Global Coding and Marking Market Size, Share, Development, Growth and Demand Forecast to 2023 Industry Insights by Technology, by End-Use
LONDON, Aug.8, 2017 /PRNewswire/ -- Market Overview
Coding and marking systems provide product related details on the packaging such as batch number, price, manufacturing and expiry date and other related information to the end-use. The global coding and marking market covers smooth logistics process where goods can be easily tracked from the manufacturing unit to the retail outlets. Coding and marking play an important role in packaging and logistics industry for food and beverages, pharmaceuticals, chemicals, electronics and other major industries.
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Market Dynamics
The global coding and marking market is expected to witness a CAGR of 9.4% during the forecast period, to reach $5,310.5 million by 2023. Coding and marking for food and beverages is expected to dominate the market during the forecast period. Continuous inkjet printer has been the largest contributor in the market and is expected to grow at a highest CAGR during the forecast period. Asia-Pacific and Europe collectively accounted for more than 70% in the global coding and marking market in 2016, owing to rising demand from the food and beverage, pharmaceutical and cosmetic industries. These industries capture the major market due to high demand at the customers' end. The change in the lifestyle is directly impacting the buying decisions of the customers.
Asia-Pacific is expected to contribute to the growth of coding and marking market due to stringent government regulation for coding and marking in the packaging industry worldwide and growing demand for packaged food and beverages in countries such as China and India. According to different packaging associations, appropriate electronic or electromechanical equipment should be used while performing the coding and marking process. The batch and code number along with the date of manufacturing should be clearly printed on the packing. This practice is strictly followed in the food and beverage industry, pharmaceutical industry and the labeling of agricultural products. Implementation of such stringent norms are likely to drive the market during the forecast period.
CODING AND MARKING MARKET
Trends
Globalization has raised the exports and import of coding and marking machines worldwide. Globalization in the packaging industry has benefitted all the stakeholders of the supply chain. Major players are shifting their manufacturing base to different countries to expand their presence globally. Globalization made possible exchange of advance coding technology from one country to another, which has supported the growth in the coding and marking market.
Additionally, large number of international players are investing in developing countries such as Brazil, India and China due to growing demand of packaged food and beverages in these regions. Moreover, the environment-friendly marking systems is a major trend in the market. Different patents have been developed for biodegradable resin-based marking devices. The usage of environment-friendly printing techniques is being used to reduce the impact on the environment. Additionally, there have been growing investments in the research and development (R&D) expansion in the global coding and marking market by major players in recent years to improve the performance and output. Major players such as Danaher Corporation, Hitachi Industrial Equipment Systems Co., Ltd., Illinois Tool Works, Inc., and Domino Printing Sciences have been investing in R&D, for increasing the durability of the ink and come up with technically-advanced coding and marking machines.
Growth Drivers
The rising demand from the food and beverage, pharmaceutical and cosmetic industries are one of the primary factors driving the market. These industries capture major market mainly due to high demand at the customers' end. The change in the lifestyle is directly impacting the buying decisions of the customers. For the packaging industry, trends such as rising sales of packaged food, bottled water, fruit juice and milk drink have driven the global packaging and coding and marking market. The growing demand of the pharmaceutical packaging industry is supported by increasing demand for blister packaging and technological advancements. Additionally, technological advancement in the coding and marking equipment is driving the coding and marking market. The technically-advanced products are likely to attract manufacturing and packaging companies thus fueling growth in the coding and marking market. Usage of digital printing is the need of the hour, which is replacing the traditional printing solutions.
Restrains
The major restrains identified in the market is the increase in the price of raw materials. The raw materials usually account for more than half of the total cost of packaging. Raw material such as polypropylene, polyethylene, resin and polyester, paper, aluminum foil and ink prices are mainly driven by demand and supply capacity, which changes frequently. In such markets, supply can fluctuate with the global economy, regional weather conditions and many other factors. Increased prices of raw materials and packaging materials will increase the operating costs which might affect the profit margin of the company.
Competitive Landscape
The global coding and marking market is majorly dominated by tier 1 and tier 2 players having presence across the globe. Some of the major players involved include Danaher Corporation, ID Technology LLC, Inkjet, Inc., Hitachi Industrial Equipment Systems Co., Ltd., Illinois Tool Works, Inc., Domino Printing Sciences plc. and Dover Corporation. The major players of coding and marking market are entering into joint venture, merger and acquisition to expand its product portfolio and geographical presence to meet the growing demand.
Scope for Customization
P&S Market Research offers customization as per specific business requirements of clients. Illustrative customization within the scope of this report includes:
Period of Analysis –The global coding and marking market study period, including historic and forecast years
Geographical Analysis – Increase in country coverage
Segment Analysis – More granular coverage related to:
Industry segmentation – The market can be further segmented on the basis of additional industries covered in the end-use markets.
Company Profiles – Wider company coverage in terms of detailed analysis or additional company profiles
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