The growth of the thermal transfer ribbons market is supported by the expanding retail industry, growing demand for effective packaging solutions, and rising prominence of e-commerce
SELBYVILLE, Del., Oct. 18, 2021 /PRNewswire/ -- As per the latest report by Global Market Insights Inc., the Thermal Transfer Ribbons Market was estimated at $1,099.5 million in 2020 and is slated to exceed USD 1.90 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027. The report offers a detailed analysis of drivers & opportunities, market size & estimations, wavering market trends, competitive scenario, top winning strategies, and major investment pockets.
Thermal transfer ribbons find extensive usage in the manufacturing and retail sectors for various applications, such as compliance labeling, product labeling, back-of-store operations, and storage, among others. Notably, the growth of the retail sector is set to drive product adoption over the forecast period. Moreover, increasing penetration of e-commerce in the retail industry is projected to further boost market growth through the following years.
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Wax resin products offer several benefits, such as easy availability and cost-efficiency, which have impelled their demand in the retail, hospitality, and entertainment sectors. The thermal transfer ribbons market from the wax resin product segment is estimated to register a CAGR of approximately 8.2% over the assessment timeframe. The proliferating retail industry, especially in emerging nations, is also anticipated to be favorable for the growth of the segment in the coming years.
Key reasons for thermal transfer ribbons market growth:
Increasing product adoption in packaging industry.
Mounting uptake in the manufacturing sector.
Infrastructural development across Europe's commercial and industrial sector.
Prevalent usage in label printing applications.
2027 forecasts show 'industrial printer' segment retaining its dominance:
From the application perspective, the industrial printer segment is slated to expand at around 7.8% CAGR over the study timeline. Industrial printers are also utilized in the fabrication of logos, barcode labels, and warning symbols, among others. These printers are widely used in the production of high-quality and durable tags and labels for several industrial sectors, which is calculated to augment product uptake across industrial printer applications through the analysis period.
Europe to maintain top status in terms of revenue:
Based on region, the Europe thermal transfer ribbons market is speculated to witness significant growth at a CAGR of more than 7.4% over the forecast period. Infrastructural development in the domestic commercial sector is likely to fuel product uptake in the region. Additionally, escalating presence of major industry players, coupled with the expanding retail and manufacturing industries in Europe, is set to propel regional market expansion in the future.
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Impact of COVID-19 pandemic on thermal transfer ribbons market:
Following the COVID-19 outbreak, the increased need for cleaning and disinfecting products and surfaces prompted manufacturers to develop effective solutions that could maintain the readability of product labels through all channels of handling. To that effect, in December 2020, ARMOR IIMAK, a leading firm operating in the thermal transfer ribbons space, examined the chemical resistance of its premium resin thermal transfer ribbon, the SP330. The company found that the full resin product was able to print on a wide array of label stock effectively. Labels that were printed with the resin thermal ribbon demonstrated extreme scratch and smudge-resistance as well as resistance to several chemicals and cleaning agents. All in all, significance of the product has grown in the packaging sector immensely, playing a vital role in thermal transfer ribbons market growth during the pandemic.
Leading market players:
Some prominent players operating in the thermal transfer ribbons industry include Dai Nippon Printing Co., Ltd., Hangzhou Todaytec Digital Co., Ltd., ARMOR IIMAK, Honeywell International, Inc., The Ricoh Company Ltd., Zebra, TSC Auto ID Technology Co., Ltd., ITW Thermal Films, General Co., Ltd., and Inkstar, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.