Thermal Printing Market Analysis

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).

Market Trend

• Significant growth potential in emerging economies

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.

• Transition to portable thermal printers is a major trend in the market

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.

Market Opportunity

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.

Market Restraint

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.

Competitive Scenario

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

Recent Developments:

• On October 28th, 2020, Additive Manufacturing Technologies (AMT), a prominent players involved in industrial sector and providing automated chemical vapor smoothing systems, entered into strategic alliance with HP India Sales Private Limited in order to expand in Thermal printing technology market.

Forecasted Asia Pacific is expected to hold a dominant position in the Thermal Printing Market in 2021

Statistics:

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.

Thermal Printing Market Report Coverage

Report Coverage	Details
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
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: Israel, GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By Technology: Direct Thermal, Thermal Transfer By Printer Type: PoS Pointer, Label and Tag Printer, RFID Printer By End-use Industry: Transportation & Logistics, Retail, Healthcare, Manufacturing, and Others
Companies covered:	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
Growth Drivers:	Robust Distribution Network between Key Players and Distribution Channel is Expected to Drive the Global Thermal Printing Market Growth During the Forecast Period Growing Global Population and Increasing Disposable Income are Expected to Propel the Global Thermal Printing Market Growth Over the Forecast Period
Restraints & Challenges:	Competitive Price Offering from New Entrants is Expected to Restrain Growth of the Global Thermal Printing Market Over the Forecast Period Emergence of New Printing Methods is Expected to Hamper the Global Thermal Printing Market During the Forecast Period

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.