The thermal labels market is poised for substantial growth, with an estimated value of US$ 935.24 million in 2023 and a projected expansion to US$ 1,494.64 million by 2033, driven by a robust Compound Annual Growth Rate (CAGR) of 4.8% throughout the forecast period.
Notably, in 2021, the global market’s revenue already amounted to US$ 851.5 million, as per analysis by FMI. The upward trajectory is anticipated to continue, with projections indicating a market value of US$ 1,420.5 million by the close of 2032.
The demand for thermal labels is on a notable upswing, particularly evident in the top three countries dominating the market, which are anticipated to hold a substantial 45 to 50% share of the global market in 2023. This trend underscores the significance of thermal labels across industries, as they play a critical role in various applications, from logistics and retail to healthcare and manufacturing, driving their steady rise in demand and market value.
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Why are End User Industries Increasing the Adoption of Thermal Labels?
Several end-use industries are increasing the demand for thermal labels due to various factors such as:
- Cost-effectiveness:Thermal labels are -effective compared to alternative labels such as laser and inkjet printing. These labels reduce the cost and don’t require toner. Several end-use industries attract high-quality labeling to secure their products, such as warehousing, food & beverages, and retail.
- Efficiency and Speed:The adoption of thermal labels is known for its fast and efficient printing. It allows consumers to improve labeling processes and meet production demands. Thermal label printing provides product identification, barcode printing, and shipping labels.
- Durability and Readability:Thermal labels are highly durable and protect against environmental factors, including chemicals, UV rays, water, dust, and carbon emissions. Manufacturers offer advanced thermal labels to ensure efficient data and accurate information for several end-use industries.
- Versatile:Thermal labels are developed with high-quality materials, including synthetic materials, specialty labels, and paper, to attract consumers. These labels are widely used in pharmaceuticals, medical, and food & beverages due to their excellent and versatile adaptability.
- Easy to Use and Convenience: The demand for thermal labels is widely adopted due to their easy-to-use and convenient uses. These labels are user-friendly and do not require any experts to operate them. These labels are widely adopted by various small, medium, and large-scale businesses for packaging.
These are a few factors that may increase the adoption of thermal labels by end-user industries.
Key Takeaways:
- The thermal labels market is estimated to secure a valuation of US$ 1,494.64 million with a CAGR of 4.8% during the forecast period.
- The United States is registering a maximum share in the global market by 2033.
- The food & beverages sector is anticipated to dominate the global market by collecting huge revenue.
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Key Players Adding Values in the Global Market
The number of key players consolidates the market. These players invest their million-dollar amount in research and development activities to develop innovative and advanced products to upsurge the global market. They also focus on offering new innovative products as per consumers’ requirements.
Key players are taking feedback and improving the gap related to their products and services to expand the global market. Further, they are adopting various marketing strategies to drive global market agreements, partnerships, mergers, collaborations, and product launches.
Recent Developments in the Global Market:
- In 2021, SATO Holding Corporation announced its newly launched product auto-identification labeling. It offers RFID and barcode labels for healthcare, manufacturing, and retail industries.
- Zebra Technologies Corporation announced its new product, automatic identification, and data capture solutions. It includes thermal transfer and direct thermal labels for the transportation and retail sectors.
- 3M is another thermal label company that develops innovative labels for the healthcare, retail, and logistics industries. The company continues to expand its business portfolio by investing in research and development activities.
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.
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Thermal Labels Market by Category
By Material:
- Paper
- Plastic
By Label:
- Direct thermal labels
- Thermal transfer labels
By Application:
- Food & beverages
- Healthcare
- Semiconductor & Electronics
- Others (Industrial)
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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