Selbyville, Delaware, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to a recent report by Global Market Insights Inc., the global Thermal Transfer Ribbon Market is anticipated to amass a valuation of over USD 4.5 billion by 2032. Ongoing technological advancements, coupled with the increasing utilization of thermal transfer ribbons in several packaging and labeling applications, will positively influence the industry landscape from 2023 to 2032.
Thermal transfer printing has gained significant popularity over the years owing to its ability to print high-resolution text and images for several packaging applications. Based on estimations by the Flexible Packaging Association, the flexible packaging industry in the US garnered sales worth USD 33.6 billion in 2019, capturing nearly 19% of the US packaging market share. The remarkable growth of the packaging sector and the subsequent rise in product demand for barcode and label printing will drive the TTR business growth over the coming years.
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Resin ribbons to gain traction due to their excellent durability
With regard to the product category, thermal transfer ribbon market from resin ribbon segment is projected to exhibit more than 7.5% CAGR between 2023 and 2032, claims the study. Resin ribbons are extensively used for typical applications ranging from electrical component labeling, medical device labeling, chemical drum labeling, plant stakes, and many more due to their clear and sharp print and excellent performance. The superior durability and exceptional resistance to temperature, abrasion, and moisture of resin ribbons make them ideal for usage in mission-critical applications and harsh environments, fostering their adoption through 2032.
Ease of use to drive the demand for flat-head printers
Based on the print head, the flat head segment is expected to observe an above 8.5% growth rate over the projection period. Flathead printers have a horizontally positioned traditional print head and are generally used for regular printing applications. Flathead printers are flexible to work with any sort of TTS, be it wax, wax resin, or resin, and offer an appreciable printing speed of up to 14 ips. These attributes will bolster their market share over the next ten years.
Browse key industry insights spread across 235 pages with 271 market data tables and 32 figures & charts from the report “Thermal Transfer Ribbon Market Statistics, By Product (Wax Ribbon, Wax Resin Ribbon, Resin Ribbon), Printing Head Type (Flat Type, Near Head), Application (Mobile Printer, Desktop Printer, Industrial Printer), End-user Industry (Entertainment & Hospitality, Healthcare, Manufacturing, Retail, Transport & Logistics), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/thermal-transfer-ribbon-market
Flourishing industries sector to increase product utilization in industrial printing applications
Thermal transfer ribbon market from industrial printer applications is poised to amass over 8.5% gains through 2032. The increasing government efforts toward boosting industrial production and the subsequent rollout of numerous industrial development projects are likely to support segment growth during the study timeframe. Besides, the robust landscape of the packaging, manufacturing, and F&B sectors will drive the demand for thermal transfer ribbons for numerous printing applications.
Rapid infrastructure developments to increase product penetration across the healthcare industry
Regarding the end use, the healthcare segment recorded a valuation worth over USD 640 million in 2022, as per the study. Across the medical sectors, TTRs are used for printing labels for laboratory diagnostics, medical devices, pharmaceuticals, and nutraceuticals. These labels are critical to ensure quality, enhance patient safety, and protect healthcare employees. The increasing healthcare investments and the rapid proliferation of associated medical sectors will stimulate industry revenue streams through 2032.
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Expanding end-use industries to boost Asia Pacific market share
Asia Pacific thermal transfer ribbon market is anticipated to depict more than 9.5% CAGR over the next ten years. The growing FDI in a wide range of industries across the region will drive the TTR industry growth across APAC. In addition, the positive outlook of the end-use industries, including manufacturing, packaging, retail, e-commerce, transportation, logistics, etc., will further support regional market expansion.
Partnerships to define the competitive landscape
Promising enterprises in the thermal transfer ribbon market are The Ricoh Company, Ltd., Analysis Armor Group, ITW Thermal Films, Zebra Technologies Corp, International Imaging Material, Inc, Dai Nippon Printing Co., Ltd., Hangzhou Todaytec Digital Co., Ltd, Honeywell International Inc., TSC Auto ID Technology Co., Ltd, General Co., Ltd., and Inkstar. Partnerships and collaborations have emerged as key growth strategy among these organizations to bolster their market presence.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
