According to the latest market study released by Technavio, the global coding and marking marketis projected to grow to USD 4,469.14 million by 2021, at a CAGR of nearly 7% over the forecast period.
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Technavio has published a new report on the global coding and marking market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Coding and Marking Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Coding and marking hardware/products are used to print product points of interest on the product to communicate credible data to clients and manufacturers. The need for traceability of products in industries such as automotive, aerospace, and healthcare is one of the key factors driving the coding and marking market.|
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Based on the technology, the report categorizes the global coding and marking market into the following segments:
- CIJ printing and coding
- Laser coding and marking
- Thermal inkjet printing
- Drop-on-demand technology
The top three revenue-generating technology segments in the global coding and marking market are discussed below:
CIJ printing and coding
The continuous inkjet (CIJ) printing and coding segment of the market occupied a majority 45% of the market in 2016 and is expected to continue its dominance through the forecast period. The steady growth in the adoption of CIJ printing technologies will have a positive impact on the market segment.
"CIJ printing is the oldest and most widely used technology for marking and coding products and packages. The key advantages of using this technology is its high-speed printing, quick-dry nature, and versatilitysays Chetan Mohan, a lead analyst at Technavio for embedded systems research.
Laser coding and marking
The global coding and marking market by laser coding and marking is expected to be worth USD 635.51 by 2021. This technology offers superior reliability, requires low maintenance, and does not require any ink or fluids, which makes it environment-friendly and highly cost-effective.
However, the cost of ownership for this technology is relatively high, which is a barrier that vendors in the market are working to overcome. The gradual fall in prices over the coming years is expected to contribute to the growth of the global coding and marking market.
Thermal inkjet printing
"The thermal inkjet printing segment of the coding and market is expected to grow swiftly at a CAGR of nearly 8% through the forecast period. The functionality of thermal inkjet printers makes them the most suitable for coding and marking on almost all types of surfaces or materialssays Chetan.
Thermal inkjet printing technology is quickly catching up to both laser coding and marking and CIJ printing and coding technologies. The major advantage of thermal inkjet printing over other technologies is its ability to print on any surface. The technology also delivers fast, high-resolution printing/coding/marking on products, which further increases its usability.
The top vendors highlighted by Technavio's research analysts in this report are:
- ITW Diagraph
- Markem-Imaje A Dover Company
- Domino Printing Sciences
- Matthews Marking Systems
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