Thermal printing is a digital printing process, which is used to produce a printed image by selectively heating thermal paper when the paper passes over the thermal print head. There are two types of printing technologies namely thermal transfer and direct thermal transfer. Both methods use a thermal print head that applies heat to the surface being marked. Moreover, thermal transform printing uses a heat-sensitive ribbon instead of heat-sensitive paper, in order to produce long-lasting, durable prints. Thermal printing is predominantly used for labelling shipping products and for recording live rhythm strips on hospital cardiac monitors.
The global Thermal Printing Market is estimated to account for US$ 44,539.2 Mn in terms of value by the end of 2021 and is expected to grow at a CAGR of 4.5% during the forecasted period (2022-2030).
Increasing disposable income and rampant urbanization in emerging economies from Eastern Europe, Latin America, and APEJ are creating lucrative environments for retail sector. This, in turn, is expected to drive the thermal printing market growth in these regions. For instance, according to CMI analysis, Asia Pacific Market is expected to witness highest CAGR during the forecast period, followed by Eastern Europe. Growing population in Asia Pacific and Middle East & Africa is expected to boost the thermal printing market growth.
Development in advanced technologies has enabled the production of portable thermal printers. Direct thermal print heads are the smallest and the lightest available thermal printers. Moreover, portable thermal printers require significantly low energy and are smaller in size. These printers operate on low voltage, which are expected to drive its penetration in the market. Furthermore, incorporation wireless technologies in thermal printers is expected to enhance the quality and printing speed.
Growing use of thermal printers in healthcare sector is expected to pose lucrative growth opportunities
Thermal printers are used predominantly in healthcare sector for recording live rhythm strips on hospital cardiac monitors. Increasing prevalence of cardiovascular disease is expected to increase adoption of thermal printers for recording live rhythm strips, which in turn, is expected to pose lucrative growth opportunities for market players during the forecast period.
Increasing demand for thermal barcode printers in supply chain industry is expected to offer excellent business growth opportunities
Thermal barcodes are extensively used in supply chain industry for managing and handling different activities, information, and resources. Moreover, thermal barcode provides convenience and cost-effective solutions for management of goods, which in turn, is expected to drive the demand for thermal barcode printers from supply chain industry in the near future.
Competitive Price offering from new entrants is expected to restrain growth of the global thermal printing market over the forecast period
Intense competition among thermal printer manufacturers is expected to restrict the market growth in the near future. Thermal printer manufacturers situated in China and India have easy access to cheap raw materials and labors where they can price products low. This, in turn, is expected to impact global market players significantly. Increasing functionality and performance, coupled with decreasing prices in developed economies such as North America and Europe have made it challenging for key market players to compete with manufacturers from emerging economies. This is expected to hinder the market growth over the forecast period.
Emergence of new printing methods is expected to hamper the global thermal printing market during the forecast period
Although thermal printing technology is superior to laser and ink-based printing for various applications, emergence of novel technology is expected to hinder the market growth. RFID is an emerging and rapidly advancing technology, which currently has no substitute. Moreover, thermal printing has no near threat though number of emerging novel technologies is likely to hamper its market share in the near future. Moreover, electronic shelf labels, RFID, mobile barcoding, direct-part making are expected to pose threat to the market.
Thermal Printing Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the outbreak of the COVID-19 pandemic, the majority of industries revenue got hindered as the government imposed lockdowns worldwide. The revenue drop has remained for a long period of time as the manufacturing or production activities of these industries were temporarily suspended by the government.
The pandemic also showed a downtrend in the thermal printing market and a disturbance in its supply chain due to the high prices of printing materials due to high charges incurred on transportation.
However, as per CMI analysis, the thermal printing market is expected to recover in the upcoming years.
Key players operating in the global thermal printing market are Zebra Technologies Corporation, TSC Auto ID Technology Co., Ltd., Toshiba TEC Corporation, Honeywell International, Inc., Bixolon Co., Ltd., Citizen Holdings Co., Ltd., Star Micronics Co., Ltd., HP Seiko Epson Corporation, SATO Holdings Corporation, HP INDIA SALES PRIVATE LIMITED and Brother International Corporation
Forecasted Asia Pacific is expected to hold a dominant position in the Thermal Printing Market in 2021
Asia Pacific will held a dominant position in the Thermal Printing Market in overall forecast period, accounting for 35.2% revenue share in terms of market share, followed by Europe, North America, Middle East & Africa, and Latin America, respectively
Figure 1: Global Thermal Printing Market Share (%), By Region, 2021
Asia Pacific Thermal Printing Market is expected to witness a CAGR of ~5.1% over the forecast period.
Asia Pacific Global Thermal Printing Market is expected to be one of the prominent region in the global market and witness high growth during the forecast period. This is owing increasing demand for Thermal Printing in emerging economies such as South Korea, India, and China. Moreover, rapid industrialization, high disposable income, and high growth of electronics, automotive, and medical industries. It is expected to boost the regional market growth.
|Base Year:||2021||Market Size in 2021:||US$ 44,539.2 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||4.5%||2030 Value Projection:||US$ 65,496.9 Mn|
Zebra Technologies Corporation, TSC Auto ID Technology Co., Ltd., Toshiba TEC Corporation, Honeywell International, Inc., Bixolon Co., Ltd., Citizen Holdings Co., Ltd., Star Micronics Co., Ltd., Seiko Epson Corporation, SATO Holdings Corporation, HP India Sales Private Limited and Brother International Corporation
|Restraints & Challenges:||
Figure 2: Global Thermal Printing Market (US$ Mn) Analysis and Forecast, 2017 – 2030
The Global Thermal Printing Market was valued at US$ 44,539.2 Mn in 2021 and is expected to reach US$ 65,496.9 Mn by 2030, growing at a CAGR of 4.5% between 2022 and 2030.
Thermal printing is defined as a digital printing process which utilizes heat and produce printed image from a thermal paper (thermochromic paper). Thermal printing is an advanced and innovative printing technologies that is used for printing in several end use industries such as retail, manufacturing, transportation, and others. Moreover, increase in adoption of thermal printing technology in healthcare sector and noteworthy growth opportunities for manufacturers in emerging economies are the major drivers that are boosting the global thermal printing market.
The global Thermal Printing Market is estimated to account for US$ 44,539.2 Mn in terms of value by the end of 2021.
Rising need for productivity improvement and increase in usage of thermal printers in on-demand applications are the factors driving the growth of thermal printers market. Moreover, rapid transformation from traditional printers to portable thermal printers, rising demand for thermal printers in healthcare sector and strong distribution network of thermal printer manufacturers are the major factors that are boosting the growth of thermal printers market across the globe.
However, increase in strict printing regulations and rising cost of direct thermal printing due to unavailability of heat sensitive materials are some of the restraining factors that are expected to hamper the growth of the global thermal printing market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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