Know About Coding and Marking System Market Growth Scenario and Market Perspective with Study of Top Players & Revenue

 Devanshu Raizada
  10th-Oct-2019
 35

The increasing use of coding and marking systems for printing batch numbers, government identification codes, and other details on primary and secondary packaging in industries such as automotive, food & beverages (F&B), healthcare, electronics, and construction is driving the growth of the global coding and marking systems market. In 2017, the market generated a revenue of $3,358.0 million, and it is predicted to exhibit a 6.9% CAGR during the forecast period (2018–2023). These systems provide goods details on the packaging and help in identifying and tracking components through the production process.

Based on technology, the coding and marking systems market is broadly categorized into continuous inkjet, drop on demand, thermal ink jet, and thermal transfer overprinting. Out of these, in 2017, the continuous inkjet category dominated the market with a revenue contribution of more than 30.0%, and it is anticipated to continue dominating it during the 2018–2023 period. This is ascribed to the several benefits associated with these printers, such as high-speed printing, long operational hours with minimum servicing, cost effectiveness, and the ability to work on any material.

Further, based on end user, the coding and marking systems market is mainly classified into automotive & aerospace, chemical, healthcare, electrical & electronics, and F&B. Among these, in 2017, the F&B classification led the market with a revenue contribution of over 30.0%, and it is predicted to continue leading it during the forecast period. Strict government regulations pertaining to safety and traceability have forced manufacturers to properly put the manufacturing date, ingredient list, nutritional facts, and manufacturer details on the primary and secondary packaging of food products.

Due to the heavy consumption of packaged food, the F&B industry is the largest market for such systems. The growing sales of packaged foods, fruit juices, bottled water, and tetra milk packets are boosting the F&B sector. As per the 2016 Food Packaging Trends and Advances report by the Association for Packaging and Processing Technologies, the U.S. F&B domain is expected to grow at a CAGR of 2.9% by 2022. In addition, the expanding pharmaceuticals domain is another factor behind the coding and marking systems market growth.

Asia-Pacific held the largest share of the global coding and marking systems market in 2017. The application of coding and marking systems is gaining momentum in the food and beverage industry owing to stringent government regulations, increase in food and beverage, and increase in export of packaged food items. This in turn is driving the growth of the market in the region.

Domain: Business
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Posted By: Devanshu Raizada and Contact Devanshu Raizada

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