The pandemic situation has slowed down growth rate of the inkjet coders market. The market is predicted to grow in the forecast period despite the COVID-19 situation. The primary factor for the growth of inkjet coders prior to COVID -19 was due to technological advancement by major companies and increasing demand by many end use industries for printing of various details of the products. The pandemic has created a decline in the speed of the growth of the inkjet coder market. The factor which affects the growth of the inkjet coders is the lockdown of many industries and many manufacturing units where the inkjet coders are used. Moreover, lockdown has blocked almost all the industrial activities. With the span of the time, the inkjet coder market is predicted to grow again with the opening of various industries and manufacturing units across the globe.
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As per a new report published by Research Dive, the inkjet coders market is set to generate a revenue of $2,139.0 by 2026, at a CAGR of 4.9% during the forecast period from 2019 to 2026.
The segmentation of the market has been done on the basis of type, application and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market. As per our analysts, increasing technological advancement and rising demand of the printers in various industries are predicted to be the major driving factors for the market. Moreover, the printing quality and splitting of inks is considered to be the major restraints for the market in the forecast period.
TIJ Segment and Food application is predicted to be the most profitable segments in the market
Depending on type, the inkjet coder market is bifurcated into CIJ coder, TIJ coder, DOD inkjet coder and others. TIJ segment accounted for $438.8 million in 2018 and is predicted to grow with a CAGR of 5.4% in the forecast period. TIJ offers the companies to print the details in the most cost effective manner and with a good resolution, which it is predicted to boost the TIJ segment in the forecast period.
Depending on application, the inkjet coder market is bifurcated into food, pharmaceutical, cosmetic, automobile, pipes, wires & cables, tobacco, packing and others. Food application segment accounted for $365.6 million in 2018 and is predicted to grow with a CAGR of 4.7% in the forecast period.
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Geographical Analysis and Major Market Players
On the basis of region, the global inkjet coders market is segmented into North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific Market generated a revenue of $438.8 million in 2018 and is predicted to grow with a CAGR of 5.3% before the COVID-19 pandemic situation. Shift of the major manufacturing companies into the region and government initiatives for setting up of manufacturing units is predicted to boost the market in the forecast period.
The major key players in the inkjet coders market are Elmark Packaging, Squid Ink Manufacturing, Inc., Koenig & Bauer AG, Markem-Imaje, Linx Printing Technologies, Shanghai Rottweil Handyware Printing Technology Co., Ltd, Domino Printing Sciences plc, Media Data Systems Pte Ltd, ID Technology, LLC., KGK Jet India., and XAAR.
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