Selbyville, Delaware, May 18, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Thermal Transfer Ribbons Market was estimated at USD 2.14 billion in 2021 and is expected to be valued at over USD 4.2 billion by 2030, progressing at a CAGR of 7.8% from 2022 to 2030. The report provides a detailed analysis of top winning strategies, wavering market trends, competitive scenario, drivers & opportunities, market size & estimations, and major investment pockets.
Proliferating foreign direct investments in emerging economies, rising urbanization, and growing disposable incomes of middle-class families have led to a surge in the demand for several household appliances. Moreover, the strong growth of the retail sector globally along with the rising use of technologies in emerging economies will drive the market over the forecast timeframe. The use of innovative labeling and rising brand presence will support industry players to escalate revenue generation, thereby supporting market growth in the near future.
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However, the COVID-19 spread around the globe along with stringent printing regulations may hamper the thermal transfer ribbons market growth. Thermal transfer ribbons are widely used in several industry labels, mainly in the food & beverages industry. Ink & label materials are thereby required to pass several stringent regulations.
Key reasons for thermal transfer ribbons market growth:
- Growing retail sector across the globe.
- Increasing product demand in transportation & logistics.
- Technology advancements along with advantages of thermal transfer ribbons in labelling applications.
2030 forecasts show ‘resin ribbons’ product segment retaining its dominance:
Resin thermal transfer ribbons segment will witness 7.5% CAGR from 2022 to 2030. Resin ribbons are mostly used in harsh environments such as high temperatures, moisture, and UV applications. Flat print heads are the mostly used print head types and are anticipated to exhibit similar trends in the coming years. Flat head printing aids in slower print rates at around 14 inches/second and entails fewer maintenance.
The mobile printer segment from thermal transfer ribbons industry will hold over 15% revenue share by 2030. Mobile printers are portable design printers that are easy to use & manage. Transportation & logistics is another key revenue generating segment. Many products need non-abrasive labeling due to product conveyance from one location to another in harsh environmental circumstances.
Asia Pacific to maintain top status in terms of revenue:
Asia Pacific thermal transfer ribbons market will witness over 8.5% CAGR from 2022 to 2030. The presence of a huge retail sector coupled with the developed manufacturing and transportation sectors will generate huge revenue gains in the near future.
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Leading market players:
The major thermal transfer ribbons industry participants include Honeywell International Inc., ARMOR, Hangzhou Todaytec Digital Co., ITW Thermal Films, Zebra, International Imaging Materials, Inc., TSC Auto ID Technology Co., Inkstar, Dai Nippon Printing Co., Ltd, and the Ricoh Company.
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.
