Asia Pacific Thermal Transfer Ribbon Market size crossed USD 270 million in 2021 and is projected to witness 8% CAGR from 2022 to 2028. The increasing utilization of thermal printing techniques in a broad spectrum of applications, including printing cloth labels, barcode levels for product identification, and shipping across several end-use verticals, like transport and logistics, healthcare, eCommerce, warehousing, retail, etc.
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As per the Indonesian Logistics and Forwarder Association, the transportation and logistics sector in Indonesia has been growing at around 10% annually, owing to the country's productive, vibrant, and young demographic. Meanwhile, Statistics Indonesia (BPS) reported that the logistics and warehousing sector encountered an expansion of around 3.24% (YoY in 2021 compared to 2020.
These optimistic scenarios can be attributed to the increasing investments in the sector and the emergence of small package delivery and value-added services like packing, packaging, labeling, and tagging due to the rapid expansion of the eCommerce sector. Besides, the ongoing improvement in the supply chain capabilities and infrastructure and the increasing demand for freight cargo transportation due to a substantial rise in international shipments may push the industry revenue.
Asia Pacific Market, By Product
The resin thermal transfer ribbon market in Asia Pacific will surpass USD 110 million revenue by 2028. Resin ribbons are ideal for extreme environments where high-quality prints and resistance against harsh solvents and abrasion are needed. They provide superior performance creating labels with a clear and sharp print.
The increasing utilization of resin ribbons in synthetic and super high gloss labels, labels requiring long life, hazardous drum labeling, and all sorts of outdoor labeling tasks demanding durability will further strengthen the market outlook.
Asia Pacific Thermal Transfer Ribbon Market, By Print Head
The flat type printer head segment size will increase exponentially during the forecast period, owing to the remarkable attributes like cost efficiency and usage flexibility of flat-head printers. These printers are highly reliable and usually require less maintenance. They are compatible with any of the three thermal transfer ribbons, be it wax, wax/resin combination, or resin ribbon.
Asia Pacific Market, By Application
The mobile printer segment may account for a significant Asia Pacific thermal transfer ribbon market share in the coming years. Mobile printers are used across a variety of applications ranging from picking and sorting, shipping, and receiving, cross-docking, putaway, and work-in-process (WIP) tracking. These printers help retailers track inventory with RFID labels, including returns labeling, price management, shelf-edge labeling, mobile point-of-sale, and barcode. The advancement in mobile printer functionality offers flexibility to print materials on-demand, improving labeling accuracy, worker productivity, and responsiveness to customer needs.
Asia Pacific Market, By Country
As per the latest IBEF estimates, the eCommerce sector in India is predicted to reach USD 350 billion by 2030 from USD 46.2 billion in 2020. The increasing penetration of smartphones and the internet, along with the rapid emergence of platforms offering online shopping, food delivery, grocery, and pharmaceuticals deliveries.
Competitive Industry Landscape
Major players involved in the Asia Pacific thermal transfer ribbon market include Rachna Overseas Pvt. Ltd., Austab Labels, International Imaging Materials, Inc., Hangzhou coditeck Digital Co., Ltd., Union Chemicar Co., Ltd., SKH Labels & Machinery, ARMOR, Shenzhen ASTA Co. Ltd., Dai Nippon Printing Co., Ltd., and Fuji Kagakushi Kogyo Co., Ltd.