Thermal Transfer Ribbon Market to exceed $1.7 billion by 2027
Published Date: February 1, 2021 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Thermal Transfer Ribbon Market size is estimated to surpass USD 1.7 billion by 2027. The proliferating retail sector along with strong economic growth across the developing nations will drive the demand for thermal transfer ribbons over the forecast timeframe.
A significant rise in global trade was witnessed from 2016 to 2019 and the same trend is expected to be showcased from 2021 to 2027. Furthermore, the global transportation & logistics sector will exhibit augmenting growth owing to improvement in market sentiments and requirements for infrastructural development in the developing countries of Asia Pacific, which, in turn, add to the product demand.
The emergence of new thermal printing technologies will further surge the demand for thermal ribbons
The constantly evolving packaging solutions across the globe have increased the demand for high-quality durable barcodes, tags, and labels, opening up new opportunities in the market. The major suppliers in the thermal transfer ribbon market have identified the need for excellent ribbons that can be used in multiple substrates. Various companies such as International Imaging systems have been investing in research and development activities to develop innovative products in the market. For instance, in mid-2020, IIMAK launched the New PM250 Wax/Resin ribbon that can be used in multiple substrates targeting the food, medical, and retail sectors.
Resin thermal transfer windows create the highest quality of printing images among the other two types of thermal transfer ribbons. These ribbons, as the name suggests, are made of resin materials with two or more layers and help in producing high heat & chemical resistive bar codes and tags. However, the high prices of these products compared to their counterparts are a major downside to their demand in the developing regions of Asia Pacific. The resin transfer ribbon market held a market share of over 31.6% in terms of revenue in 2020 and is projected to exhibit a CAGR of over 7% and a market share of over 31% by 2027.
The global economic slowdown owing to the COVID-19 pandemic and the temporary halt of retail & transportation end-users have an adverse effect on the overall market. The enforcement of lockdown in various countries across the globe coupled with work restrictions in manufacturing hubs has resulted in declining demand for transfer ribbons in the end-user industries. The overall transfer ribbon market is projected to exhibit a decline of over 10% in 2020.
Europe and Latin America in 2021 have also witnessed hindrance in the market. Furthermore, weak product demand, oil prices plunge, political instability, and high exposure to commodity prices have disrupted the thermal transfer ribbon market growth in 2020. However, by the end of 2021, the market is projected to exhibit its normal course.
Browse key industry insights spread across 175 pages with 201 market data tables & 7 figures & charts from the report, “Thermal Transfer Ribbon Market 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 Printer), By End-user Indsutry (Entertainment & Hospitality, Healthcare, Manufacturing, Retail, Transport & Logistics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/thermal-transfer-ribbon-market
Entertainment & hospitality and healthcare industries to exhibit moderate growth during the assessment period
The entertainment & hospital industry held more than 15% share by volume in 2020 and is expected to witness a CAGR of over 5% from 2021 to 2027. Entertainment & hospitality is projected to generate a revenue of over USD 260 million by 2027. Barcodes and tags are widely used in keys, tickets, and markers in those sectors. The healthcare industry is another important end-user that held a thermal transfer ribbon industry share of over 10% in 2020.
Barcode scanners made from thermal transfer ribbon are extensively used in blood bags and medical devices, among others. The growing intervention of various governments globally for blood bag labeling mandates will further augment the thermal transfer ribbon market share during the forecast period. Blood bag labels mostly use resin or wax-resin ribbons owing to their excellent durability and chemical resistance.
Latin America held a market share of over 5% in 2020 and is projected to grow at a CAGR of 4.6% during the assessment period. Latin America is projected to generate a revenue of over USD 87 million by 2027. The growing retail sector in the region mainly in Brazil is projected to generate moderate revenue gains during the assessment period.
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.