Thermal Transfer Ribbon Market Size, By Product (Wax Ribbon, Wax Resin Ribbon, Resin Ribbon), By Printing Head Type (Flat Type, Near Head), By Application (Mobile Printer, Desktop Printer, Industrial Printer), By End-user Industry (Entertainment & Hospitality, Healthcare, Manufacturing, Retail, Transport & Logistics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Jan 2021  |  Report ID: GMI4915  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 175   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global thermal transfer ribbon market size was USD 912 million in 2020 and will showcase a growth rate of around 7.8% CAGR from 2021 to 2027. The growing demand for thermal transfer ribbon in tags and label applications will augment the market growth during the assessment period.
 

Thermal transfer ribbons are a class of polyester films coated with different ink layers to get the desired result. The ribbon generally consists of four layers: back layer, release, base PET film, and ink. The back layer is used for smoothness in the printer and for the reduction of printer head damage. The release layer is used for better ink releases to the base film.
 

Thermal Transfer Ribbon Market Outlook

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The growing demand for informative packaging across various end-user industries is projected to be the major factor driving the overall thermal printing ribbon. These ribbons are used in various applications including bar codes and RFID codes. The retail and manufacturing sectors are some of the largest end-user industries attributing to the overall thermal transfer ribbon market growth.
 

Thermal transfer printers extensively use ribbons for manufacturing durable tags and labels of various products. High-quality thermal transfer ribbons enhance the quality and durability of the barcodes, thereby adding to the label finishing. The constantly evolving packaging requirements and increasing technological usage in the manufacturing & logistic sectors have resulted in the surging usage of thermal ribbons in the industrial printer sectors. Moreover, the propelling demand for smudge resistive and high-definition tags & labels is also projected to amplify the thermal transfer ribbon market demand in the coming years.
 

Thermal transfer printing is one of the major technological solutions where flexibility and readability of the barcode is of the utmost importance. The selection of various types of ribbons hugely depends of the substrate and end-user applications. Wax ribbons are widely used for short-term labels where durability and abrasion resistance is not of much importance. For instance, wax ribbons are sued mainly in warehouses and the entertainment sector.
 

Wax resin ribbons are more durable compared to wax ribbons and are used owing to their excellent waterproofing & durability. These ribbons are widely used in environments that are prone to changing temperature and weather conditions. Full resin ribbons are the most resilient and expensive option in the overall thermal transfer ribbon market. These ribbons are used for specialized applications such as bar code durability and excellent finishing that are of the utmost importance.
 

The global transfer printing ribbon demand is projected to grow at a CAGR of over 4%, in terms of volume. Growth can be attributed to the growing transportation & logistics, retail, and manufacturing industries. The presence of a developed retail sector in North America and Europe coupled with the penetration of e-commerce in the developing economies is projected to open up new opportunities in the overall thermal transfer ribbon market during the assessment period. However, the prevalence of stringent printing regulations and low adoption rate in the emerging economies are some of the major downside to the overall market during the forecast period.
 

Thermal Transfer Ribbon Market Report Coverage
Report Coverage Details
Base Year:2020
Market Size in 2020:912 Million (USD)
Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:7.8%
2027 Value Projection:1,719 Million (USD)
Historical Data for:2016 to 2020
No. of Pages:175
Tables, Charts & Figures:248
Segments covered:Print head, Product, Application, End-user, Region
Growth Drivers:
  • Growth demand from the retail sector
  • Increasing product demand in transportation & logistics
  • Growing technological innovation in the market
Pitfalls & Challenges:
  • Stringent printing regulations

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Wax-based thermal transfer to dominate the market during the forecast period

Thermal Transfer Ribbon Market by Product

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Wax-based thermal transfer ribbons are the largest segment in 2020 and are projected to continue leading throughout the assessment period. Wax-based thermal transfer ribbons held a market share of over 46% and are anticipated to exhibit a CAGR of over 7.5%, in terms of revenue. Wax-based transfer ribbons are widely used in applications that does not require much durability such as the manufacturing sector and warehouses. These ribbons are cheaper than other available ribbon types and hence are widely used in the Asia Pacific region.
 

Over 60% of the Asia Pacific thermal transfer ribbon market comprises of wax-based ribbons. These types of ribbons have very high print density and give solid print in all kinds of substrates, thus are widely used for applications that require limited direct handling. Wax-based ribbons provide cost-effective solution for applications where high level of durability is not required.
 

Wax resin ribbon was the second largest segment in 2020 and is projected to exhibit a CAGR of over 4.5% during the review period. The wax resin ribbon product segment held a market share of over 25% in 2020.
 

