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Thermal Labels Is The Fastest Growing Segment Fueling The Growth Of Thermal Printing Market

Thermal Printing Market
Thermal printing is a digital printing technology that produces prints by selectively heating coated thermochromic papers or thermal papers. Thermal printers are extensively used for industrial labeling, ticketing, POS receipts, and barcode printing due to their low cost, rugged nature, and portability.

The global Thermal Printing Market is estimated to be valued at US$ 47.14 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Thermal labels are extensively used for product identification, pricing, traceability, warehousing, and transportation. Growing e-commerce sector and industrial automation has fueled the demand for thermal labels. Rising adoption of RFID technology has also created opportunities for thermal labels incorporating RFID tags. In addition, industrial applications such as inventory management and asset tracking are driving the growth of thermal label printers. Thermal labels offers benefits such as resistance to water and chemicals. They also have a longer shelf-life compared to paper labels and do not require drying time after application.

Segment Analysis:

The global thermal printing market is segmented by technology, printer type, application, and geography. Based on technology, direct thermal printing is the largest segment owing to its ability to print labels on heat-sensitive papers without a ribbon or toner. It accounted for over 60% market share in 2022. However, thermal transfer printing segment is expected to witness faster growth during the forecast period. Thermal transfer printing produces images of higher resolution and density as it uses heat-transfer ribbon, thereby dominating applications requiring barcode, text, and image printing.

Key Takeaways:

The Global Thermal Printing Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for labels and packaging across various end use industries.

Regional analysis: Asia Pacific dominated the thermal printing market and accounted for over 35% revenue share in 2022 owing to high demand from packaging industry in China and India. North America followed Asia Pacific in terms of revenue generation in 2022. However, Latin America is projected to witness the fastest growth during the forecast period.

Key players: Key players operating in the 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., Seiko Epson Corporation, SATO Holdings Corporation, HP India Sales Private Limited and Brother International Corporation. Zebra Technologies Corporation dominated the thermal printing market in 2022 with over 15% market share owing to wide distribution network and diversified product portfolio.

Explore more trending article on this topic -

https://www.insightprobing.com/thermal-printing-market-forecasts-and-trends-analysis/ 

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