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The expanding retail industry, the growing demand for effective packaging solutions, and the increasing prominence of e-commerce all support the growth of the thermal transfer ribbon market
Selbyville, Delaware, October 18, 2021/PRNewswire/-According to the latest report from Global Market Insights Inc., the thermal transfer ribbon market is estimated to be USD 1.0995 million in 2020 and is expected to be 2027 It will exceed US$1.9 billion, with a compound annual growth rate of 7.8% from 2021 to 2027. The report analyzes in detail the driving factors and opportunities, market size and estimates, volatile market trends, competitive scenarios, best winning strategies and major investment areas.
Thermal transfer ribbons are widely used in various applications in manufacturing and retail, such as compliance labels, product labels, post-store operations and storage. It is worth noting that the growth of the retail industry will drive product adoption during the forecast period. In addition, the penetration rate of e-commerce in the retail industry continues to increase, which is expected to further promote market growth in the next few years.
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Wax resin products have multiple advantages, such as easy availability and cost-effectiveness, which drives their demand in the retail, hotel, and entertainment sectors. It is estimated that the compound annual growth rate of the thermal transfer ribbon market in the field of wax resin products is about 8.2% within the assessment time frame. It is expected that the growth of the retail industry in the next few years will also benefit the growth of this segment, especially in emerging countries.
The main reasons for the growth of the thermal transfer ribbon market:
Forecasts for 2027 show that the "industrial printer" segment will maintain its dominant position:
From an application point of view, the industrial printer market segment is expected to grow at a compound annual growth rate of approximately 7.8% within the research timeline. Industrial printers are also used to make logos, barcode labels and warning signs. These printers are widely used to produce high-quality and durable labels and labels for multiple industrial sectors, with the aim of increasing product usage of industrial printer applications during analysis.
Europe maintains its leading position in terms of revenue:
According to the region, the European thermal transfer ribbon market is expected to grow significantly at a compound annual growth rate of more than 7.4% during the forecast period. Infrastructure development in the domestic commercial sector may promote product absorption in the region. In addition, the increasing presence of major industry players, coupled with the expanding retail and manufacturing industries in Europe, will drive the expansion of the regional market in the future.
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The impact of the COVID-19 pandemic on the thermal transfer ribbon market:
After the COVID-19 outbreak, the increasing demand for cleaning and disinfecting products and surfaces has prompted manufacturers to develop effective solutions to keep product labels readable through all processing channels. To this end, in December 2020, ARMOR IIMAK, a leading company in the field of thermal transfer ribbons, inspected the chemical resistance of its premium resin thermal transfer ribbon SP330. The company found that all-resin products can be effectively printed on a variety of label materials. Labels printed with resin thermal ribbons have strong scratch resistance and stain resistance, as well as resistance to a variety of chemicals and cleaning agents. All in all, the importance of this product in the packaging field has greatly increased, and it played a vital role in the growth of the thermal transfer ribbon market during the pandemic.
Some well-known companies in the thermal transfer ribbon 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, etc.
About Global Market Insight
Global Market Insights Inc., headquartered in Delaware, is a global market research and consulting service provider. Global Market Insights, Inc. provides joint and customized research reports, growth consulting and business intelligence services to help clients obtain in-depth insights and actionable market data that help strategic decision-making.
Arun Hegde Corporate Sales, Global Market Insights Inc., USA Tel: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: [Email Protection] Website: https://www.gminsights.com
Source: Global Market Insights Inc.
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