The thermal transfer label market is set to grow from $2.91 billion in 2023 to $3.17 billion in 2024, reflecting a CAGR of 8.8%. This growth can be attributed to the demands of retail logistics and compliance labeling. By 2028, the market is expected to reach $4.45 billion, with a CAGR of 8.9%. Trends driving this growth include customization in labeling solutions and the integration of RFID technology.
Major Driver In The Thermal Transfer Label Market
The thermal transfer label market is experiencing significant growth, thanks to the rapid expansion of the e-commerce sector. E-commerce, encompassing online product transactions and monetary activities, has seen a surge in demand for various labels and packaging with the rise of online shopping. According to the India Brand Equity Foundation (IBEF), the e-commerce market is anticipated to grow from $46.2 billion in 2020 to $111.40 billion in 2025, reaching a staggering $350 billion by 2030. This robust growth in the e-commerce sector is a key driver propelling the thermal transfer labels market in 2023, 2024, and 2028.
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Thermal Transfer Label Market Competitive Landscape
Honeywell International Inc., 3M Company, Henkel AG & Co KGaA, Illinois Tool Works Inc., Ricoh Company Ltd., DNP Corporation, Avery Dennison Corporation, SATO Holdings Corporation, Zebra Technologies Corporation, CCL Industries Inc., Constantia Flexibles Group GmbH, UPM Raflatac Oy, LINTEC Corporation, Multi-Color Corporation, Fuji Seal International Inc., Brady Corporation, WS Packaging Group Inc., Fort Dearborn Company, TSC Auto ID Technology Co Ltd., Resource Label Group LLC, MPI Label Systems Inc., Consolidated Label Co, Label Technology Inc., Labeltronix, Pac Edge Labels Pvt Ltd., Century Label, Advanced Labels NW, Coast Label Company, Coveris Holdings S.A., Inland Label and Marketing Services LLC
Key Thermal Transfer Label Market Trend
Strategic partnerships are the key trend gaining popularity in the thermal transfer label market. Major companies operating in the thermal transfer label market are undergoing partnerships to reinforce their position. For instance, in January 2022, Brother Mobile Solutions, a US-based provider of thermal transfer labels, partnered with TEKLYNX, a US-based provider of barcode label software solutions. Through this partnership, Brother delivers a range of industrial and commercial thermal barcode label printers that are compatible with TEKLYNX software solutions. Furthermore, in September 2021, Mark Andy, a US-based innovator of narrow- and mid-web printing and finishing equipment, partnered with UPM Raflatac, a Finland-based thermal transfer label provider. Through this partnership, both companies would deliver best-in-class digital label printing solutions to flexographic and digital converters.
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Thermal Transfer Label Market Segmentation
The thermal transfer label market covered in this report is segmented –
1) By Material: Paper, Polyester, Polypropylene (PP), Polyethylene (PE), Other Materials
2) By Printer Type: Desktop, Industrial, Mobile
3) By End User: Food and Beverages, Healthcare, Tracking, Logistics, and Transportation, Industrial Goods and Products, Semiconductor and Electronics, Retail Labels, Other End Users
By Geography:The regions covered in the thermal transfer label market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the thermal transfer label market in 2023.
The Thermal Transfer Label Global Market Report 2024 furnishes information about the global thermal transfer label market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
