New York, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The global thermal transfer ribbon market size is expected to expand at ~8% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 5 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022. This is attributed to the growing demand for thermal transfer ribbons in the printing industry due to their increasing application in labeling, packaging, and barcode printing applications. Barcode scanning has increased the speed and efficiency of transactions, making it easier and faster for customers to pay for goods and services.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4746
During 2021, 6,820,840 dynamic QR codes generated by users were scanned globally by users, a 430% increase over the previous year. Among the countries worldwide, the United States has the most QR code scanning, with over 2,870,900 scans in 2021, followed by India with 1,100,720 scans. With the increasing prevalence of QR codes, there is a growing demand for thermal transfer ribbons. These ribbons are used in thermal printers to print out the QR codes and are therefore essential for the continued use of QR codes.
Thermal Transfer Ribbon Market: Key Takeaways
- Market in North America to propel the highest growth
- The transport & logistics segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Adoption Of Radio-Frequency Identification (RFID) Tags And Labels In Various Industries to Boost Market Growth
RFID tags and labels are becoming increasingly popular because they are an easy and cost-effective way to track items. They are also much more reliable than traditional barcodes and can be used in a variety of ways, such as access control and inventory tracking. An RFID system increases inventory accuracy from 66% to 96% on average. With RFID technology implemented into their supply chain, manufacturers and distributors can achieve 90% improvement in receiving times.
Thermal transfer ribbons are used in printing RFID tags and labels since they provide a clear and sharp print that is resistant to environmental factors such as heat, moisture, and sunlight. This makes them a suitable printing medium for RFID tags and labels, and the increasing demand for RFID tags and labels will drive the growth of the thermal transfer ribbon market.
Thermal Transfer Ribbon Market: Regional Overview
The global thermal transfer ribbon market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Demand for Consumer Goods to Drive the Growth in the North America Region
The thermal transfer ribbon market in North America region is estimated to garner the largest revenue by the end of 2022. This is due to the increasing number of retail stores in the region, as well as the increased popularity of barcode scanning technologies. Furthermore, the growing demand for consumer goods in the US is driving the demand for thermal transfer ribbons, as they are used to print barcode labels for products.
The amount spent on consumer goods and services by Americans in the first quarter of 2023 increased from 14215 USD Billion in the first quarter of 2022 to 14348 USD Billion in the first quarter of 2023. Thermal transfer ribbon is used to print images, text, and barcodes on labels and packaging, which is increasingly needed to accommodate the growing demand for consumer goods. With more products being sold, there is a corresponding need for more labels and packaging to be printed and shipped.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4746
Deployment Of Digital Payment Platforms And Mobile Banking To Drive The Growth In The Asia Pacific Region
The thermal transfer ribbon market in Asia Pacific region is estimated to garner the largest revenue by the end of 2022. The government is pushing for a cashless economy by introducing various initiatives such as digital payment platforms, mobile banking, and biometric identification systems. This is expected to drive the demand for thermal transfer ribbon across the region as it is used for printing receipts and invoices for digital transactions. The number of digital payments in the Indian economy in FY 2021-22 was 8,830 crores and there were 86% of current and savings accounts. Also in 2018, the Ministry of Economy, Trade and Industry (METI) released its "Cashless Vision", which provided recommendations for Japan's transition to a cashless society.
The increase in digital payments in the region will lead to an increase in demand for thermal transfer ribbon as it is required to print receipts and invoices associated with digital transactions.
Thermal Transfer Ribbon, Segmentation by End User
- Entertainment & Hospitality
- Manufacturing
- Healthcare
- Retail
- Transport & Logistics
The transport & logistics segment is expected to generate the highest revenues by the end of 2035 due to the ever-increasing demand for faster, more efficient deliveries, which has created an influx in the use of delivery services, leading to an increase in e-commerce sales. Approximately 2,700 million people used platform-to-consumer delivery in 2020. Globally, there will be approximately 15 billion deliveries in 2020.
Additionally, in 2021 there will be about 5 trillion dollars in retail e-commerce sales worldwide. With the increasing consumer demand for convenience, companies are looking for ways to increase operational efficiency and speed up the delivery process. Thermal printers help companies to track the movement of goods and provide real-time information to end-users, which has resulted in a high demand for printers in this sector.
Thermal Transfer Ribbon, Segmentation by Product Types
- Wax-Resin Material
- Resin Material
- Wax Material
The wax-resin material segment in thermal transfer ribbon is anticipated to hold the largest revenue by the end of 2035. This is because wax-resin material is more durable than other materials, making it better suited for outdoor and long-lasting applications.
Additionally, it is resistant to smearing and fading, which makes it ideal for applications that require high-quality prints that are expected to last for a long time. The wax-resin material is also more resistant to water and other liquids, making it a great choice for applications in the food and beverage industry. Also, wax-Resin ribbons provide superior performance compared to standard wax ribbons and can be used for shelf and bin labeling, drum labeling, part marking, and high gloss labels. They are capable of printing at fast speeds, are very durable, and have a high gloss finish that makes them ideal for labeling products and items that require a more professional look.
Thermal Transfer Ribbon, Segmentation by Head Type
- Flat Type
- Near Head
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-4746
Thermal Transfer Ribbon, Segmentation by Application
- Mobile Printer
- Desktop Printer
- Industrial Printer
Few of the well-known market leaders in the global thermal transfer ribbon market that are profiled by Research Nester are Abbott Services, Dai Nippon Printing Co., Ltd., ITW ShineMark, Analysis Armor Group, Hangzhou Todaytec Digital Co., Ltd., Zebra Technologies Corp, Ricoh Company, Ltd., Honeywell International Inc., General Co., Ltd., TSC Printronix Auto ID, Domino Printing Sciences plc, and other key market players.
Recent Development in the Market
- Domino Printing Sciences plc has announced the launch of its new Vx-Series thermal transfer overprinters (TTOs). It maximizes production efficiency while using the least amount of ribbon in this project. The objective of this project is to improve the productivity of flexible food packaging machines.
- TSCPrytonix Auto ID (TSC) revealed its collaboration with Distribution Management. Distribution Management is now the authorized North American distributor of TSC's high-performance thermal printers and OEM labels.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
