Dublin, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The "Global Coding and Marking Market Research Report 2020-2029" report has been added to ResearchAndMarkets.com's offering.
The global coding and marking market is expected to reach a value of $10.45 billion by 2029 from $6.37 billion in 2023, growing at a CAGR of 8.59%
The global coding and marking market is highly competitive and fragmented, with numerous players offering various products and solutions. Major players like Brother Industries, CONTROL PRINT, Dover Corporation, Hitachi Industrial Equipment & Solutions, ITW Diagraph, and Videojet Technologies dominate the market.
These companies focus on product excellence, innovation, and customer support to differentiate themselves in a crowded marketplace. Also, smaller competitors, such as Squid Ink Manufacturing, REA Elektronik, and Linx Printing Technologies, play significant roles, often focusing on specific market niches or specialized applications. As the demand for coding and marking services continues to grow, competition among these companies is expected to intensify, leading to the introduction of more innovative and advanced solutions.
In 2023, Asia-Pacific (APAC) dominated the global coding and marking market, accounting for over 31% of the market share. The region's growth is fueled by a rising population and increasing demand for packaged products, particularly in countries like China and India. The growth of e-commerce and online retailing in APAC also contributes to the demand for coding and marking systems.
Furthermore, North America is another critical market, with applications spanning various industries, including F&B, pharmaceuticals, and packaging. The region has numerous large multinational manufacturing companies, such as PepsiCo, Nestle, Pfizer, and Novartis, with stringent product coding and marking requirements. The demand for product traceability and safety in North America will drive industry growth in the coming years.
MARKET DRIVERS AND OPPORTUNITIES
Technological Advancements in Coding and Marking Systems
The coding and marking market has seen significant technological advancements, particularly in automation, digital printing, and software integration. Adopting advanced technologies like laser coding, thermal inkjet, and continuous inkjet printing has enabled companies to achieve high-speed production with greater accuracy and efficiency.
One of the notable trends is the increasing use of laser coding systems. Laser technology offers several advantages, including high-quality, permanent marks resistant to wear and tear. Moreover, laser systems are environmentally friendly as they do not require consumables like ink or ribbons, reducing waste and operational costs. Integrating IoT (Internet of Things) and AI (Artificial Intelligence) in coding and marking systems is another key development. These technologies allow for real-time monitoring, predictive maintenance, and enhanced automation, improving productivity and reducing downtime.
Growing Demand for Sustainable Solutions
Sustainability has become a crucial focus across industries, and the coding and marking market is no exception. Companies are increasingly adopting eco-friendly practices, which include using sustainable materials, reducing energy consumption, and minimizing waste. For instance, water-based and solvent-free inks are gaining popularity as they offer a safer and more sustainable alternative to traditional inks.
In addition, there is a growing trend towards recyclable and biodegradable packaging, which necessitates using coding and marking systems to print on these materials effectively. The push for sustainability also drives innovations in ink formulations and printing technologies, focusing on reducing the environmental impact of coding and marking processes.
Stringent Regulations and Compliance Requirements
Regulatory bodies worldwide enforce stricter guidelines regarding product labeling, traceability, and safety. Industries such as food and beverage, pharmaceuticals, and electronics are particularly affected by these regulations. For example, implementing the EU's Falsified Medicines Directive (FMD) and the U.S. FDA's Drug Supply Chain Security Act (DSCSA) has increased demand for coding and marking solutions that ensure compliance with serialization and traceability requirements.
Moreover, the growing concern over counterfeit products has heightened the need for robust coding and marking systems to provide accurate and tamper-proof identification. As a result, companies are investing in advanced solutions that enable them to meet regulatory requirements while ensuring the integrity of their products throughout the supply chain.
Customization and Personalization
In today's competitive market, businesses seek ways to differentiate their products and create a unique brand identity. Customizing and personalizing packaging and labeling have become key strategies for achieving this goal. As a result, coding and marking systems are increasingly being designed to offer greater flexibility and versatility.
Digital printing technologies, in particular, have enabled companies to produce customized labels and packaging on demand, allowing for shorter production runs and quicker turnaround times. This trend is especially prevalent in the food and beverage industry, where personalized packaging has become a popular marketing tool.
Surge in Laser Coding Technology
The increasing demand for laser coding technology is a significant trend in the coding and marking market. This method has rapidly gained popularity across various industries, including cosmetics, personal care, F&B, and automotive, due to its superior permanence and quality compared to other coding techniques. Laser coding ensures that markings remain intact throughout the supply chain, drastically reducing the risk of product counterfeiting.
