New York, March 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Packaging and ICT Industry Convergence Propels Advancement of the Global Smart Label Materials Market" - https://www.reportlinker.com/p06030161/?utm_source=GNW
The global market is segmented into the following regions: Americas, Europe, Middle East, Africa, and South Asia (MEASA), and Asia-Pacific.A smart label is a developed version of a label with extended functionalities, such as use of technology and sensors.
Consumers are able to interact with smart labels by using mobile devices, such as a smartphone. The smart labels considered in this study include radio frequency identification (RFID) labels, electronic article surveillance (EAS), sensing labels, dynamic display, and quick response (QR) codes.
These labels utilize the principles of near field communication (NFC) and have in-built sensors and chips for interaction with nearby devices. Increased demand for smart labels resulted from advancements made in digital printing technology and Industrial Internet of Thing (IIoT) components such as sensors, antennae, and chipsets. IoT has penetrated various industries during the last decade, and devices have become smarter and able to interact with each other by means of NFC. This advancement is expected to accelerate growth for smart label applications. The end industries covered in this research are healthcare and pharmaceuticals, automotive, logistics (including warehouse and transportation), retail, and others (recycling, food & beverage, manufacturing, and aerospace). The major materials used to manufacture a label include coatings, adhesives, substrates, and thermal inks. The analyst estimates the global market for smart label materials at USD1,170.0 million in 2020, growing at a compound annual growth rate (CAGR) of 5.8% between 2020 and 2027 on account of increasing adoption from various industries. Demand for smart label materials is expected to be driven by adoption of smart labels in the pharmaceutical and healthcare industries. In the next few years, prices for smart labels will decrease, leading to increased use by micro, small, and medium-sized enterprises (MSMEs) and price-sensitive industries, such as food and beverages and plastic recycling.Of note, governments across the globe are focused on reducing carbon emissions and promoting sustainability and recyclability of materials used in day-to-day activities, which is expected to drive the adoption of certain raw materials for smart label manufacturing. For instance, solvent-based products are gradually being replaced by solvent-free or water-based products to reduce volatile organic compound (VOC) emissions from labels.
Read the full report: https://www.reportlinker.com/p06030161/?utm_source=GNW
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Packaging and ICT Industry Convergence Propels Advancement of the Global Smart Label Materials Market
This study of the global smart label materials market analyzes the growth drivers, challenges, and trends that affect participants in this space. The study period is 2017 to 2027 using a base year of 2020 and a forecast period of 2021 to 2027.
| Source: ReportLinker