Suppliers Change Gear with RFID Growth

According to McKinsey, the global radio frequency identification (RFID) technology market will reach $97.5 billion by 2030, growing at a CAGR of 14.4% between 2022-2030.

The growth is driven by increased demand for applications in various sectors, enhanced productivity, improved inventory management, and a growing number of government and brand initiatives (such as digital product passports). Further, the market is boosted by the availability of lowcost RFID tags in China.

This article explores recent developments around investments made by several companies that are eyeing the growth of intelligent labelling and RFID solutions.

Beontag invests in Ohio and Finland 

Strengthening its foothold in North America, Brazil-based Beontag has announced an agreement to take on a 200,000 sq ft industrial building in Dayton, Ohio. With an investment of $60 million in equipment, machinery, and tenant improvements over the next two years, it will be fully operational by August 2024.

Initially focused on graphic and label materials, the facility will expand to incorporate RFID capabilities, serving the entire North American market.