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Industrial Labels Market - Industry Analysis, Growth, Size, Manufacturers, and Forecast to 2024
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Product manufacturers’ concern regarding the practice of counterfeiting of their products can also be resolved to a great extent by using industrial labels enabled with bar codes and RFID technologies. Counterfeiting has become a worldwide phenomenon, which has been impacting industrial manufacturers severely, by affecting their sales revenue and also respective brand image. This has prompted manufacturers to use effective anti-counterfeiting technologies based on unique codes on labels. Various industrial labels are available in the market that are enabled with both track & trace and anti-counterfeit technologies. Track & trace technology helps manufacturers to maintain proper tracking of products, while anti-counterfeit technology helps to protect products from being counterfeited.
Industrial labels help manufacturers to keep a proper track of products along the entire supply chain. Industrial labels are increasingly finding application in various industries that lets customers know about product specifications, identification of brand, and also give the products an aesthetic look. Demand for durable industrial labels is further pushing market players to produce such labels on a larger scale.
Various advancements in labeling technology and socio-economic changes among consumers have encouraged label manufacturers to design, produce, and introduce specific and customized labels that meet specific requirements of product manufacturers. Development of new techniques such as digitalized printing, RFID labeling etc. is helping this industry grow at a faster rate. Due to these factors, the industrial labels market is expected to account for significantly high revenue over forecast period 2016–2024.
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High capital expenditure is required for setting up a labeling system. This aspect often makes manufacturers a little hesitant to invest in this technology.
The industrial labels market is segmented on the basis of mechanism, end-use industry, identification technology, and regions.
By mechanism, the market is categorized into pressure sensitive, in-mold, glue-applied, heat-shrink, and others. By end-use industry, the industrial labels market is categorized into food, beverage, automotive, pharmaceuticals, construction, chemicals, transportation & logistics, consumer durables, and others. By identification technology, the industrial labels market is categorized into radio frequency identification (RFID), bar codes, and others.
On the basis of regions, the global industrial labels market is segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan. Due to higher consumer awareness, North America is expected to hold the largest market share, followed by Europe by the end of 2016. However, Asia Pacific region is expected to show maximum growth in the global industrial labels market due to rising awareness and huge consumer base.
Some key players operating in the global industrial labels market are Avery Dennison Corporation, Brady Corporation, 3M, CCL Industries, Inc., Fuji Seal International Inc., Cenveo Inc., and others.
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