The global marking and coding equipment market is on a trajectory to reach a valuation of US$ 1.8 billion by 2027, exhibiting a robust Compound Annual Growth Rate (CAGR) of 5.6% from an estimated value of US$ 1.3 billion in 2022. The demand for continuous inkjet (CIJ) technology within this market is set to contribute significantly, projected to touch US$ 647 million in 2022, displaying a steady growth rate with a CAGR of 5.1% for the period spanning 2022 to 2027, as per the latest analysis by Future Market Insights (FMI).
Notably, the India marking and coding equipment market is poised to experience impressive growth with an anticipated CAGR of 8.0% during the forecast period. This growth defies initial skepticism due to the global pandemic’s impact. The Asia Pacific region as a whole has witnessed substantial sales of marking and coding equipment, reaching US$ 504 million in 2022.
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Industry Growth Drivers:
- Industry Automation Surge: The increasing trend toward industrial automation across sectors fuels the demand for advanced marking and coding equipment to streamline production processes.
- Stringent Regulatory Standards: Growing adherence to stringent product labeling regulations prompts industries to invest in sophisticated marking and coding solutions for compliance and traceability.
- Rising Product Diversification: As product portfolios expand, the need for versatile marking and coding equipment grows, driven by the necessity to accommodate diverse packaging materials and formats.
- E-commerce Boom: The thriving e-commerce industry demands efficient marking and coding solutions for accurate tracking, serialization, and timely delivery of a wide array of products.
- Global Supply Chain Complexity: The complexities of modern global supply chains amplify the importance of precise and reliable marking and coding equipment to ensure accurate inventory management and reduce errors in shipping and logistics.
In the Marking and Coding Equipment market, innovation is a driving force, transforming the landscape with cutting-edge technologies and novel solutions. Some key innovations include:
- Digital Printing Technology: The adoption of advanced digital printing technologies enables high-resolution, variable data printing, offering greater flexibility and customization in marking and coding processes.
- Integration with Industry 4.0: Marking and coding equipment is increasingly integrated into Industry 4.0 initiatives, employing IoT (Internet of Things) connectivity for real-time monitoring, remote diagnostics, and data analytics to optimize production efficiency.
- Laser Marking Advancements: Continuous advancements in laser marking technologies contribute to improved speed, precision, and versatility in coding various materials, offering eco-friendly and durable marking solutions.
- Inkjet Coding Innovations: Continuous inkjet coding systems are evolving with innovations such as solvent-free inks, reduced maintenance requirements, and enhanced printing capabilities, catering to diverse packaging substrates.
- Augmented Reality (AR) Integration: Some cutting-edge marking and coding systems leverage augmented reality, offering operators intuitive interfaces for setup, maintenance, and troubleshooting, leading to increased operational efficiency and reduced downtime.
While the market exhibits promising prospects, there are industry factors at play, coupled with specific influences such as the substantial capital investment required for implementing coding and marking equipment, which may temper the market’s growth trajectory.
Recent innovations include printers capable of recycling unused ink, showcasing the industry’s dedication to sustainability. For instance, in July 2022, the acquisition of Telesis Technologies by Hitachi Industrial Equipment Systems aimed to enhance the marking equipment business.
A comprehensive analysis by Future Market Insights indicates a rise in the market for marking and coding equipment, attributed to its crucial role in conveying valuable product information. This is evident in a projected increase of 40 basis share points (BPS) in H1-2022 compared to H1-2021. Furthermore, a surge in BPS change by 30 during the projected H1-2022 outlook period reflects its pivotal function in product communication.
The market is estimated to witness a 1.7x increase in revenue from 2017 to 2022. By 2017 end, the global marking and coding equipment market is expected to be valued at around US$ 1 Bn and is projected to reach a value of more than US$ 1.8 Bn by the end of 2027.
The global market is anticipated to reflect a CAGR of 5.6% throughout the period of forecast (2022-2027). The research report on the global marking and coding equipment market reveals the influence of various trends, challenges and drivers on the growth of the global market across key regions namely North America, Western Europe, Eastern Europe, Latin America, Asia Pacific excluding Japan (APEJ), Japan and Middle East and Africa (MEA).
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Market Segmentation :
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
Author:
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.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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