Strict regulations are imposed on food and beverage and pharmaceutical companies, which mandate them to mention all product details on the secondary or primary packaging. As a result, the Indian coding and marking systems market will grow to $136.5 million in 2030 from $49.8 million in 2019, at a 9.8% CAGR between 2020 and 2030, as these systems are used to print such information on the product packaging.
Moreover, in several industries where numerous components are assembled together to make the final product, the components need to be tracked and monitored throughout the supply chain. This not only helps manufacturers know where the components are but also keep a check on counterfeiting. This is another driving factor for the Indian coding and marking systems market, as these systems are used to print anti-counterfeit codes and other information on the final products and their various components.
The COVID-19 pandemic has negatively affected the Indian coding and marking systems market due to the closing down of manufacturing facilities. Since these systems are widely used by chemical, electrical and electronics, and automotive companies, the shutdown of their plants, in compliance to the lockdown measures, reduced the demand for them.
India Coding and Marking Systems Market Segmentation Analysis
The continuous inkjet category held the largest share in the Indian coding and marking systems market in the past, based on technology. Continuous inkjet coders and markers print at a high speed, and they can operate on a wide range of surfaces and materials, which increases their utility for users. Moreover, these systems can run continuously, with minimal requirement for servicing, therefore offer cost advantages.
The most prominent companies in the Indian coding and marking systems market are Dover Corporation, Danaher Corporation, Control Print Limited, Domino Printing Sciences plc, RYNAN Technologies Pte Ltd., and Hitachi Ltd.
Key Findings of India Coding and Marking Systems Market Report
• Stringent packaging regulations increasing demand for coders and markers
• Coding and marking systems also being used to track products through supply chain
• Growing packaging and manufacturing sectors driving market growth
• TTO technology to witness fastest rise in popularity among users
• Market consolidated owing to presence of handful of players
• Digital printing solutions are key market trend
Source: www.psmarketresearch.com
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