Global Coding and Marking Market Size to Worth $7 Billion by 2023
Arizton’s recent market research report on the global coding and marking market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by technology (primary package coding (CIJ, Laser, TIJ, and TTO) and secondary and tertiary packaging coding (VIJ, PALM, and PIJ)), by product mix (equipment, consumables, and spare parts and aftermarket), by end-user industries (chemicals & construction, food & beverage, electrical & electronics, healthcare, and others), by geography (APAC, Central & Eastern Europe, Latin America, Middle East & Africa, North America, and Western Europe), and offers detailed competitive analysis.
The global coding and marking market size is estimated to generate revenues of around $7 billion by 2023, growing at a CAGR of approximately 7% during 2018-2023. The development of eco-friendly marking systems to reduce bioaccumulation and eco-toxicity and increasing formulation of vegetable-based inkjets will augment the growth of the global coding and marking market size. The growing demand for this equipment from industries food and beverage, pharmaceutical, automotive, and cosmetics will create new opportunities for leading vendors in the global market.
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The top 3 drivers and trends impacting the growth of the global coding and marking market are discussed below:
Growing Need to Deter Product Counterfeiting by Encouraging Brand Protection and Product Identification
The increasing requirement for product identification and brand protection is propelling the growth of the global coding and marking market size.
Product counterfeiting is one of the biggest challenge faced by several manufacturers operating in the global market.
The implementation of regulations by several agencies is encouraging producers to use coding and marking techniques to safeguard their brands from counterfeiting in the global market. To protect the interests of end-users the companies are using this process to print product-specific information on product packaging and increasing their brand awareness in the global market. The growing requirement to store accurate data and information will boost the use of analytics as a marketing tool and propel the growth of the global coding and marking market. These solutions also help vendors to protect their brand identity and prevent the loss of revenues for companies operating the global market. The information printed on the products by using this solution will improve traceability of goods and reduce the circulation of faulty products in the global market. Such detailed information will help companies to reduce their losses, protect brand identity, pass information about defective products, and augment the development of the global coding and marking market.
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Introduction of Coding and Marking Equipment with Increased Efficiency and Better Integration Capabilities
The introduction of equipment that is more graphic incorporating better, colorful, and easy-to-use touchscreens will transform the global coding and marking market. These innovative systems help operators achieve a high level of control and increase productivity through basic operations on their packaging and production lines in the global market. The implementation of ink containers that are equipped with self-contained cartridges that have meters for easy and accurate visual assessment of color levels will improve the efficiency of this equipment and enable superior production quality in the global market. The prominent players in that market are introducing marking and coding equipment with better integration capabilities with machinery used in production or manufacturing and packaging lines to attract new consumers and gain larger global market share. In 2016, Diagraph introduced Allen MLi-TE, a multi-head thermal-transfer printer that can accommodate up to 12 print heads. This system replaces the traversing technology that requires multiple coders for printing on single-serve sachets that offers enhanced and superior integration capabilities in the global coding and marking market. The launch of offline coding systems enhances favorable orientation and prevents error code printing since the product that is already assembled in the appropriate position before the printing starts. In this printing procedure, the products are stacked on the line ready, after which printing is processed.
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Growth in Demand from Pharmaceutical, Cosmetic, and Food and Beverage Industries To Boost Global Coding and Marking Market
The exponential demand from cosmetics, food, and beverage, and pharmaceutical industries will propel the growth of the global coding and marking market. In the pharmaceutical industries, this process is gaining prominence and crucial as it improves product traceability in the global market. The implementation and adoption of strict drug quality and security regulations across various countries necessitate tracing of prescription drug products throughout the pharmaceutical supply chain. To protect counterfeiting of products in the cosmetics industry that use of these solutions helps enhance product traceability. The process further helps in identifying the bottleneck in manufacturing and supply. In the food and beverage industry ensures coding helps across varied subsets of the food and beverage industry such as baked goods and cereal, beverage, candy, and confectionary. The implementation of these solutions will augment the demand in the global coding and marking market.
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The leading vendors in the global coding and marking market are Danaher, Dover, Brother Industries, Hitachi Industrial Equipment Systems, and ITW.
The complete overview of the latest market research report on global coding and marking market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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