Coding and Marking Ink Market - Global Outlook and Forecast 2019-2024

The coding and marking ink market is expected to grow at a CAGR of over 5% during the period 2018−2024. The global coding and marking ink market has been subjected to several regulatory compliances and crucial coding terminology over the years. Adherence to regulatory standards remains crucial for vendors. They need to follow the prescribed manufacturing guidelines as their end-products printed over-packaged foods are supposed to undergo rigorous quality checks.

The market is witnessing high demand for efficient ink solutions as their usage varies across end-users. With the advent in technology, vendors are consistently developing solutions to cater to the growing demand from several end-user industries. While APAC is the fastest-growing region, the popularity of innovative packaging designs in China and India has influenced the market. Regions such as Europe and North America remain the highly demanding market for coding and marking ink Vendors are developing ink solutions in collaboration with customers.

The following factors are likely to contribute to the growth of the coding and marking ink market during the forecast period:

• Robust Requirement for Product Traceability
• Regulatory Landscapes Driving Ink Modifications
• Leverage Exhibitions, Expos, and Trade Platforms
• Emphasizing Upon Eco-friendly Aspect
• Evolving Secondary Packaging Market

This research report on the coding and marking ink market covers sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by product type (water-based, oil-based, solvent-based, UV, and hot melt inks), end-user (food & beverages, healthcare, electrical equipment &electronics, chemicals and and constructions, automotive & aerospace and others), coding and marking type (CIJ, PIJ, TIJ, and VIJ), colorant (dye and pigment), and geography (APAC, MEA, North America, Latin America, and Europe).

The study considers the present scenario of the coding and marking ink market and its market dynamics for the period 2018−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The report covers both the demand and supply aspect of the market. The study profiles and examines leading companies and other prominent companies operating in the market.

Coding and Marking Ink Market: Segmentation

The market research report includes detailed market segmentation by material, product, end-user, printing, packaging, and geography. Water-based inks were the largest end-user segment in the global coding and marking ink market in 2018. They have witnessed a considerable rise in demand due to the growth in the popularity of Drop on Demand (DoD) printing. Oil-based inks have started to witness significant traction among VIJ printers. The popularity of these solutions has further driven by the growth of the e-commerce sector. The need to prevent product counterfeiting and increase internal traceability within manufacturers is increasing the usage of UV inks.

The healthcare industry has remained a key end-user due to the high applicability in several medical devices and drugs. The application of coding solutions in the healthcare industry is gaining traction. Government regulations are directing the use of drug-specific information on pharmacy products worldwide. Therefore, regulations worldwide tend to push manufacturers to undergo several coding and marking procedures. The adoption of coding and marking services in the electrical & electronics industry is growing rapidly. CIJ is one of the major technologies used in the industry.

The CIJ segment is likely to continue its dominance due to high-speed printing and "quick-dry" nature of CIJ technology. The easy availability and high penetration of CIJ technology are projected to increase the revenue of the segment during the forecast period. PIJ technology, on the other hand, is gaining acceptance among commercial and industrial end-users. The technology offers high-speed printing, long service life, and relatively low operating costs for end-users. However, any change in the regulatory environment is expected to hinder the segment growth.

The dye segment dominates the global coding and marking ink market. Dye-based inks are highly preferred given their superior color gamut than pigments. The high application of dye-based solutions on a wide range of substrates such as plastics, paperboard packaging, and metals is a major factor for the high market share of the segment. Further, the implementation of dye-based inks as standard ink types in inkjet printers is likely to remain stable and steady during the forecast period.

Coding and Marking Ink Market: Geography

The changing regulatory compliance scenario and the growing purchasing power among consumers are likely to bode well for the North America market. The global coding and marking ink market is diversified across APAC, Europe, North America, Latin America, and MEA. Factors such as high demand from several end-user industries, the standardization of packing and labeling market in APAC, the rise in disposable incomes, and the growth of innovative, flexible packaging designs as well as demand for secondary packaging in Japan, South Korea, China, Indonesia, and India are driving the APAC market.

The market in Western Europe is mature than Central & Eastern Europe and is likely to grow at a CAGR of over 4% during the period 2018–2024. The evolving regulatory landscape in Europe is expected to play a vital role in the rise of the coding and marking ink market in Europe. The presence of a favorable retail environment is a major reason for the growth of coding solutions and equipment in Western Europe. The growth in per capita disposable income has led to high discretionary spend across Europe, thereby increasing the purchasing power of consumers. Further, the improving manufacturing sector in Germany is expected to drive the market.

Legislation and industry compliances are driving the market in North America. Several government regulations in the US require the printing or marking of product information on packages of food and beverages. Hence, the steady rise of coding and packaging ink is likely to augur well for the market. Growth in disposable incomes, particularly in the baby boomer segment, has increased the purchasing power of consumers in the region, which is leading to the rise of several end-user industries, especially food & beverages. Hence, the changing regulatory compliance and growing purchasing powers among consumers are likely to bode well for the North American market.

Key Vendors Analysis

The competitive environment in the coding and marking ink market is intensifying. The market currently witnesses the presence of several major as well as other prominent vendors, contributing toward the market growth. However, the market is observing an influx of local vendors entering the market. Domino (Brother Industries), Videojet (Danaher), Markem-Imaje (Dover Corporation), ITW, and Hitachi Industrial Equipment Systems are the key vendors in the market. Vendors in the market are frequently launching innovative offerings in end-user industries and are coming up with a wide variety of inks suitable for diverse printing applications. Factors such as quality, durability, drying-time, colors, and variety, and feasibility with printers provide vendors opportunities for creating differentiation among competitors.

New product development and technological advancements remain key for competitors to capitalize upon in the coding and marking ink market across the globe. Vendors in the market tend to take time in developing new inks, which can extend up to 2 years. Also, major players in the market tend to focus on strategic partnerships while developing a new ink formulation to develop a perfect solution for the end-user industry customers.

Vendors can consider targeting key regions such as APAC, North America, and Europe to gather maximum customer attention. Countries in the APAC region such as China, India, and Japan among others are expected to display significant growth prospects in the future due to high economic growth forecasts along with huge population statistics leading to high consumption of goods and products. These markets are further expected to witness a higher demand for having proper coding and marking facilities owing to the need for having appropriate coding and marking solutions for product tracking and traceability.

Key Market Insights

• The report provides the following insights into the coding and marking ink market for the forecast period 2019–2024.
• Offers market sizing and growth prospects of the coding and marking ink market for the forecast period 2019–2024.
• Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the coding and marking ink market.
• Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
• Delivers a complete overview of market segments and the regional outlook of the market.
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the coding and marking ink market.