Thermal labels are a type of self-adhesive label that are printed using thermal transfer technology. They are widely used in various industries, such as retail, healthcare, logistics, and food and beverage, due to their durability, high-quality print, and resistance to fading and smudging.
The thermal labels market is expected to be worth US$ 892.4 million in 2022 and US$ 1,420.5 million by 2032, with a CAGR of 4.8% from 2022 to 2032. According to FMI, the thermal labels market will be worth US$ 851.5 million in 2021. The global thermal label market is expected to reach $1,420.5 million by the end of 2032. Thermal label demand will increase, with the top three countries accounting for 45-50% of the thermal label market in 2022.
The increasing demand for thermal labels in the retail industry is one of the major factors driving the growth of the market. Retail stores use thermal labels for product labeling, barcoding, and pricing, which helps in inventory management and improves the efficiency of supply chain operations. Additionally, the growing adoption of RFID technology in the retail industry is also expected to boost the demand for thermal labels.
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The healthcare industry is also expected to drive the growth of the market, as thermal labels are widely used for patient identification, tracking, and monitoring of medical equipment. The increasing demand for medical devices and equipment, and the need for accurate identification and tracking of patients and medical equipment, are expected to drive the demand for thermal labels in the healthcare industry.
The logistics and transportation industry is also expected to contribute to the growth of the market, as thermal labels are used for tracking and identifying packages and shipments. The growing e-commerce industry and the increasing need for efficient supply chain management are expected to drive the demand for thermal labels in the logistics and transportation industry.
The food and beverage industry is also expected to drive the growth of the market, as thermal labels are used for product labeling, barcoding, and pricing, which helps in inventory management and improves the efficiency of supply chain operations. The growing demand for packaged and processed food products is expected to boost the demand for thermal labels in the food and beverage industry.
The Asia Pacific thermal labels market is expected to witness significant growth during the forecast period, owing to the increasing adoption of thermal labels in various industries, such as retail, healthcare, logistics, and food and beverage in the region. The growing e-commerce industry in the region is also expected to drive the demand for thermal labels.
In conclusion, the global thermal labels market is expected to grow significantly during the forecast period, driven by the increasing demand for thermal labels in various industries, such as retail, healthcare, logistics, and food and beverage. The growing adoption of RFID technology in the retail industry and the increasing need for efficient supply chain management in the logistics and transportation industry are also expected to boost the demand for thermal labels.
According to the study, direct thermal labels will dominate the thermal labels market due to their cost-effectiveness and characteristics like accuracy, no usage of the ink cartridge, cost-efficiency, and others. Among materials used, the demand for paper will grow especially in single-use, short term labels production.
Though plastic currently dominates the thermal labels market with a market share of 61% in 2021 other alternatives such as paper thermal labels are expected to showcase a higher rate of growth. Leading players in the thermal labels market are 3M Company, Henkel AG & Co., KGaA, Honeywell International Inc., CCL Industries Inc., and others. These companies are focusing on innovations, market which is anticipated to propel the growth for the thermal labels market.
Key Takeaways from Thermal Labels Market
Direct thermal labels are estimated to represent a dominant share, holding around 61% of the market by the end of 2032.
The food & beverages segment is projected to remain a leading application segment. The demand in the industry is estimated to accelerate at a CAGR of 4.2%.
Plastic will remain the material of choice for thermal labels production and is anticipated to dominate the thermal labels market, accounting for 63% by 2032.
The UK thermal labels market is projected to register a CAGR of 5.5% during the forecast period.
“Innovations in the thermal labels market especially with regards to the integration of big data is going to change the industry in terms of technology and sustainability. Besides this, these developments will pave the way of various breakthroughs, enabling growth in the market,” says an FMI analyst.
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Expanding Food & Beverage Sector to Encourage Thermal Labels Sales
The food & beverages industry is seeing growth, especially in a post-pandemic world. The growth in the industry is due to the emergence of direct to customer delivery e-commerce platforms that have solved logistical issues. In addition to it, technology is also playing a crucial part in the food & beverages growth journey. The greater the sales of beverages the greater the opportunity for the global thermal labels market as the food & beverages segment contributes to the majority of the demand for thermal labels so this propels the growth of the thermal labels market.
Thermal labels Market Landscape
3M Company, Henkel AG & Co., KGaA, Honeywell International Inc., CCL Industries Inc, Lintec Corporation, Armor Group, and others are some of the leading players operating in the thermal labels market.
Key manufacturers operating in the thermal labels market are focusing on producing lighter-weight, durable, cost-efficient and sustainable products. Several mergers & acquisitions and innovations are taking place in the industry as there is synergy in forward as well as backward integration.
In October 2021, Armor group acquired IIMAK to reinforce its position in the thermal transfer ribbon market.
In October 2020, Western Shield Label Company announced the acquisition of a label company named Label Smith.
Thermal Labels Market by Category
By Material, Thermal Labels Market is Segmented as:
Paper
Plastic
By Label, Thermal Labels Market is Segmented as:
Direct thermal labels
Thermal transfer labels
By Application, Thermal Labels Market is Segmented as:
Food & beverages
Healthcare
Semiconductor & Electronics
Others (Industrial)
By Region, Thermal Labels Market is Segmented as:
North America
Latin America
Europe
Middle east and Africa
East Asia
South Asia
Oceania
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Key Questions Answered in the Report
How big was the global thermal labels market in 2021?
What will be the growth prospects of the thermal labels market?
What will be the market value of the global thermal labels market in 2025?
How much does food & beverages segment contributes towards thermal labels market growth?
Which country is expected to contribute maximum to the thermal labels market?
Who are the top three manufacturers of thermal labels?
Which label type will dominate the thermal labels market?
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