NEW YORK, USA, April 24, 2019 (GLOBE NEWSWIRE) -- The global coding and marking systems market size was valued at USD 3.7 billion in 2017 and is expected to witness a CAGR of 7.0% during the forecast period 2018–2024. The rapid growth of this market is majorly attributed towards the benefits attained by coding and marking systems such as protection from existing counterfeits in the market.

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During the process of logistics these systems are used for tracking the goods from manufacturing unit till the product is delivered to the end consumer. These codes are also beneficial for the manufacturers in developing brand image, enhancing safety concerns and in providing quality assurance to the consumers. Coding and marking systems are extensively being used to print various details regarding a particular product such as manufacturing date, lot size, product specific details and expiry details and other related information as listed by the government authorities in various developing as well as the developed economy.

Explore key industry insights in 49 tables and 34 figures from the 170 pages of report, Global Coding and Marking Systems Market – Analysis and Forecast to 2024: Industry Insights by Technology (Continuous Inkjet, Thermal Ink Jet, Print & Apply Labelers, Thermal Transfer Overprinting, Laser Coding and Marking, Drop on Demand, and Valve Jet & Hot Melt Inkjet), by End User (Food & Beverage, Automotive & Aerospace, Electrical & Electronics, Healthcare, Chemical, and Others)”

Growing food processing industry to drive the coding and marking systems market

The accelerating sale of processed foods, packaged snacks, non-alcoholic beverages, dairy items and processed food is enhancing the demand for packaged food and beverage sector across the globe. Additionally, this sector is observed to be the major consumer of coding and marking systems and as a result increasing demand for packaged products in developed as well as developing economy is extensively contributing towards the growth of global coding and marking systems.

The manufacturing process of automobiles uses several exclusive materials and for the elimination of faults these materials are required to be placed at a specific part number. To implement in this process key players are enhancing utilization of coding and marking systems that is ultimately driving the growth of this market across the globe.

However, stringent regulations by the government agencies and high cost of these systems are further expected to impede the growth of global coding and marking systems market.

Continuous inkjet remains the most commonly used coding and marking technology

On the basis of technology, the coding and marking systems market is segmented into continuous inkjet, thermal inkjet, print & apply labelers, thermal transfer overprinting, laser coding and marking, drop on demand, and valve jet & hot melt inkjet. Among all these segments continuous inkjet coding is extensively being adopted by the business organizations due to its affluence of installation. Furthermore, this technology is further projected to generate the largest revenue during the estimated period and thermal transfer printers are expected to witness considerable growth during the forecast period.

On the basis of end user, the global coding and marking system market is segmented into food & beverage, electrical & electronics, automotive & aerospace, chemical, healthcare and others. Food & beverages is further sub-segmented into fruits & vegetables, meat & poultry, pet food & animal feed, dairy products, packaged food and others. Among all these segments the food and beverage segment accounted for the largest share of more than 35.0% in the global coding and marking systems.

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Asia-Pacific offers huge opportunities for coding and marking systems industry players

Asia-Pacific is expected to witness the fastest growth at a CAGR of 8.4% during the forecast period with its market size set to reach USD 2.1 billion by 2024. The market growth in the region is due to the rapid upsurge of the food and beverage industry, increasing demand for packaged products and implementation of several stringent rules portrayed by the government agencies in various countries of this region.

Also, the North American coding and marking systems market size was valued at USD 800.3 million in 2017. The region is further predicted to observe a CAGR of 7.3% during the forecast period in the global market owing to technological upgradation and enhancing expenditure on research and development activities.

Top four players account for more than 50% revenue in the coding and marking systems industry

Globally, the coding and marking industry remains highly consolidated with the top four players accounting for the more than 50% revenue share. Industry players are leveraging market growth through technological advancements in coding systems, and relying on innovation to adapt with ever-changing market dynamics. Some of the major players operating in the coding and marking systems industry are ATD Marking Systems, Danaher Corporation, Inkjet Inc, ID Technology, Hitachi Ltd, Diagraph Group, Matthews International Corporation, Dover Corporation, Overprint Packaging Ltd., and Domino Printing Sciences plc.

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