Coding and Marking Systems Reducing Product Recalls
Arizton’s recent research report on the global coding and marking systems market identifies Danaher, Dover, Brother Industries, Hitachi Industrial Equipment Systems, and ITW as the prominent vendors in the market. The report provides the detailed analysis of market segmentation by technology (primary package coding and secondary and tertiary package coding), end-user (food & beverages, healthcare, electrical & electronics, chemicals & construction, automotive & aerospace, and others), product mix (equipment, consumables, and spare parts & aftermarket), and geography (APAC, North America, Western Europe, Latin America, MEA, and Central & Eastern Europe).
The global coding and marking market is likely to reach over $7.5 billion by 2024, growing at a CAGR of around 7% during 2018-2024.
The coding and marking market has witnessed significant transformations over the last decade, which can be majorly attributed to the rise in innovations, modification in regulatory standards, growth in end-user industries, Increased automation in the production process, and the influx of several vendors across geographies.
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The leading drivers and trends driving the growth of the global coding and marking systems market are discussed below:
Increasing instances of product recalls
The rise in technological integration in the manufacturing sector has resulted in considerable transformation over the last few years. Product recalls in the manufacturing sector have become a common thing over the last few years. The automotive industry is a major sector, witnessing a high number of product recalls worldwide, followed by the food industry. The automotive industry in EU observed close to $14 million losses in 2018, while the food industry witnessed close to $9 million during the same period.
Coding and marking systems play a crucial role in minimizing product recalls. These solutions facilitate a smooth and easy transition of products during manufacturing and supply chain stages as well as during product recalls, which are of prime importance to manufacturers. Since regulatory bodies across regions such as the USFDA and USDA are stringent with coding and marking regulation, manufacturers are increasingly introducing tracing and tracking solutions to meet regulatory standards. Countries such as India and China are constantly revising their product identification, tracking, and tracing policies, thereby driving manufacturers to adopt tracing and tracking solutions. GS1-128 barcodes are another set of application standards that are witnessing increased adoption in retail and foodservice packaging sectors in North America and Europe.
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Rise of laser coding technology
Laser coding is a major development in the coding and marking systems market worldwide. This technology has witnessed a sharp rise in demand largely given its properties and applications across a wide range of end-user industries. Laser coding solutions are growing in popularity in end-user industries such as cosmetics, personal care, food & beverages, and automotive among others. A key reason for the growth of laser coding solutions is permanence and durability.
Further, the increase in the popularity of laser coding and marking solutions is their adherence to regulatory standards during the packaging stage. Also, laser coding solutions are reducing production downtime while boosting productivity.
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Macsa id has developed a range of laser marking solutions, including Macsa id SPA CB 30 HPD, which directly mark directly on the vegetable’s skin. Many vendors Domino Printing Sciences are manufacturing environment-friendly laser printing technology. These bio-based devices leave a minimal trace in the environment.
Anser Coding, Beijing Hi-Pack Coding, Control Print, EBS INK-JET System, Guangzhou EC-PACK, Iconotech, ID Technology, InkJet, KEYENCE, Koenig & Bauer Coding, Kortho Coding & Marking, Laserax, Macsa ID, Matthews International, Paul Leibinger, REA Elektronik, SATO Holdings, Squid Ink, Universal, Weber Marking Systems, XAAR, and Zanasiare identified as the other prominent vendors in the global coding and marking systems market.
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The complete overview of the latest market research report on the global coding and marking systems market is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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