Selbyville, Delaware, Feb. 03, 2021 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., the Thermal Transfer Ribbon Market size was estimated at $912 million in 2020 and is slated to surpass $1.72 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Thermal transfer ribbons are extensively used in the retail and manufacturing industries in applications such as product labeling, storage, compliance labeling, Back-of-Store operations, product ID/serial numbers, and others. The retail sector penetration has made a major impact on the overall market. Moreover, with e-commerce coming into the retailing sector, the overall market is projected to show tremendous growth in the coming years.
Among the various product segments, the wax resin segment is anticipated to exhibit the highest growth. The easy availability and economical qualities of the product make it highly desirable in the retail and entertainment & hospitality industries. However, the low durability of the bar code tags and labels made from wax ribbons can be a major hindrance in the market where durability and chemical resistance are highly desirable.
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Based on the print head, near edge printers, also known as a floating head, are projected to exhibit moderate growth during the review period. Near edge technologies provide excellent printing speeds owing to their ability to auto-adjust printing substrates. The near edge segment is projected to hold market share of over 35% by 2027.
Based on the application, the industrial printer application held the largest market share in 2020. These printers help in the manufacturing of durable and high-quality labels & tags for a wide range of industrial sectors. They are widely used in the manufacturing of barcode labels, warning symbols, logos, and others. The industrial segment is projected to grow at a CAGR of over 5% in terms of revenue.
Based on end-user, the other segment is projected to grow at a CAGR of over 2.1% during the assessment period. The other segment includes automotive, outdoor labels, etc. Moreover, product authentication and brand protection are other major uses of thermal transfer ribbons. Product authentication labels often use UV invisible resins that produce invisible bar codes that help investigators to differentiate between counterfeit and original products.
Some of the major findings in the thermal transfer ribbons market report include:
- The market is highly fragmented with the presence of several domestic & international thermal transfer ribbon manufacturers
- The increasing retail sector spending across the globe will support the thermal transfer ribbon market growth
- Increasing penetration of blood bag labeling practices will generate huge revenue gains in the market
- North America held a market share of over 30% in 2020 and will grow at a CAGR of over 4.8%
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The European thermal transfer ribbons will showcase a moderate growth rate at a CAGR of around 5.0% from 2021 to 2027. European market is projected to generate a revenue of over USD 520 million by 2027. Infrastructural development in the commercial and industrial sectors is driving regional demand. The presence of major manufacturing companies coupled with huge retail and manufacturing sectors will propel demand in this region.
Major players operating in the thermal transfer ribbons 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. Industry players are focused on product development, geographic expansion, mergers & acquisitions, strategic collaborations with several innovations, and cost optimization strategies over the long-run
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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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