How is Growing Automotive Industry Driving Coding and Marking Systems Market?

The automotive industry is growing rapidly across the globe, which can be ascribed to technological advancements, emergence of connected, autonomous, and electric cars in the market, and growing affordability of vehicles. The manufacturing of vehicles needs a lot of individual parts, which further need to carry a specific part number in order to eradicate flaws in the manufacturing process. Automobile manufacturers are increasingly making use of coding and marking systems for printing the number on different parts. Therefore, the demand for these systems is increasing because of the rising sales of vehicles.

Coding and marking systems are utilized for printing product related details, such as batch number, ingredients, manufacturer information, price, and manufacturing and expiry date, on the packaging of different kinds of products. This labelling and coding of products allows their tracking and identification through various production process phases. According to a report by P&S Intelligence, the global coding and marking systems market generated $3,358.0 million in 2017 and is expected to progress at a 6.9% CAGR during the forecast period (2018–2023). Different coding and marking technologies are laser coding and marking, including laser coding and direct park marking, continuous inkjet, print & apply lecture, thermal transfer overprinting, drop on demand, and thermal ink jet.

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Other than the automotive industry, food & beverage, healthcare, aerospace, chemical, and electrical & electronics industries also make use of coding and marking systems. Textiles, consumer packaged goods, and cosmetics and personal care products are some other end users of these devices. Among all these, the food & beverages industry made the most use of coding and marking systems in the past, which can majorly be attributed to the strict government regulations related to product safety and traceability. Because of this, industries need to label nutrition facts, manufacturer details, ingredients list, and manufacturing data on secondary and primary packages of beverage and food items. 

Because of growing usage of coding and marking systems in the food and beverages industry, rising export of packaged food items, and stringent regulatory norms, the Asia-Pacific region emerged as the largest coding and marking systems market in the past. This being said, the demand for these systems is also expected to rise in the European region in the coming years, which is due to the increasing access to low cost coding and marking technology.