Industrial Tags Market Forecast and CAGR
Tags are labels without adhesive. They’re attached by other means, such as tying or hanging. As e-commerce expands globally, both locally and across borders, high-quality tags to place on things that must be shipped around will be required to make it easier to read and track. This would help to avoid things from becoming lost or delayed during transportation, resulting in industry growth. The industrial tags market is set to witness a CAGR of 5.0% during 2021-2031.
What is Driving Demand for Industrial Tags?
The growing automobile industry, expanding use of online designing tools, and raising awareness of the availability of various technology applications are among the primary reasons driving the growth of the industrial labels market, among others.
The fact that these products can be easily modified in terms of size and shape for a variety of end-use applications across industries, with additional features as needed, is a major factor contributing to the market's growth.
Furthermore, several industrial tags with both track & trace and anti-counterfeit technology are available in the market. Anti-counterfeit software allows safeguard products from being counterfeited, while track & trace systems assist producers in maintaining effective product tracking.
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Trends in Industrial Tags Likely to Augment Sales
Manufacturers can use industrial tags to maintain track of products along the supply chain. Industrial labels are rapidly being used in a variety of industries to inform customers about product specifications, brand names, and to give products a smoother texture.
The demand for long-lasting industrial labels is driving manufacturers to generate them on a more regular basis. Label producers have been driven to create, produce, and launch particular and customized tags that satisfy the specific requirements of product manufacturers as a result of various advancements in labeling technology and socio-economic changes among consumers.
The development of innovative techniques such as digitalized printing and RFID tagging, among others, is assisting this industry's rapid growth. For instance, in any sort of identification scenario, STid Company offers a comprehensive choice of RFID UHF tags that may be used to identify and secure important assets, ensure cargo or product tracking, and streamline industrial operations.
Impact of Covid- 19 on Industrial Tags Market
The COVID-19 epidemic and the recent global shutdown had an impact on global industrial activities. Supply chain interruptions, a scarcity of raw materials utilized in the manufacturing process, workforce shortages, fluctuating pricing that could lead the final product's production to inflate and go beyond budget, shipping issues, and so on are some of the impacts of the pandemic.
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US and Canada Industrial Tags Market Outlook
The US is considered as the lucrative market for industrial labels market globally. During a volatile few months in the region, the industrial tags market has shown to be a vital business. The industry's worth has been on full display, with several converters reporting a significant increase in output. The tag or label industry has been essential in the country's response to the pandemic.
As a result, while e-commerce adoption is not new to the industrial label sector as a whole, companies are getting smarter and finding new ways to reach their customers during difficult times. Another long-term influence is the desire for a touch-less world, as corporations seek to provide touch-less and convenient solutions.
Europe Demand Outlook for Industrial Tags
Since the depths of the economic downturn that hit Europe at the end of 2020, the European industrial labels sector has made a remarkable comeback. Food, FMCG, Groceries, Cosmetics, and other businesses with considerable growth are likely to see a large increase in the usage of various industrial labels solutions in the region. As a result, solution providers are innovating to give expanded market offers, which will help them grow their market share in the region.
Furthermore, Eastern and Southern Europe are still driving Europe's growth. The continuous shift in sourcing from Western Europe, as well as China and India, is reflected in the high weighting of industrial labels growth towards Southern and Eastern Europe.
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Who are the Key Manufacturers and Suppliers of Industrial Tags?
Some of the leading manufacturers and suppliers of hand ointment include
- Huagang Printing Co. Ltd
- Tony Labels Ltd
- Shanghai HuaYuan Electronic Co.Ltd.
- DMS Data Management Services Printing Co. Ltd.
- Sinicline Industry Co. Ltd.
- Universal Tag Inc
Companies are working on developing more advanced tags, such as RFID tags, as innovation and technology is expanding. Murata Manufacturing Co., Ltd, for example, developed an RFID tag that may be used in a variety of industries, including automotive and healthcare. This cutting-edge RFID tag is an ultra-compact component created by combining a multi-layer circuit board with a high-density memory chip.
Industrial Tags Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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By Product Type
- Warning/Security Tags
- Equipment Asset Tags
- Others (Industrial Quality Accepted Tags)
By Material Type
- Transportation and logistics
- Consumer durables
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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