Author Cutting Tool Engineering
By Beamer Laser Marking Systems
Counterfeit products are found in every industry and have been a problem for decades. While knockoff luxury items and designer merchandise first may come to mind and might seem harmless, counterfeit parts in manufacturing cause significant economic and societal damage.
According to World Trademark Review, the estimated global economic cost of counterfeiting could reach $2.3 trillion by the end of this year. That represents about 5% of world trade. Those are substantial numbers, but the real story lies in the losses suffered by individual manufacturers that fall victim to counterfeiters, which most often operate overseas and elude efforts of national oversight.
Losses for Manufacturers
Victimized manufacturers frequently see losses through excessive warranty costs and lower productivity due to back tracing manufacturing processes to identify warranty issues.