The demand for eco-friendly packaging solutions is increasing across numerous industries, and this is expected to fuel a 4.8% CAGR in the global thermal labels market. According to Future Market Insights (FMI), there is a shift towards environmentally friendly packaging options, including thermal labels, as a result of rising sustainability awareness among consumers and suppliers.
Because of its cost-effectiveness and features like precision, not requiring an ink cartridge, cost-efficiency, and others, direct thermal labels will likely dominate the thermal label market. The need for paper among the materials utilised will increase, particularly in the manufacturing of single-use, temporary labels.
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Although plastic presently holds a 61% market share in the thermal label market, other options like paper thermal labels are anticipated to rise at a faster rate in 2021. The 3M Company, Henkel AG & Co., KGaA, Honeywell International Inc., CCL Industries Inc., and other major companies are the market’s top competitors for thermal labels. These businesses are concentrating on innovations, a sector that is expected to fuel the market for thermal labels.
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.
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“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.
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.
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- 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
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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