Wilmington, Delaware, United States, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global coding and marking system market is projected to flourish at a CAGR of 5.5% from 2021 to 2029. As per the report published by TMR, a valuation of US$ 10.3 billion is anticipated for the market in 2029. As of 2023, the demand for lighting products is expected to close at US$ 7.4 billion.
Growing applications of coding and marking systems in product identification and traceability in different industries create value-grab opportunities for market players. Growth and development of pharmaceuticals, food & beverages, construction, automotive, chemical & fertilizers, and electronics industries demand for printing codes on different products and surfaces and this factor is anticipated to boost the coding & marking systems market at the global level.
Increasing regulations and standards related to product traceability, safety, and labeling requirements in various industries, such as food and beverage, pharmaceuticals, and electronics, drive the adoption of coding and marking systems.
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Competitive Landscape
The coding and marking systems market is highly fragmented among the global giants and medium & small sized manufacturers. As key players are regarded as industry leaders dominating markets with the latest products and competitive prices, the medium-size players and small manufacturers try to differentiate their coding & marking systems based on additional features and customizations as per requirements of the end-use industry. The industry survey of coding & marking systems includes profiles of key players such as-
- Videojet Technologies, Inc.
- Hitachi America, Ltd.
- Markem-Image Corporation
- Domino Printing Sciences plc
- Squid Ink Manufacturing Inc.
- ATD Ltd
- TYKMA Electrox Inc.
- MACSA ID, S.A
- REA Elektronik GmbH
- Linx Printing Technologies Ltd
- RN Mark Inc
- Control Print Ltd., etc.
The increasing popularity of coding and marking is due to their high-resolution images, high speed, and clear & precise printing. Many business leaders are adopting such systems to protect their brand identity. For product sustainability, market contributors are using environment-friendly solutions to use in industrial applications.
The growth of the packaging industry, driven by e-commerce, increasing consumer demands for packaged goods, and the need for better product differentiation, fuels the demand for coding and marking systems.
Rapid industrialization and growth in emerging markets, especially in Asia, Latin America, and Africa, create opportunities for the coding and marking system market as companies seek to meet local and international quality and safety standards.
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Increase in the production of various products gives rise to the requirement of primary packaging, along with the need for codes, barcodes, MRP, dates, and other related information, which need to be printed on the packaging of the product used for coding & marking as well as to provide information to the customer.
Key Takeaways from the Market Study
- As of 2022, the coding and marking system market was valued at US$ 7.0 billion.
- Based on technology, the Continuous Inkjet (CIJ) segment dominates the market during the forecast period.
Coding and Marking System Market: Key Trends and Opportunistic Frontiers
- Increasing primary packaging among end-use industries supplements the sales of continuous inkjet printers used for coding and marking purposes on the packaging.
- Laser coders and inkjet printers are anticipated to create revenue opportunities for manufacturers in the coding & marking systems market.
Key Developments in the coding and marking system market
- Markem-Imaje a subsidiary of Dover Corporation, was investing in technologies like digital printing and laser marking. They were developing integrated solutions for product traceability and serialization to meet stringent regulatory requirements, particularly in the pharmaceutical sector.
- Videojet Technologies was working on improving its coding and marking systems by introducing advanced data connectivity features. Their solutions aimed to provide real-time data and diagnostics for better production line management and efficiency.
- Hitachi Industrial Equipment Systems was focusing on continuous inkjet printers and thermal inkjet printers. They were working on developing eco-friendly ink formulations and expanding their global presence.
- Matthews International Corporation was enhancing its range of coding and marking solutions, including laser, inkjet, and thermal transfer printing. They also worked on integrated software solutions for data management and production line optimization.
Coding and Marking System Market – Key Segments
Technology Type
- Continuous Inkjet (CIJ)
- Piezo Inkjet (PIJ)
- Thermal Inkjet (TIJ)
- Laser Coding
- Others (TTO,VIJ, and Print & Apply Label)
Application
- Primary
- Secondary
- Tertiary
End Use
- Food & Beverage
- Pharmaceuticals
- Construction
- Personal & Homecare
- Electricals & Electronics
- Automotive
- Chemicals & Fertilizers
- Other End Use
Region
- Americas
- Europe
- Asia Pacific Ex. China
- China
- Middle East & Africa
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