Thermal Transfer Ribbons Market size estimated to reach around $1.90 billion by 2027
Published Date: October 13, 2021 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research report by Global Market Insights Inc., the Thermal Transfer Ribbons Market size is estimated to reach around USD 1.90 billion by 2027 owing to the proliferating transportation & logistics sector along with the integration of modern technologies to leverage logistics solutions.
Thermal transfer ribbons are used in a wide range of applications in logistics such as printing logistics labels and transport markings. High-quality printing ribbons ensure an efficient reading process of data even when the product is wrapped. A small error in printing may cause a huge impact on the shipment of any product to its final destination. Thermal transfer printing ensures optimum speed with quality, thereby is expected to drive the thermal transfer ribbons market growth.
Rising market awareness, growing demand for personalized product labels that are customer-centric & offer detailed information, investments in R&D, and the development of new services that efficiently support such customizations & color option techniques are the key factors that will drive industry expansion over the study timeframe. For instance, in September 2018, IIMAK introduced its iiColor Match solution for TTR at Labelexpo Americas.
Rising applications of TTR in flexible packaging will further surge the demand for thermal ribbons
Proliferating flexible packaging sector owing to the growing food & beverages, retail, and manufacturing industries is supporting the market growth. Flexible packaging requires durable ribbons that offer smudge-free print with high speed. The development of ribbons that are authorized for use in food contact label applications is supporting product demand. Additionally, the development of ribbons that can print on-demand information directly on the flexible print is driving product demand. For instance, in October 2020, IIMAK launched the NET330 Thermal Transfer Overprint (TTO) ribbon for flexible packaging applications.
Browse key industry insights spread across 230 pages with 270 market data tables & 25 figures & charts from the report, “Thermal Transfer Ribbons 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), By End-user Industry (Entertainment & Hospitality, Healthcare, Manufacturing, Retail, Transport & Logistics), Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
High print durability in harsh environments and the development of new resin transfer ribbon products are driving the demand for resin ribbons
Based on product, the resin ribbons segment is expected to showcase a CAGR of over 7% by 2027. Some excellent properties of resin ribbons, such as high print durability in harsh environments, good resistance to high temperatures, excellent printing quality, etc., increase the popularity of the product. Resin ribbons are mainly designed for applications where resistance to mechanical stresses and fluctuations in temperature are observed. The production process cost of resin ribbons is high compared to other ribbons, hampering segment growth in the near future.
The near-edge print head technology segment is expected to generate a revenue of over USD 750 million by 2027. Near edge printing head technology has the ability to auto-adjust printing, according to the substrate or media thickness, allowing edge type printers to print a wide variety of media thicknesses as there is no manual set up for the substrate thickness.
The thermal transfer ribbons market from mobile printer generated a revenue of around USD 197.5 million in 2020. Mobile printers are portable design printers that are easy to use and manage. These printers are widely used in the entertainment, warehouse, and manufacturing industries, mainly for shelf edge labels, replacement tags, return labels, etc.
Entertainment & hospitality end-users to exhibit moderate growth during the assessment period
The rising tourism sector across the globe, development of new tourist spots, growing disposable incomes, and regional government supports are expected to drive segment growth. Thermal transfer ribbons are used in a wide range of hospitality and entertainment applications such as event admission, wristband printing, amusement park/theater ticketing, gaming, and parking lot ticketing, among others. The requirement to design personalized printing, graphics, label styles for the entertainment sector will further support the thermal transfer ribbons market segment over the forecast timeframe. The segment generated a demand of over 735 million square meter in the thermal transfer ribbons market in 2020.
The Latin America thermal transfer ribbons market is expected to showcase considerable growth at a CAGR of around 7.5% from 2021 to 2027. The manufacturing sector in the region is expected to drive the demand for thermal transfer ribbon products. Several players, such as Flexo & Label Brazil and others, are supporting the market by providing platforms to showcase a wide range of products for several end-user applications.
The key manufacturers operating in the thermal transfer ribbons industry are The Ricoh Company, Ltd., Zebra Technologies Corp., Dai Nippon Printing, ITW Thermal Films, and Armor Group, among others.