Pune, India, Sept. 07, 2022 (GLOBE NEWSWIRE) --
The global thermal transfer ribbon market size is predicted to increase exponentially during the forecast period, owing to the innovative printing techniques used across several sectors for different applications. Healthcare, eCommerce, retail, warehousing, and manufacturing sectors are using the method for printing cloth labels, product identification via barcode levels, and much more. The increasing use of RFID codes, barcodes, informative packaging, and tags is also influencing industry development. Here are some of the current trends driving growth in the market:
Asia Pacific:
- Resin thermal transfer ribbon segment making the leap
By 2028, APAC thermal transfer ribbon market share from the resin ribbon segment is anticipated to cross USD 110 million. Extreme environments that are abrasive need high-quality prints that are resistant to harsh solvents. These ribbons fulfill the requirement for such regions and labels are also clear along with a sharp print. The segment will progress with the increasing need for durability for super high gloss, synthetic, long-lasting, and hazardous drum labels.
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- eCommerce sector of India and China fueling demand
A major contributing factor to the market expansion in Asia Pacific region is the substantial growth of the eCommerce sector. Countries like India and China are witnessing digitalization with growing internet penetration and improving socio-economic conditions. According to the IBEF report of February 2022, the Indian eCommerce sector is forecasted to cross USD 111 billion by 2024 and USD 200 billion by 2026.
- Mobile printer segment gaining traction
In the upcoming years, the mobile printer segment is expected to witness an upsurge due to the convenience they offer. These devices are useful for sorting, picking, shipping, work-in-progress tracking, putaway, and cross-docking. The printers are handy for recording inventory using RFID labels, return labels, mobile POS, barcodes, and price management.
Europe:
- Near edge printer heads segment to see uptick
Europe thermal transfer ribbon market share from the near edge printer head segment is expected to propel owing to its capacity to increase efficiency and printer speed. Even though these are more expensive than flatheads, the technology is gaining substantial adoption across the industrial sector. Red, green, and white colored ribbons can be used along with black in this product, making them a preferred choice.
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- France and Germany contributing to the global market
There has been a spike in imports and exports in Germany and France over the years, boosting Europe TTR market size. France is seeing development in the healthcare and eCommerce industries that will contribute to the market. Germany TTR industry share is predicted to surpass USD 290 million by 2028. According to the Federal Ministry for Economic Affairs and Climate Action Germany, it is the third largest export and import economy in the world.
North America:
- Affordable alternatives: Wax ribbons gain popularity
Wax ribbons are commonly known for their high resistance and print quality. The labels printed using these devices are preferred for use in environments with regular temperature and weather changes. End users have been leveraging its property of offering high printing speed at a lower thermal setting to their advantage. The North America thermal transfer ribbon market share of the wax ribbons segment is expected to grow at a CAGR of 8% during the upcoming years.
- Desktop printers: New age devices for budget-sensitive needs
By 2028, the desktop printer segment is predicted to reach nearly USD 550 million attributed to the use of these printers in an array of sectors. These barcode printers are adopted for economic low-volume needs, rugged and industrial-strength printing capacities. As light-duty labels and tickets gain popularity in many sectors, the market will witness a boom in the near future.
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- Robust sales across healthcare applications in U.S.
U.S. thermal transfer ribbon market share is forecasted to cross USD 1340 million by 2028. The country is home to many strong industrial leaders. It provides a wide selection of ribbon sizes and formulations to its customers. An upsurge in activities across the retail, entertainment, and hospitality sectors along with the ever-growing healthcare sector will drive demand.
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