According to a new research analysis by Global Market Insights Inc., the Thermal Transfer Ribbons Market size is expected to reach USD 4.2 billion by 2030 driven by the growing transportation & logistics industry as well as the integration of current technologies to leverage logistical solutions.
These ribbons are made up of four layers of ink, PET base film, and back protection on one side and a black treatment on the other. The heat generated by the thermal printer's thermal head then transfers the ink layer to the label. Thermal transfer creates a permanent & sharp print that lasts longer than thermal ribbon, making it excellent for long-term product labeling such as for things that are left outside or in direct sunlight.
Due to the different layers utilized as ribbons in printing labels, thermal transfer ribbon is used to manufacture labels that are usually tougher and less prone to scratch or fade. The primary industries that employ thermal transfer ribbon products are food & beverages, logistics & transportation, and electrical & electronics, increasing the market demand.
The downturn brought about by the COVID-19 pandemic and the availability of substitutes, such as thermal label printing, substantially impacted the rate of expansion of the thermal transfer ribbons market.
Browse key industry insights spread across 250 pages with 270 market data tables & 25 figures & charts from the report, “Thermal Transfer Ribbons 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, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
The demand from various industries is driving the demand for wax resin ribbon
Wax resin products have several advantages including ease of availability and cost-effectiveness; this fueled their popularity in retail, hotel, and entertainment industries. The wax resin product segment of the thermal transfer ribbons market is expected to register a CAGR of around 5% through 2030. The rapidly expanding retail business, particularly in emerging markets, is expected to boost the segment growth in the coming years.
The near-edge ribbon segment is expected to grow significantly
The near-edge ribbon segment is estimated to generate over USD 1.5 billion in sales by 2030. Near-edge ribbons have a release/primer layer that allows the ink to transfer quickly to the substrate and generate a crisper image. Due to the unusual ribbon chemistry, only wax/resin or resin (black and color) thermal transfer ribbon formulations are available.
In the coming years, rapid growth in the manufacturing, packaging, and food & beverage industries is expected to fuel the demand for industrial printers, thereby contributing to the total market growth over the assessment period.
The involvement of the manufacturing sector will help the market in acquiring momentum
The manufacturing industry will witness around 7.5% CAGR through 2030 driven by the good outlook of the Asia Pacific manufacturing sector as well as the consistent growth of the manufacturing sectors in North America and Europe over the forecast period. Thermal transfer ribbon barcodes are ideal for applications such as product labeling and storage owing to their better endurance & quality.
The Europe thermal transfer ribbons market is expected to be worth over USD 1 billion by 2030. Throughout the assessment period, the presence of a large retail sector as well as developed manufacturing & transportation sectors will create significant income benefits.
Furthermore, industry players are utilizing lucrative methods to capitalize on new market trends and garner a competitive advantage in the developing market by releasing products and engaging in mergers & acquisitions. Thermal Transfers Solutions, a company based in the UK, announced a line of thermal transfer ribbons in May 2020 that contain a unique near-edge resin called UEX40, which provides improved print results over packaging films at low temperatures.
The major players in the thermal transfer ribbons industry include Ricoh Company, Ltd., Dai Nippon Printing, Zebra Technologies Corp., Armor Group, and ITW Thermal Films.