Pune, India, April 07, 2021 (GLOBE NEWSWIRE) --
The global thermal transfer ribbon market size is predicted to grow at a significant CAGR during the forecast period impelled by demand for transport and logistics services augmenting rapidly owing to the need to shop online during the pandemic. These ribbons are made from polyester film that is coated with multiple layers.
During the process, the coated material is printed on paper using heat transfer. This process ensures minimal thermal damage to surfaces that are highly prone to it at the same time boosting the durability of the printed content. The following six trends are responsible for the continuous expansion of the global thermal transfer ribbon industry forecast:
Wax ribbon demand to gain momentum in Europe
Various types of ribbons are utilized for an array of applications. For example, for general purpose printing, an economic solution is required. For this purpose, wax ribbon is used extensively as the demand for economic printing solutions has been spiraling. During 2020, the revenue share from the segment was recorded to be the highest when compared to other ribbon types.
The high abrasion resistance, superior print quality, and cost-effectivity of wax ribbons are some major advantages driving the demand for these products in the Europe thermal transfer ribbon market forecast. Moreover, wax ribbons contain a high wax ratio that permits higher rate of printing at lower thermal settings. These ribbons are deployed for printing of general labeling, shipping labels, tags, carton labeling, and print & apply applications, amongst others.
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Growing use in industrial printers across Europe
The industrial printer segment in the European market is set to achieve a high market share by 2027, supported by the growing use of these thermal ribbons across harsh industrial environments. The high paced industrialization with the prospect of Industry 4.0, has been pushing the demand for these products. Industrial printers are designed to print durable tags and labels across several industrial applications.
These printers can not only reduce the costs but also the downtime of the production and ribbon replenishment. Numerous manufacturers have been focusing on the development of user-friendly and cost-sensitive designs and software to cater to the demand for enhanced print quality and more convenient transportation of the equipment. This is expected to create significant advancement opportunities for the industry outlook.
North American logistics and transportation sector
The logistics and transportation sector is one of most prominent end-use industry in the North America thermal transfer ribbon market share. During 2020, the industry share from the segment was estimated at over 30.5% of the total market revenue and is certain to exhibit a rising curve through 2027. The increased deployment can be ascribed to the growing requirement of these ribbons for bar codes and RFID.
The Logistics Performance Index of the World Bank reveals that the U.S. is one of the foremost logistics industries in the world. The continuous upgradation of the transport & logistics technologies is aiding the industry to keep up with the high demands of the customers in the North America thermal transfer ribbon industry forecast. Well-coordinated and hassle-free logistics services is one of the prerequisites for the retail industry, which has received a considerable impetus in the region since the outbreak of the pandemic.
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Mobile printers to register significant demand in North America
The mobile printer segment in the North American market for thermal transfer ribbons is projected to grow at an 8.5% CAGR through the forecast timeframe. The advanced technologies integrated with these printers is promoting their ease of use, promoting their adoption. As a result, these printers can deliver premium quality labels and tags.
By 2027, the North America thermal transfer ribbon industry size will have augmented to a substantial degree, owing to the widespread utilization of these ribbons across informative packaging. The healthcare, hospitality, entertainment, manufacturing, and retail industries have been accelerating the progress of the industry.
Asia Pacific to see rising use of flat head printers
In terms of type of printer head, the APAC thermal transfer ribbon market forecast is anticipated to gain from the flat head type printers through 2027. The lower costs as well as higher flexibility of these kinds of printers have been facilitating their adoption.
Most importantly, these printers can be used for producing wax thermal ribbons, resin thermal ribbons, and wax-resin thermal ribbons. The widespread application of these printers has been promoting their usage in the APAC market outlook.
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Asian logistics industry to fuel revenue gains
The logistics sector of the Asian countries is a promising arena for the future expansion of the market share. This is because the manufacturing facilities and production units in the region are seeking to scale up their output capacities to address the needs of the expanding customer base. The thriving e-commerce industry and the prosperous trade across the region has been generating considerable demand for thermal transfer ribbons in Asia Pacific.
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