Also, global vendors have recently launched a variety of laser marking solutions, driven by the need to meet stringent regulatory standards and the evolving demands of packaging. As laser marking demonstrates its durability and reliability, its adoption across industries is expected to accelerate, further propelling market growth.
Rising Demand for Processed and Packaged Foods
The global increase in demand for processed and packaged foods is another critical driver of the coding and marking market. As disposable incomes rise and populations expand, especially in regions like Asia-Pacific (APAC), the consumption of packaged foods has surged. Urbanization in India, China, and other APAC nations contributes to market growth. As more consumers prefer packaged foods, the need for reliable coding and marking solutions to ensure accurate labeling and compliance with safety regulations becomes increasingly crucial. This trend will persist as food safety and traceability regulations become more stringent worldwide.
Operational Errors and High Costs
Despite the market's promising growth, the coding and marking market faces significant challenges, particularly concerning operational errors and their associated high costs. Human errors are responsible for a substantial portion of product coding mistakes, which can have costly implications for manufacturers. Also, large-scale manufacturers, especially in sectors like F&B and automotive, focus on reducing human error as they transition toward Industry 4.0. The competitive market demands vendors offer innovative solutions to address these challenges, ensuring smooth and efficient production processes.
Technology Segment: CIJ and Laser Marking Lead the Way
In 2023, Continuous Inkjet (CIJ) technology dominated the global coding and marking market, capturing the largest market share. CIJ technology is widely used due to its versatility and ability to print on various substrates, including curved and irregular surfaces. This versatility makes it an ideal solution for the packaging industry, where products come in diverse shapes and sizes.
Conversely, the laser marking segment will witness the highest CAGR during the forecast period. Laser marking's ability to produce high-quality, durable markings on various substrates, including metals, plastics, and ceramics, makes it increasingly popular across industries. This technology's growth is also driven by its capability to create barcodes, QR codes, and logos, which are critical for product identification and traceability.
End-User Segment: Food & Beverage Industry Leads
The food and beverage (F&B) industry emerged as the largest end-user segment in 2023, fueled by the need for accurate coding and marking solutions to meet evolving consumer demands. As global markets expand and consumer spending increases, the demand for reliable coding and marking solutions in the F&B sector is set to grow.
With consumers becoming more conscious of the ingredients in their food, regulatory scrutiny on product packaging has intensified. Effective coding and marking ensure products comply with government regulations and promote healthy food choices. Moreover, the growing demand for sustainable packaging and visually appealing product designs further drives growth in this segment.
Product Mix Segment: Consumables Product Mix Dominating The Industry
In 2023, consumables were the largest segment, essential for high-quality printing in various industries. Key consumables include printheads, ribbons, and inks for specific technologies and applications. Further, leading companies in the consumables market include Domino Printing Sciences, Videojet Technologies, and Markem-Imaje. They provide reliable products known for their precision and durability.
KEY QUESTIONS ANSWERED:
- What is the current coding and marking market size?
- What is the growth rate of the global coding and marking market?
- What factors drive the growth of the global coding and marking market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 166 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $6.37 Billion |
| Forecasted Market Value (USD) by 2029 | $10.45 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
MARKET DYNAMICS
Market Opportunities & Trends
- Expanding Exhibitions, Expos, and Trade Platforms
- Growing Demand for Laser Coding
- Advances in Coding & Marking Systems
- 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
- Increased Demand for Processed & Packaged Food
- Rising Application 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
COMPETITIVE LANDSCAPE
Key Company Profiles
- Brother Industries
- CONTROL PRINT
- Dover Corporation
- Hitachi Industrial Equipment & Solutions
- ITW Diagraph
- Videojet Technologies
Other Prominent Vendors
- ANSER Coding
- ATD UK
- Beijing Hi-Pack Coding
- EBS Ink-Jet Systems
- Guangzhou EC-PACK Packaging Equipment
- ICONOTECH
- ID Technology
- Inkjet
- Jet Inks
- KGK Jet
- KEYENCE
- Koenig & Bauer Coding
- Kortho Coding & Marking
- Laserax
- Leibinger Group
- Macsa ID
- Matthews International
- MECCO
- REA Elektronik
- Squid Ink
- Weber Marking Systems
- Xaar
- Zanasi
For more information about this report visit https://www.researchandmarkets.com/r/mom3a9
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