Thermal Transfer Ribbon Market By Product (Wax Ribbon, Wax Resin Ribbon, Resin Ribbon); By Material Type (Paper, Polyester, Polypropylene, Polyethylene, Others); By Print Head (Flat Head, Near Edge); By Application (Mobile Printer, Desktop Printer, Industrial Printer); By End-user Industry (Entertainment & Hospitality, Healthcare, Manufacturing, Retail, Transport & Logistics, Others); ; By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032

Thermal Transfer Ribbon Market Overview and Definition

The global Calcium Formate market size was valued at around USD 2.8 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 6.3% from 2022 to 2032.The market size is projected to succeed in USD 5.2 billion by 2032.Thermal transfer printing is a digital method of printing. As compared to direct thermal printing, it is precisely the opposite as there is no need for ribbon in direct thermal printing. The thermal printing method is mainly used on heat-sensitive surfaces or where high durability of printed matter is expected. In this printing method, the working mechanism is the ribbon which is used as imaging the label. The generated heat from the printhead inside the printer heats up when the label is passed over it to print the image on the label. It is available in three different types: wax ribbon, wax resin ribbon, and resin ribbon.

Thermal Transfer Ribbon Market Drivers

The rising demand from the entertainment & hospitality, healthcare, manufacturing, retail, transport & logistics, and other end-use industries will fuel the growth of the global thermal transfer ribbon market. The retail industry includes relates to the sale of goods and services to consumers. There are various distribution channels through which the transactions take place. The global retail sector generated a sale of around USD 25 trillion in 2019 and expected to reach USD 27 million by 2022.  Such high growth in the retails sector will propel the global thermal transfer ribbon market in the forecast period.

Further, the growing healthcare industry globally is driving the global thermal transfer ribbon market in the near future. The healthcare industry comprises various companies that offer clinical services, manufacture drugs, medical equipment, and other medical services. Technological advancement and integration of medicine and healthcare are the driving factors for the growth of the healthcare industry. There is a piece of critical information needed to assure accurate identification of medication, medical devices, and patient identification in the healthcare sector. This will improve the safety and traceability in this sector. These are done by the thermal transfer ribbons in the healthcare sector. So, the print quality and barcode readability play an important role. Another use of thermal transfer ribbon is in the blood bag labels, processing and storing tubes, vials, and slides. It should withstand harsh conditions such as stain protocol, solvents, autoclave sterilization, and cryogenic freezing.  In the United States, the FDA provides a Unique Device Identification system (UDI) and Europe is implementing Medical Device Regulations (MDR). In pharmacies for the identification and tracking of drugs, thermal transfer ribbons are used. Thus, driving the growth of the market.

Nowadays the customer experience is an important factor for the company’s growth. To build that customer experience companies are now investing in the way of projection in the various sector. The projection is totally depending on the printing applications and hence fuels the global thermal transfer ribbon market.

Based on product, wax-based thermal transfer ribbons are the most dominating products in the market. Further, flat-head thermal transfer ribbons were having the largest share of 59% in the thermal transfer ribbon market in 2019. In terms of application, out of the mobile printer, desktop printer, and industrial printing applications, the industrial applications take the largest share in the market because of increasing use in the retail and transportation industry. In 2020, transportation and logistics held around 29% in the market. Like barcodes, RFID is majorly used in this sector and hence anticipated to generate high revenue in the forecast period. 

Thermal Transfer Ribbon Market Segmentation

By Product

• Wax Ribbon
• Wax Resin Ribbon
• Resin Ribbon

By Material Type

• Paper
• Polyester
• Polypropylene
• Polyethylene
• Others

By Print Head

• Flat Head
• Near Edge

By Application

• Mobile Printer
• Desktop Printer
• Industrial Printer

By End-user Industry

• Entertainment & Hospitality
• Healthcare
• Manufacturing
• Retail
• Transport & Logistics
• Others

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Thermal Transfer Ribbon Market Regional Analysis

North America will have the largest share in Europe's thermal transfer ribbon market in the forecast period. The U.S. is one of the bigger retail hubs across the globe. In the U.S., the total retail sales were USD 5.74 trillion in 2019 which is expected to reach USD 6.1 trillion by 2027. Such a high retail industry will propel market growth.

Europe was having the second largest market with a market share of 29% and the Asia Pacific was the fastest-growing market in 2020. After the U.S., China and India are the top retail markets globally.  Additionally, the retail market in India was about to reach USD 1.2 trillion in 2021. It contributes 10 percent of the GDP. Further, the healthcare industry is rising in the Asia Pacific region. The potential in the Asian market new players is planning to enter in the Asian market. They are planning for a bigger investment in the countries like India, Singapore, and Malaysia. The growing population in the region will contribute to the entertainment & hospitality, healthcare, manufacturing, retail, and transport & logistics sectors, fueling the market.

Global Thermal Transfer Ribbon Market Key Players

• Honeywell International Inc.
• Zebra Technologies Corp.
• FUJICOPIAN CO., LTD
• ITW Brand Identity
• IIMAK
• Todaytec
• PAC EDGE LABELS PVT. LTD.
• Norwood Marking Systems
• WALTVEST Sdn Bhd
• KMP PrintTechnik AG
• TSC
• SATO
• ARMOR
• AirTrack
• Weber Packaging Solutions
• DNP Ribbons
• Other Players