The expanding packaging sector in developing nations is fueling a surge in demand for marking and coding equipment, to reach a market value of US$ 1.45 Billion by 2034. Marking and Coding Equipment Market driven by packaging sector growth, digital adoption, and end-use industries expansion. Cost remains a constraint.
NEWARK, Del, March 27, 2024 (GLOBE NEWSWIRE) — The marking and coding equipment market is expected to be valued at US$ 1,147.9 million in 2024. The progress of the market is projected to be consistent over the period from 2024 to 2034, with a CAGR of 2.3%. By 2034, the market value is forecasted to hit US$ 1,455.1 million.
Marking and coding equipment demand is being propelled by the simultaneous rise of the packaging sector. The packaging industry is especially being given attention in developing countries and these countries are proving to be lucrative grounds for the marking and coding equipment market. The increasing adoption of digital equipment is also aiding the market. Measures such as tracking products and detecting counterfeit products are helped by marking and coding equipment, further boosting their demand in the packaging sector.
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The marking and coding industry is benefitting from the continued progress of various end-use industries. Food and beverage is a prominent industry whose growth is immensely affecting the marking and coding equipment market. Other industries using the equipment in increasing measure include pharmaceuticals and automobiles.
High costs associated with equipment restrain the growth of the market, however. Both installation and maintenance costs of the equipment may be substantial, leading to hesitation in buying it. The risk of loss of income due to downtime of the machines is also a hindrance.
“As part of digitization trends, digital printing equipment’s demand is being bolstered. Laser printers too are rising in popularity. Thus, innovation in products is recognized as the way to go in the market,” Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Marking and Coding Equipment Market:
- The marking and coding equipment market is projected to be valued at US$ 1,147.9 million in 2024.
- Continuous inkjet printer is the prevailing technology in the market. Continuous inkjet printer is expected to account for 47.6% of the market share in 2024.
- Food industry tops the end use segment. For 2024, food end use is anticipated to account for 43.6% of the market share.
- India is a promising country for the market. For the forecast period, the CAGR for India is estimated to be 5.1%.
- China is another Asian country with a bright future for the market. The CAGR for China over the forecast period is predicted to be 4.2%.
- The market is expected to register a CAGR of 2.4% in Spain over the forecast period.
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Competition Analysis of the Marking and Coding Equipment Market
Varying the product line and keeping production levels enough to meet demand are key concerns in the market. Both collaborative strategies and acquisitions are commonplace in the market. Some of the prominent companies in the market include Hitachi America, Ltd., Videojet Technologies, Inc., Markem-Imaje Corporation, and Domino Printing Sciences plc.
Key Companies in the Marking and Coding Equipment Industry:
- Hitachi America, Ltd.
- Videojet Technologies, Inc.
- Markem-Imaje Corporation
- Domino Printing Sciences plc.
- TYKMA Electrox, Inc.
- Squid Ink Manufacturing Inc.
- Open Date Systems, Inc.
- MACSA ID, S.A.
- ATD Ltd
- RN Mark Inc.
- Interactive Coding Equipment (ICE)
- Diagraph Corporation
- Linx Printing Technologies
- Numeric Marking Systems.
- Control Print Ltd.
- Durable Technologies
- REA Elektronik GmbH
- Matthews International Corporation
- INKJET, INC.
- KGK Marking Technologies Group
Recent Developments in the Marking and Coding Equipment Market
- In January 2024, the Marking Trigger Device was launched by Markem-Imaje.
- At Pack Expo 2023, the IQJET coding and marking system was introduced by Leibinger.
- In September 2021, the R-series was launched by Domino.
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Key Segments
By Technology:
- Continuous Inkjet (CIJ)
- Thermal Inkjet (TIJ)
- Thermal Transfer Overprint (TTO)
- Laser Coding System
- Large Character Marking (LCP)
- Label Print Applicator (LPA)
- Other Printers
By Application:
- Flexible Packaging
- Bags
- Pouches & Sachets
- Vacuum / Shrink films
- Others
- Rigid Packaging
- Pipes & Tubes
- Boxes
- Bottles & Jars
- Cans
- Metal Parts
- Trays & Clamshells
- Crates
- Others
By End Use Industry:
- Food
- Beverages
- Pharmaceuticals
- Personal & Homecare
- Electricals & Electronics
- Automotive
- Chemical & Fertilizers
- Building Materials
- Other Industries
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Originally published at https://www.einpresswire.com/article/699181856/rising-digital-trends-in-packaging-are-laying-out-the-groundwork-for-the-progress-of-the-marking-and-coding-equipment-market-future-market-insights
