Research Nester’s recent market research analysis on “Thermal Transfer Ribbon Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global thermal transfer ribbon market in terms of market segmentation by head type, product type, application, end-user industry, and by region.
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Growing Concern for the Prevalence of Chronic Diseases to Promote Global Market Share of Thermal Transfer Ribbon
The global thermal transfer ribbon market is estimated to grow majorly on account of the increasing practice of cashless payment using barcode scanning. Nowadays people are more and more inclined to use the QR code to complete the transaction. In 2021, Asia-Pacific processed USD 440 billion in cashless transactions, mostly UPI and QR or barcode payments. Thermal printers carefully print these codes containing banking information to provide clearer images, which is expected to drive market growth. QR code reach increased by almost 96% between 2018 and 2020.
Moreover, the increasing number of hospitalizations due to COVID-19 and other chronic diseases are among the factors that are expected to boost the market growth of thermal transfer ribbons. The overall hospitalization rate for COVID-19 in the UK continued to rise slightly, reaching 10.62 per 100,000 in March 2023. Thermal printers are primarily used in the medical field to record real-time rhythm strips on heart monitors in hospitals and to print patient IDs. Thermal printheads are used in making patient wristbands, labels, freezer storage, identification, and others. Moreover, the number of hospitals is also increasing, which drives the growth of the market.
Some of the major growth factors and challenges that are associated with the growth of the global thermal transfer ribbon market are:
Growth Drivers:
• A Surge in the Integration of IoT in Printing
• New Innovation in Thermal Printing Technology
Challenges:
Poly-based materials are used in the manufacture of thermal transfer ribbons. The substance is derived from crude oil products and could lead to increased mining, ultimately impacting market growth. Moreover, the production of this poly-blade material generates a large amount of waste, which is also expected to contribute to environmental pollution and hinder market growth. Additionally, the availability of various substitutes in the market is anticipated to limit the growth of the sector in the projected period. These are some of the major factors anticipated to hamper the global market size of thermal transfer ribbons.
By Product Types, the global thermal transfer ribbon market is segmented into wax-resin material, resin material, and wax material. The wax resin segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Ribbons made from a combination of wax and bands are extremely durable. The most important driving force of the wax-resin material segment is the strength it imparts to the belt. Additionally, this material also extends the life of printouts from your printer. In addition, it is immune to changing climatic conditions and fluctuations in temperature. It is therefore also suitable for products exposed to constantly changing temperatures.
By region, the North American thermal transfer ribbon market is to generate the highest revenue by the end of 2035. This growth is anticipated to the increasing cases of chronic diseases leading to increased hospitalizations. Additionally, hospital bills, patient information, and medical rhythms are increasingly being printed using thermal printers. Every 40 seconds, someone in the United States suffers from a heart attack. About 805,000 people in the United States have a heart attack each year. Of these, 605,000 experience their first heart attack. On the other hand, the market size is expected to grow due to the frequent use of barcodes for transactions in this region. The United States leads the world in QR code usage, with a total of 2,880,960 scans. A 2022 report found that 58% of adults surveyed said they were more likely to access the QR code on a menu on their mobile phones.
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