Flat head was the largest segment in 2019 with a market share of over 60%

Thermal Transfer Ribbon Market by Print Head

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The flat head thermal printer application generated UDS 600 million in 2020. The growing demand for flat head technology in various desktops, industrial printers, and mobile printers is projected to generate huge revenue gains throughout the forecast period. Flat head printers are usually more reliable and cheaper compared to their counterparts. In flat head printers, heating elements are located in the center, whereas print heads are horizontal in nature.
 

Industrial printers will drive the market

Among the various application sectors in the global thermal transfer ribbon market, the industrial printing application held the largest share in 2020 and is anticipated to exhibit similar trends throughout the forecast period. Industrial and thermal printers are widely used in high volume for printing and assets tracing purposes, mainly in the retail, transportation, and manufacturing end-user industries. Desktop printers were the second-largest application sector in 2020 with a market share of over 30% in terms of volume closely followed by mobile printers with a share of 20%.
 

Transportation & logistics to generate huge revenue gains by 2027

Thermal Transfer Ribbon Market by End User

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Among the various application sectors of the global thermal transfer ribbon market, the transportation & logistics end-user held the largest share in 2020 and is anticipated to exhibit similar trends throughout the forecast period. Thermal transfer ribbons are widely used in the transportation industry for work-in-progress tracking, record management, labeling, compliance labeling, shipping & receiving, and others. Barcodes, RFID labels, and tags are of utmost importance in the logistics & transportation industry and hence are anticipated to generate huge revenue gains throughout the assessment period. The transportation and logistics industry held a market share of over 30% in 2020.
 

Retail was the second-largest revenue generating segment in 2020 and is anticipated to grow at a CAGR of 8.1%, in terms of revenue. The growing demand for excessive product information labels along with the presence of huge retail infrastructures across the globe is anticipated to generate huge market opportunities during the review period.
 

North America to dominate the market size

Thermal Transfer Ribbon Market by Region

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North America will be the largest segment in the thermal transfer ribbon market closely followed by Europe throughput the forecast period. The presence of huge retail market coupled with huge technological infrastructures are some of the major factors attributing to this growth. The U.S. is one of the major retail hubs across the globe, which will positively contribute to the overall market demand. The total retail sales in the U.S. was USD 5.74 trillion dollars in 2019 and is projected to reach a value of over USD 6 trillion by 2027.
 

Europe was the second-largest market in 2020 with a market share of over 30%, whereas Asia Pacific is anticipated to be the fast-growing market at a CAGR of over 5.5%. The growing population in the region has resulted in the growing retail sector, in turn, contributing to the overall market size.
 

Key manufacturers operating in the thermal transfer ribbon industry include IIMAK, Armor, The Ricoh Company, Ltd., ITW Thermal Films, Hangzhou Todaytec Digital Co., Ltd., Zebra, TSC Auto ID Technology Co., Ltd., Honeywell International, Inc., General Co., Ltd., Dai Nippon Printing Co., Ltd., and Inkstar, among others.
 

The Global thermal transfer ribbon market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Square Meters & revenue in USD million from 2017 to 2027 for the following segments:

By Product

  • Wax Ribbon
  • Wax Resin Ribbon
  • Resin Ribbon

By Print Head

  • Flat Head
  • Near Edge

By Application

  • Mobile Printer
  • Desktop Printer
  • Industrial Printer

By End-user Industry

  • Entertainment & Hospitality
  • Healthcare
  • Manufacturing
  • Retail
  • Transport & Logistics

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
  • Latin America
    • Brazil
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

Frequently Asked Questions (FAQ) :

The global market for thermal transfer ribbons recorded an annual value of USD 912 million in 2020 and is pegged to strike a 7.8% CAGR through 2027 owing to increasing demand across the tags and label applications.
The wax-based thermal transfer ribbons accounted for 46% of the total share in 2020 and their market is expected to rise at a 7.5% CAGR up to 2027.
The market for the flat head segment was valued at UDS 600 million in 2020 and will expand due to the increasing sale of desktops, industrial printers, and mobile printers.
The transportation and logistics sector contributed to 30% of the total industry share in 2020 with uses across work-in-progress tracking, record management, labeling, compliance labeling, and shipping & receiving.
The total value of retail sales is expected to reach USD 6 trillion dollars in the U.S. by 2027 and the North America region is anticipated to be the largest market for thermal transfer ribbons through the period.

Premium Report Details

  • Published Date: Jan 2021
  • Pages: 175
  • Tables: 220
  • Charts / Figures: 28
  • Companies covered: 11
  • Countries covered: 19

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