India Coding and Marking Systems Market is Forecasted to Attain Size of $77 Million by 2024: P&S Intelligence

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NEW YORK, Dec. 03, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the held a market value of $45.8 million in 2018, and it is expected to reach $77.0 million by 2024, demonstrate a CAGR of 9.0% during the forecast period (2019–2024). On the basis of end user, food & beverage industry dominated the market, with a volume share of more than 55% in 2018.

The Indian coding and marking systems market is expected to witness robust growth in the coming years, owing to the growing food and beverage industry. According to a leading industry player, coding and marking have become a legal requirement in the current scenario, owing to their traceability factor. For instance, printed batch numbers help identify batches in tracking and provides support in case of a product recall.

Historically, coding and marking requirements in Indian manufacturing and processing sector were performed by systems backed by analog technologies. In recent years, this situation has changed owing to increase in complexity in coding and marking requirements for product packaging, availability of digital coding and marking systems offered by global companies and obsolesce of analog technology. For example, currently, continuous inkjet printers are preferred over manual systems by users for printing on packages and bottles. Likewise, several other end users switching to digital coding solutions from traditional analog technologies.

The Indian manufacturing and packaging industries are registering a significant growth, which is playing a major role in driving the coding and marking systems market. The country’s packaging industry is rapidly growing due to the increasing use of innovative packaging and growing flexible packaging market. This is attributed to the changing rural markets along with the increasing middle-class population in the country. Additionally, boom in e-commerce offering a huge growth potential for retailing, further giving boost to the packaging sector. Hence, factors such as rising demand from chemical packaging industry, positive retail sector outlook, high growth in food industry are expected to drive the Indian coding and marking market in the coming years.

On the basis of technology, continuous inkjet was the largest category in the market, both, volume and value terms in 2018. Continuous inkjet printers offer several benefits such as very high-speed printing, ability to print characters on virtually any material, and the ability to run for long hours with minimum servicing requirement and cost effectiveness. Owing to such benefits, the application of continuous inkjet printers is growing in the food and beverage and aerospace sectors, thus driving the growth of the market.

On the basis of end user, food and beverage were the largest end user category in the market, in 2018. Stringent government regulations in the country, regarding safety and traceability have mandated the proper labeling of manufacturing date, nutrition facts, ingredient list, and manufacturer details on the primary or secondary packages of food and beverage items; thereby resulting in high demand of these systems from the food and beverage industry.

The market for coding and marking systems in the country is consolidated with a few players accounting for a major share. Some of the leading players in the market include Domino Printing Sciences plc, Danaher Corporation, Dover Corporation, and Control Print Limited, with Danaher Corporation accounting for largest market share in 2018 for laser coding and marking systems in India.

The demand for chloromethanes is growing at a significant rate owing to its requirement as a raw material for production of industrial solvents. Chloromethanes as a solvent has a high requirement in the production of silicones, majorly silicone oil, silicone rubber, and silicon caulk.

Developing nations in the Southeast Asian region such as India, Thailand, and Indonesia have witnessed a rapid pace in the technological development in the automobile sector. One of the effects have been compounding automobile production in these countries.

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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Globe Newswire: 07:00 GMT Tuesday 3rd December 2019

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