Dublin, July 10, 2023 (GLOBE NEWSWIRE) -- The "Coding and Marking Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global coding and marking market is expected to grow at a CAGR of 8.74% from 2022-2028.
Significant Rise in Flexible Packaging
One of the key drivers for the global coding and marking market is an increase in the flexible packaging of products. Flexible packaging is fast gaining popularity and has witnessed significant growth over the last few years. Several factors, including increased ready-to-eat items, the advent of flexible substrates and films, growth in the e-commerce industry, and a rise in retail stores, drive flexible packaging market growth. Flexible packaging is not an exception when it comes to coding and marking solutions that affect different types of packaging to meet the delivery requirements and cater to the fast delivery demand of consumers.
Innovative Consumable Offerings
The coding and marking solutions market is becoming more competitive, with several low-cost offerings being launched regularly. At the same time, vendors must stay up-to-date with the latest end-user industry changes and devise their offerings. Thus, coming up with new and advanced offerings based on the modern-day needs of customers remains crucial in this aspect. Several vendors catering to the industry have consistently focused on introducing new forms of ink or similar solutions for customers. Vendors, such as Domino Printing Sciences, Paul Leibinger Inkjet Systems, and Weber Marking Systems, have successfully guided this headwind to their advantage. Domino Printing Sciences, the leader in the coding and marking ink market, has launched a disappearing ink for track and trace solutions. The UV-activated ink for its TIJ range has been developed to enhance the security aspect of the internal trace and track process for products.
Increasing Counterfeiting of Products
A major hurdle in the global coding and marking market is the counterfeit of products. This is indeed a significant problem that has been affecting the coding & marking market. The industry is responsible for creating & printing unique codes and marking son products to enable their traceability & identification throughout the supply chain. However, counterfeiting activities make it difficult for vendors to ensure that their products are properly identified and tracked. Counterfeit products often need the proper codes and markings, making them difficult to trace and creating potential safety and quality risks for consumers. Counterfeiting can also harm legitimate businesses by decreasing consumer confidence in their products, leading to lost sales & revenue. In the coding and marking systems market, this can translate to decreased demand for coding & marking technologies. Companies may not see the value in investing in these solutions if they believe their products will still be counterfeited.
Market Opportunities & Trends
- Leveraging Exhibitions, Expos & Trade Platforms
- Growing Demand for Laser Coding
- Advent of Industry 4.0
- Evolving Secondary Packaging Market
- Innovative Consumable Offerings
- Growing Adoption of Automation & Robotics
Market Growth Enablers
- Rising Demand for Traceability by End-Users
- Significant Rise in Flexible Packaging
- Increasing Demand for Processed & Packaged Food
- Rising Applications Across End-User Industries
- Increasing Regulatory Compliance
- Rising Demand from Healthcare Industry
Market Restraints
- Increasing Counterfeiting of Products
- Operational Errors & High Cost
- Limited Availability of Skilled Labor & High Labor Cost
- Trade Conflicts Between US & China
Insights by Technology
The global coding and marking market comprise various technology coding printers, such as CIJ, Laser, VIJ, PIJ, TTO, TIJ, and PALM. In 2022, the CIJ segment accounted for around 39% of the global industry, followed by the laser segment. Continuous Inkjet Technology is one of the most widely used technologies in the industry. It is a non-contact printing technology that uses a continuous stream of ink droplets to create characters and codes on various substrates, including plastics, metals, and paper. The technology uses a high-pressure pump that targets the ink through a nozzle onto the surface of the product material as the ink is stored in a reservoir. One of the advantages of CIJ technology is its ability to print on various substrates, including curved and irregular surfaces. The laser and TIJ coding and marking technology segments are expected to gain market share during the forecast period. The laser system is free of consumables, such as ink; hence, it has low maintenance.
