The thermal printing market has been gaining significant traction over the years. Thermal printing technology involves applying heat to special heat-sensitive paper in order to produce an image or text. Thermal printing offers benefits such as durability, portability, low cost, and compatibility with various operating systems. Thermal printers are extensively used across POS terminals, transportation tickets, barcoding, and tickets for entertainment and events. The flexibility, simplicity, and portability of thermal printing make it a preferred choice for printing receipts, labels, tags, tickets, etc. on the go.
The Global Thermal Printing Market Demand is estimated to be valued at US$ 54.31 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the thermal printing market are PharmaZell, ABIL CHEMPHARMA PRIVATE LIMITED, ICE, Grindeks, Suzhou Tianlu Bio-pharmaceutical Co.,Ltd, ARCELOR CHEMICALS PRIVATE LIMITED, Dipharma Francis S.r.l. Thermal printing technology continues to gain traction across new applications such as product labels, kiosk printing, healthcare asset tracking, and industrial asset labeling. Leading manufacturers are focusing on enhancing resolution, speed and developing technologies such as Thermal Transfer over Direct Thermal printing to drive profitability. Technological advances such as microchip embedded thermal paper, advanced inks and high resolution capabilities are enhancing capabilities of thermal printers.
Market drivers
The increasing adoption of POS terminals across retail stores, restaurants, and warehouses is a key driver for the thermal printing market. Thermal printing offers an affordable solution for printing receipts, invoices, and delivery notes on the go. Growing e-commerce industry is increasing the demand for thermal labels for tracking packages during transport and warehousing. Emergence of applications such as product authentication using thermal printing technologies will further support the market growth. Enhanced capabilities of mobile printers and new applications in healthcare and transportation are expected to accelerate the demand for thermal printing solutions over the forecast period.
Current Challenges in Thermal Printing Market
The thermal printing market is facing various challenges currently due to the rising demand for digital printing technology and increasing environmental concerns. Digital printing provides higher resolution and sharp images compared to thermal printing. Moreover, digital printing offers additional features like data protection and branding which is driving its adoption over thermal printing. Another major challenge is the use of heat-sensitive coated papers in thermal printing which pose environmental issues. Their disposal involves toxic byproducts harmful for the ecosystem. Strict environmental regulations regarding the usage of such materials are major restraining factors for the thermal printing market growth.
SWOT Analysis
Strength: Thermal printing technology offers lower cost per print compared to other printing methods due to absence of consumables like ink/toner. It also provides fast printing speed and instant durable prints suitable for POS receipts and barcode/QR code labels.
Weakness: The image quality and resolution of thermal prints are comparatively lower than inkjet or laser prints. Additionally, thermal print heads have limited life and need frequent replacement.
Opportunity: Growth in retail sector across developing regions driving demand for PoS receipts. Also, increasing e-commerce activities boosting requirement for shipping labels propels market opportunities.
Threats: Substitution threat from digital printing systems offering advanced features. Rising environmental concerns and regulations on usage of heat-sensitive papers also pose major threats.
Geographical Regions with High Market Concentration
Asia Pacific region holds a major share of the global thermal printing market in terms of value, with China being the largest producer and consumer. This is attributed to strong retail industry in the region along with presence of leading manufacturers. North America is another prominent region contributing significantly to the thermal printing market share.
Fastest Growing Region
Asia Pacific region is projected to be the fastest growing regional market for thermal printing during the forecast period. This is due to rapid growth of retail sector accompanied with expanding e-commerce industry in developing Asian countries like India and Southeast Asian nations. Increasing penetration of PoS terminals and growing business of logistics especially in China and India will further augment the demand.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it