NEW YORK, July 25, 2018 (GLOBE NEWSWIRE) -- According to a research report published by P&S Intelligence, the global coding and marking systems market has been growing at a decent rate since the past few years and it is expected to maintain the growth rate during the forecast period as well. The market is growing mainly due to the growing application of coding and marking systems in food and beverage, and automotive industries.
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Rising demand from the food and beverage is a primary factor driving the market. Food and beverage industry captures the largest market mainly due to high demand at customers’ end. Rising sales of packaged food, bottled water, fruit juice, and milk drink has fueled the growth of packaged food and beverage industry across the globe. According to the 2016 Food Packaging Trends and Advances report from PMMI and the Association for Packaging and Processing Technologies, the growth of the U.S. food industry is expected to progress at a CAGR of 2.9% by 2022. As packaged food and beverage industry is a major end user of coding and marking systems, increase in demand for packaged food and beverage has positively impacted the growth of the market.
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Globally, North America was the third largest region with an estimated contribution of 23.3% to the global coding and marking systems market, in 2017. From supply side, the growth of the North American coding and marking systems is driven by the introduction of new variants of digital printing technology by leading players such as Danaher Corporation, Dover Corporation, and Domino Printing Sciences plc. In addition, boost in the manufacturing sector owing to stable macroeconomic outlook, and decrease in the cost of managing the supply chain owing to vertical integration by leading players are also fueling the growth of the market.
Most of the players in the global coding and marking systems market are serving the customers in more than three countries. Leading players are offering coding and marking solutions and equipment to the process and discrete industries. Danaher Corporation, Domino Printing Sciences plc, and ATD Marking Systems are the major players in the market with the strong headcount base, and broad product portfolio. Additionally, these companies have prominent global presence in this industry.
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Other leading players in the coding and marking systems market are Matthews International Corporation, ATD Marking Systems, ID Technology, LLC, Inkjet, Inc. and Overprint Packaging Ltd.
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