Sales of Thermal Printers to See Significant Rise with the Emergence of Single-Polymer Substrate, Says FMI
According to a recently published report by Future Market Insights (FMI), the global market for thermal printing will surpass US$ 20 Bn by the end of 2029, growing at a CAGR of 7% over the projection period 2019-2029.
FMI study identifies that the rise of e-commerce industry, implementation of automatic identification and data capture (AIDC) technologies for productivity, and increasing adoption of wireless technologies in mobile printers are the key dynamics catapulting the thermal printing market growth. However, poor image quality of barcode labels and complexities in temperature adjustments of thermal barcode printers are representing potential threats for market players.
“In order to acquire strong presence in the global marketplace, leading players are working on enhancing their mobile thermal printer offerings that fulfill the demand for high-quality output,” says FMI analyst.
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Manufactures to Prioritize Single-Polymer Substrate for Simplified Thermal Printing
With significant technological development, market players are focusing on providing an innovative single-polymer substrate for thermal printing. Single-polymer substrate creates sharp, durable, and fade-proof images that replace the utilization of thermal transfer ribbons (TTR) and conventional direct thermal substrates. Moreover, as the thermal printing market is ripe for innovations, companies are investing significantly in this area to maintain their strategic position. Additionally, heat seal capabilities of the product are designed to change the cast polypropylene (PP) and blown polyethylene (PE) films that are widely used in packaging lamination.
Demand for Barcode Printer to Soar through 2029
Barcode printers will continue witness relatively high demand, attributing to high speed, cost-effectiveness, and high-performance delivery. Increasing demand from enterprises to track and label shipping items is working in favor of the market players. On the other, sales of RFID printers are expected to grow at a CAGR of 9.2% over the predefined timeframe. Growth remains driven by growing inclination towards automatic identification and capture technologies to boost productivity.
Demand for Thermal Printers Garners in Retail & Wholesale Industry
Fast-paced implementation of POS, card printers, and barcodes thermal printers in the retail and wholesale industry will continue to influence the growth strategies. Moreover, thermally-printed barcode labels are increasingly used within the industry to provide transaction receipts and track orders. While the demand for thermal printers in retail & wholesale industry is set to grow on a robust pace, market players are exploring their potential in untapped end-users such as travel, entertainment, & hospitality, manufacturing, and transportation and logistics.
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APEJ to Take the Lead
By the end of 2029, Asia Pacific Excluding Japan is expected to capture around 36% of the thermal printing market. Rapid growth of retail & wholesale industry in China and India, amid continued urbanization and increase in disposable income, is expected to fuel demand for thermal printers during the foreseeable future. Presence of major leaders such as Aeon Company, Isetan, and Seven & I Holdings Company in the region, providing RFID and barcode printers to various industries across the globe has contributed to the market growth. Additionally, demand for thermal printers in the Middle East & Africa is projected to observe a healthy growth in the future.
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