In the U.S., boost in the manufacturing sector owing to stable macroeconomic outlook and decrease in the cost of managing the supply chain owing to vertical integration by leading players are also fueling the growth of the U.S. coding and marking systems market. For example, Dover corporation achieved more than 3.0% growth in printing and identification platform during the fourth quarter of 2017. Additionally, the growing intervention of government agencies such as FDA to put detailed product and manufacturer information on primary and secondary packages of food and beverage and drugs is pushing the growth of the market in the country.
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Coding and marking technology has a potential to provide a new level of visibility and tracking to the supply chain. It enables manufacturers to audit and enforce anti-counterfeit and diversion activities throughout the supply chain. For example, smart coding includes a permanent batch code on the product, where it takes a basic batch code further by altering specific characters in the code, making it difficult to be imitated by unauthorized parties. Increasing awareness among manufacturers regarding counterfeiting is creating immense opportunities for the industry players operating in the U.S. coding and marking systems market.
On the basis of technology, the U.S. coding and marking systems market is segmented into continuous inkjet, thermal transfer overprinting (TTO), thermal ink jet, drop on demand (DoD), print and apply labelers, laser coding and marking. Of these, laser coding and marking is the fastest growing category in the market, with respective volume and value CAGRs of 7.9% and 8.7% during the forecast period. Laser coding printers provide readable text, graphics, and serial numbers along with 2D codes on different packaging cartons, metal, plastics, and flexible packaging, with the highest quality. These properties lead to surge in their demand in the market.
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On the basis of end user, the U.S. coding and marking systems market is segmented into food and beverage, electrical and electronics, automotive and aerospace, chemical, healthcare, and others. Of these, food and beverage was the largest end user category, with respective volume and value contributions exceeding 45.0% and 40.0% in 2017. 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 leading to the market growth.
Some of the major players operating in the U.S. coding and marking systems market are ID technology, REA Elektronik GmbH, Domino Printing Sciences plc, Matthews International Corporation, Dover Corporation, and Danaher Corporation.