vendors in the market tend to take time in developing new inks, which can extend up to 2 years. Also, major players in the market tend to focus on strategic partnerships while developing a new ink formulation to develop a perfect solution for the end-user industry customers.
Vendors can consider targeting key regions such as APAC, North America, and Europe to gather maximum customer attention. Countries in the APAC region such as China, India, and Japan among others are expected to display significant growth prospects in the future due to high economic growth forecasts along with huge population statistics leading to high consumption of goods and products. These markets are further expected to witness a higher demand for having proper coding and marking facilities owing to the need for having appropriate coding and marking solutions for product tracking and traceability.
Market Growth Enablers
- Robust Requirement for Product Traceability
- Holistic Vendor Offerings & Strategic Agreements
- Regulatory Landscape Driving Ink Modifications
- Rising Applications across End-user Industries
Market Growth Restraints
- Rising Popularity of Laser Coding
- Cost Escalation Due to High Ink Consumption
- Issues with Ink Migration
Market Opportunities & Trends
- Leveraging Exhibitions, Expos, & Trade Platforms
- Crafting Customer-centric Innovative Offerings
- Emphases on Eco-friendliness
- Evolving Secondary Packaging Market
Market Structure & Mapping of Competition
- Herfindahl-Hirschman Index
Key Company Profiles
- Brother Industries
- Hitachi Industrial Equipment Systems
Other Prominent Vendors
- American Coding & Marking Ink
- Anser Coding
- Control Print
- Gem Gravure
- Kao Collins
- Kortho Coding & Marking
- Linx Printing Technologies
- Macsa ID
- Matthews International
- Paul Leibinger
- REA Elektronik
- RN Mark
- Squid Ink
- Sun Chemical
- United Barcode Systems
- Weber Marking Systems
- WUHAN VIOJET TECHNOLOGY
- Wuhan Willita Marking & Packing Technology
For more information about this report visit https://www.researchandmarkets.com/r/ripy6g