Segmentation by Technology
- CIJ Technology
- Laser Technology
- Palm Technology
- TTO Technology
- PIJ Technology
- VIJ Technology
- TIJ Technology
Insights by End-user
The F&B industry was the largest end-user segment in the global coding and marking market in 2022, accounting for around half the market share. The growth in F&B and healthcare segments is attributed to the improving demographics across the globe, increasing investment, strict regulations by the government, and a shift towards urbanization. In addition, several other factors, such as changing consumer preferences regarding product consumption, increasing demand for sustainable packaging, rising demand for attractive packages, and many more, fuel the growth of end-user industries, eventually boosting the global coding and marking systems market.
Segmentation by End-User
- F&B
- Healthcare
- Electrical & Electronics
- Chemicals & Construction
- Automotive & Aerospace
- Others
Insights by Product Mix
The global coding and marking market by product mix is divided into equipment (printers, coders, and markers), consumables (ribbons, fluids, print heads, and filters), and spare parts & aftermarket. The consumables segment dominates the global coding and marking market. The consumables segment is expected to hold a significant market share as they are continuously used during printing. The increasing demand for laser toners, thermal transfer ribbons, inkjet fluids, and others is primarily driven by the growth of the packaging industry. The demand for consumables in the global coding and marking systems market increased during the COVID-19 pandemic owing to huge requirements for inks and other consumables from the F&B and healthcare industries.
Segmentation by Product Mix
- Consumables
- Equipment
- Spare Parts & Aftermarket
Geographical Analysis
The global coding and marking market is well-diversified across North America, APAC, Europe, Latin America, and MEA. In 2022, APAC dominated the global coding and marking market, accounting for over 31%. The APAC market is expected to grow rapidly due to the high demand for coding and marking tools in various end-user industries during the forecast period. The urbanization of developing countries in APAC is expected to bolster the demand for food and beverage products and healthcare provisions, thus driving the demand for coding and marking equipment during the forecast period. While Japan and China are the major codings and marking systems markets, countries like India are expected to witness high demand due to improved quality of life.
Competitive Landscape
The coding and marking market is highly fragmented and competitive, with many players offering various products and solutions. Companies compete on product quality, innovation, customer service, and price to gain industry share and differentiate themselves from competitors. A few large players dominate the global coding and marking equipment market, including Danaher Corporation, Dover Corporation, Domino Printing Sciences, Hitachi Industrial Equipment Systems, and ID Technology. These companies have established themselves as leaders in the industry, with strong brand recognition, a wide range of products, and extensive distribution networks.
Key Company Profiles
- Danaher
- Dover
- Brother Industries
- Hitachi Industrial Equipment & Solutions
- ITW Diagraph
Other Prominent Vendors
- ANSER Coding
- ATD UK
- Beijing Hi-Pack Coding
- Control Print
- EBS Inkjet Systems
- Guangzhou EC-Pack Packaging Equipment
- Iconotech
- ID Technology
- InkJet
- KGK Jet
- KEYENCE
- Koenig & Bauer Coding
- Kortho Coding & Marking
- Laserax
- Leibinger Group
- Macsa ID
- Matthews International
- REA Elektronik
- SATO Holdings
- Squid Ink
- Weber Marking Systems
- Xaar
- Zanasi
Key Questions Answered
- How big is the coding and marking market?
- What is the growth rate of the global coding and marking market?
- What are the growing trends in the coding and marking industry?
- Which region holds the most significant global coding and marking market share?
- Who are the key players in the global coding and marking market?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 427 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $5.98 Billion |
| Forecasted Market Value (USD) by 2028 | $9.88 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Key Topics Covered
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Market at a Glance
7 Premium Insights
8 Introduction
9 Market Opportunities & Trends
10 Market Growth Enablers
11 Market Restraints
12 Market Landscape
13 Technology
14 End-User
15 Product Mix
16 Geography
17 APAC
18 North America
19 Western Europe
20 Latin America
21 Middle East & Africa
22 Central & Eastern Europe
23 Competitive Landscape
24 Key Company Profiles
25 Other Prominent Vendors
26 Report Summary
27 Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/c6r2t3
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