Offset Printing segment to dominate the Asia Pacific Inventory Tags Market during 2020–2028

According to a new market research study on “Asia Pacific Inventory Tags Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Label Type, Printing Technology, and End-user,” is expected to reach US$ 2,551.26 million by 2028 from US$ 1,562.88 million in 2021. The market is estimated to grow at a CAGR of 7.3% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific inventory tags market along with the drivers and restraints pertaining to the market growth. Increasing adoption of RFID technology in retail sector, elevating counterfeiting activities, and raising potential for inventory tag technology in automotive sector are the major factor driving the growth of the Asia Pacific inventory tags market. However, growing security concerns related to inventory tag technology hinders the growth of Asia Pacific inventory tags market.

Asia Pacific is characterized by a large number of developing countries, a positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make Asia Pacific a major growth driving region for various markets, including inventory tags. Many online shoppers and the growing e-commerce sector in this region present a huge opportunity for the growth of the global inventory tags market. Due to the pandemic, social distancing and staying home have pushed the consumers towards online shopping. Nevertheless, uncertain consumer demand and supply chain problems have affected the inventory tags industry in the region. The e-commerce supply chains are mainly strained by the pandemic and factory closures in China. The lockdown of various factories in China affects the global supply chains and negatively impacts manufacturing, delivery schedules, and various products and services. Even as the factories in China are beginning to reopen, several logistics businesses have reduced or hit pause on their operations; thus, some cargo terminals shut down due to low volume. China has impacted adversely in the automotive industry. The country is the world’s largest car market, and Wuhan city is home to various auto plants, such as Honda, General Motors, Nissan, and Renault. As per the World Economic Forum (WEF), for Honda Company alone, the city holds ~50% of total production in China. In 2019, in China, Hubei Province was the fourth-largest car manufacturer, with ~10% of China’s car-making capacity and manufactured 2.24 million vehicles. However, several auto companies closed their doors as part of the nationwide shutdown. Hence, it resulted in a decline in car and its spare part sales.

The Asia Pacific inventory tags market is segmented on the basis of technology, label type, printing technology, end-user and country. Based on technology, the market is segmented into RFID, barcodes, and others. In 2020, RFID segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on label type, the market is segmented into plastics, paper, metal, and others. In 2020, plastics segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on printing technology, the market is segmented into offset printing, digital printing, flexography printing, gravure printing, and others. In 2020, offset printing segment held the largest share in the market, and digital printing is expected to be the fastest growing segment during the forecast period. Based on end-user, the market is segmented into retail, transportation and logistics, industrial, and others. In 2020, industrial segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into China, Japan, South Korea, India, Australia, and Rest of APAC. In 2020, China held the largest share in the market, and India is expected to be the fastest growing country during the forecast period.

3M; Alien Technology, LLC; Brady Worldwide, Inc.; CCL Industries Inc.; Johnson Controls, Inc.; Zebra Technologies Corporation; SATO Holdings Corporation; Honeywell International Inc.; and Camcode are among the leading companies in the Asia Pacific inventory tags market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Sato Holdings Corporation announced it has launched ASETRA, RFID Asset Management System for manufacturers and logistics service providers. The package system that utilizes RAIN RFID tags, QR codes and barcodes to streamline management of tools and returnable items.

Asia Pacific Inventory Tags Market, By Country, 2020 and 2028 (%)

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