Home > Pressrelease > Thermal Transfer Ribbon Market size to surpass USD 4.5 billion by 2032
Thermal Transfer Ribbon Market size to surpass USD 4.5 billion by 2032
- Published Date: November 17, 2022
Thermal Transfer Ribbon Market size is set to exceed USD 4.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
Positive growth outlook of the transportation & logistics sector across both developed and developing economies is a leading factor driving the demand for thermal transfer ribbons between 2023 and 2032. Transportation and logistics services have gained a massive boost in recent years, owing to the rapid proliferation of the e-commerce and travel and tourism sectors.
Driven by the optimistic retail sector scenarios and estimations, governments across numerous countries have been rolling out supportive initiatives and making hefty investments to offer an anticipated boost to the transportation sector. This would further bolster the thermal transfer ribbon market share.
Flexibility to print along varied textures and materials to bolster the demand for wax-resin ribbons
Speaking of the product landscape, the wax-resin ribbon segment is anticipated to garner revenues worth more than USD 1 billion by 2032. Wax resin ribbons are relatively more durable than their full wax counterparts and offer superior scratch and smear resistance. These ribbons are also resistant to rubbing or scuffing, making them ideal for usage in freight applications. Besides, the ability of wax-resin ribbons to print on varied materials and textures, such as glossy paper stocks, waterproof materials, synthetics, etc., will propel the segment revenues.
Appreciable printing speed to boost the adoption of flat-head printers
As per the study, in terms of the print head, the flat head segment was valued at more than USD 1.3 billion in 2022. Flathead printing technology is suitable for usage in common printing applications such as standard shipping labels, bolstering its adoption throughout the forecast period. Flathead printers allow a print speed of nearly 14ips and are compatible with all ribbon types, creating an optimistic growth outlook for the thermal transfer ribbon market.
Evolving packaging requirements to increase product usage in desktop applications
With respect to the application spectrum, the desktop segment is speculated to amass a valuation of over USD 1.5 billion by 2032. A noticeable rise in demand for durable, high-quality tags, barcodes, and labels due to the consistent evolution of packaging solutions globally will increase segment revenues through 2032. The emergence of numerous vendors offering desktop printing services at competitive prices will further push the demand for thermal transfer ribbons in desktop applications.
Browse key industry insights spread across 235 pages with 271 market data tables and 32 figures & charts from the report “Thermal Transfer Ribbon Market Statistics, By Product (Wax Ribbon, Wax Resin Ribbon, Resin Ribbon), Printing Head Type (Flat Type, Near Head), Application (Mobile Printer, Desktop Printer, Industrial Printer), End-user Industry (Entertainment & Hospitality, Healthcare, Manufacturing, Retail, Transport & Logistics), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Increasing penetration of POS printers to augment product demand in entertainment & hospitality sector
Regarding the end use, entertainment & hospitality segment size is expected to cross USD 950 million by 2032. The increasing demand for point-of-sale printers for high-speed printer applications across the travel and tourism sector will drive the thermal transfer ribbon business growth through 2032. In addition, the remarkable product attributes such as superior print quality, support to numerous connectivity mediums, and economical prices are likely to augment product demand across the industry.
Flourishing industrial landscape to drive market growth across Europe
Europe thermal transfer ribbon market share is poised to surpass USD 1.3 billion by 2032. The regional expansion can be credited to the strong outlook of the retail, manufacturing, and transportation sectors in Europe. This will generate new revenue generation opportunities in the region, which, in turn, will influence the industry landscape. Besides, the presence of major logistic firms, such as Kuehne + Nagel, Maersk, and Deutsche Post, will boost regional market statistics.
Mergers & Acquisitions to strengthen the competitive landscape
Major firms operating in the thermal transfer ribbon market are The Ricoh Company, Ltd., Analysis Armor Group, Hangzhou Todaytec Digital Co., Ltd, ITW Thermal Films, Zebra Technologies Corp, TSC Auto ID Technology Co., Ltd, Honeywell International Inc., General Co., Ltd., Dai Nippon Printing Co., Ltd., International Imaging Material, Inc, and Inkstar.