North America Thermal Transfer Ribbon Market size exceeded USD 1010 million in 2021 and is anticipated to exhibit a CAGR of 7% between 2022 and 2028. The collective inclination for informative packaging by various end-use industries will positively influence the industry development in North America.
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In recent years, the use of ribbons for RFID codes and bar codes is witnessing a potential rise in industries, such as retail, healthcare, manufacturing, and logistics & transportation. Increasing demand for thermal ribbons across the industrial spectrum on account of the rising label and tags applications will also push the regional market growth.
Thermal ribbons are extensively employed by thermal transfer printers to produce durable labels and tags for numerous products. They are mostly adopted for printing variable information, particularly concerning the information for identification, like barcodes, batch codes, and expiry dates. These ribbons also assist in making highly durable non-variable information, like warning signs. They are also used for labeling sensitive medical applications and chemicals which require high durability.
The expanding dynamic transportation and logistics industry along with the higher deployment of the latest technological approaches that offer connected logistics services to customers will favor the regional market dynamics. The thriving need for HD tags with smudge resistance will further add to the product penetration.
The wax ribbon segment will observe around 8% growth rate during the forecast period, due to increasing adoption in short-term and light durability applications, like shipping labels, storage locations, and retail tagging, and signage, among others.
Wax ribbons are known for their high resistance as well as excellent print quality and help in achieving a high printing speed at lower thermal settings. These ribbons are commonly preferred in environments with changing weather conditions and temperatures and offer efficacy and affordability in general-purpose printing.
The near edge segment is likely to see an exponential rise through 2028, driven by the higher need to attain a perfect balance between high print speed and quality. Near edge printing deploys a specific ribbon type for printing activities. The rising interest in printing on most extreme media, like magnetic tape, plant pens, and heat shrink will also add to the industry growth.
The logistics and transportation sector will churn out huge profits for the thermal transfer ribbon market in North America, propelled by the extensively growing need for ribbons in RFID and bar codes. With the significant advances in the logistics & transportation sector, most industry players are consistently adopting the latest technological methods for delivering coordinated and smooth logistics services to the customers.
The mobile printer segment is projected to reach a significant value till 2028, owing to their quickness and simplicity of use. These printers are deployed with advanced technologies and can incorporate premium features that are applicable in printing a wide range of labels and tags for enhanced manageability. The growing influx of innovative as well as portable designs that drive productivity, and manageability to a new level will also bolster the market expansion.
Some of the leading companies operating in the market are Union Chemicar Co., Ltd., BlueStar, Inc., International Imaging Materials, Inc., International Media Products (IMP), TSC Auto ID Technology Co., Ltd., Zebra Technologies Corp., DuraFast Label Company, Electronic Imaging Materials, Inc., and IMS. Inorganic strategic team-ups, capacity expansions, and novel product developments are largely adopted by these companies to reinforce their market position and attain competitive advantages.