Increasing Demand from Electronics Industry Driving Indonesian Coding and Marking Systems Market
The Indonesian coding and marking systems market
generated $27.4 million revenue in 2017 and is expected to attain $48.7
million by 2023, registering a 10.1% CAGR during the forecast
period(2018–2023). The market is growing due to the increasing
requirement for coding technologies in the tobacco packaging and
building & construction industry, rising demand for microelectronic
components in the electronics industry, and growing use of coding and
marking systems in the food & beverage and pharmaceutical
industries. Coding and marking systems provide information related to
the product on its packaging.
A major driver of the Indonesian
coding and marking systems market is the increasing utilization of
coding technologies in the construction and building industry. The
construction industry in Indonesia is growing rapidly, due to which the
requirement for coding and marking systems for printing graphics,
company logos, barcodes, batch numbers, and other informative text on
construction and building materials, such as wood, cement, and metals,
is also increasing. Moreover, labeling on metal components, wood
materials, and cement bags helps building material manufacturers in
tracing such items throughout the supply chain.
A major trend being witnessed in the Indonesian coding and marking systems market is the emergence of environment-friendly coding solutions. Stringent regulations regarding the printing materials used in coding and marking systems have been imposed by various agencies, such as the European Union that implemented the Restriction of Hazardous Substances directive and the Registration, Evaluation, Authorisation and Restriction of Chemicals regulation. Due to this, manufacturers of coding and marking systems are increasingly focusing on the need for decreasing the utilization of harmful materials, such as volatile organic compounds and MEK.
Hence, the market is being driven by the rising demand for coding and marking systems for microelectronic components in the electronic industry and increasing utilization of coding technologies in the building and construction industry.
