NEW YORK, Oct. 14, 2020
NEW YORK, Oct. 14, 2020 /PRNewswire/ -- The key reason for the steady growth of the global coding and marking systems market is the increasing demand for such equipment from the automotive, pharmaceutical, and food & beverage industries. As a result, the revenue generated from the sale of such systems will increase from $3,832.4 million in 2019 to $7,469.6 million by 2030, at a 6.4% CAGR between 2020 and 2030, according to P&S Intelligence.
The food packaging industry is expanding on account of the rising demand for beverages and processed & frozen food items. Food & beverage and pharmaceutical companies are mandated by governments to clearly provide the manufacturing and expiry dates, ingredient list, batch number, and manufacturer details on the food packaging. Similarly, the coding and marking systems market growth is driven by the need to check the counterfeiting of automotive parts, by printing invisible but traceable part numbers, labels, and codes.
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Due to the burgeoning number of COVID-19 patients, countries have been forced to lock themselves down, thereby hampering the advance of the coding and marking systems market. This has led to the closure of several manufacturing plants, which has not only reduced the production and supply, but also the demand for such systems.
The paper & cardboard category held the largest share in the coding and marking systems market in the past, on the basis of material. Paper and cardboard are the most popular packaging materials in the e-commerce sector, as they allow for convenience in storing and transporting products over long distances. With the expansion of the e-commerce sector owing to the rising internet and smartphone penetration, the demand for coding and marking systems that can work on paper and cardboard is consistently rising.
Browse report overview with detailed COVID-19 impact analysis on Coding and Marking Systems Market Research Report: By Technology (Continuous Inkjet, Thermal Transfer Overprinting, Thermal Inkjet, Drop on Demand, Print & Apply Labeling, Laser Coding & Marking), Material (Paper & Cardboard, Plastic, Metal), End User (Food & Beverages, Electrical & Electronics, Automotive & Aerospace, Chemicals, Healthcare) - Global Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/coding-and-marking-market
Asia-Pacific (APAC) is the largest coding and marking systems market presently, and it will also grow the most rapidly in the industry. The food & beverage sector, which is under strict government guidelines to provide product information on the packaging, is growing due to the rising demand for packaged food and surge in agricultural production. Moreover, APAC is the major supplier of fraudulent medical and electronic & electrical goods, which necessitates the usage of coding and marking systems for anti-counterfeiting purposes.
Players in the coding and marking systems market are creating growth opportunities by engaging in partnerships and acquisitions.
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The major operational companies in the global coding and marking systems market are ATD Ltd., Danaher Corporation, Inkjet Inc., ID Technology LLC, Dover Corporation, Hitachi Ltd., Matthews International Corporation, Diagraph Group, Overprint Packaging Ltd., and Domino Printing Sciences plc.
India Coding and Marking Systems Market
The Indian coding and marking systems market was valued at $45.8 million in 2018, and it is expected to reach $77.0 million by 2024, demonstrating a CAGR of 9.0% during the forecast period.
U.S. Coding and Marking Systems Market
The U.S. coding and marking systems market was valued at $558.4 million in 2017 and is projected to reach $860.6 million by 2023, witnessing a CAGR of 7.6% during the forecast period. The increase in demand for coding and marking systems in the country is driven by the surge in R&D activities by key manufacturers and rising demand from the automotive industry.
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