Yahoo Finance Global Printer Ribbon Market to Reach USD 4.4 Billion by 2034, Fuelled by Demand for High-Quality Printing Solutions | Future Market Insights
The USA printer ribbon market, driven by advancements in technology and a focus on sustainability, is projected to grow at a 2.4% CAGR until 2034, with significant contributions from the retail, healthcare, and financial sectors.
NEWARK, Del, June 27, 2024 (GLOBE NEWSWIRE) -- The global printer ribbon market is expected to rise at a sluggish 3.2% CAGR, with revenue reaching USD 3.2 billion in 2024. The market is projected to surpass USD 4.4 billion by the end of 2034. The industry is fueled by the demand for high-quality, durable printing solutions across various industries, including retail, logistics, banking, and healthcare.
The integration of anti-counterfeiting features in ribbons is also driving growth. Advanced ribbons provide security and authenticity in printed documents and labels, and the popularity of customizable ribbons allows businesses to create brand-specific solutions.
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The growth of the industry is also supported by the proliferation of e-commerce in underdeveloped Asia and Southeast Asian economies, as well as the growing demand for ink ribbons in last-mile delivery services and online food providers.
The emergence of hybrid ribbons, which combine thermal transfer and direct thermal technologies, has also contributed to the market's growth. However, the market faces challenges from competition from alternative printing technologies like digital printing and laser printing, particularly in industries requiring high-volume printing and rapid turnaround times.
“To succeed in the printer ribbon market, companies should invest in research and development, diversify their product range, and enhance customer support. Offering high-quality, long-lasting ribbons and catering to different market segments can also attract niche customers”, says Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study:
The wax ribbon segment dominates the global market with a share of 50% in 2024.
Based on the end users, the publishing segment leads the printer ribbon market with a share of 63% in 2024.
The printer ribbon market in India is anticipated to grow at a CAGR of 5.5% through 2034.
The printer ribbon market in China is estimated to rise at a 3.5% CAGR through 2034.
The printer ribbon market in Thailand has the potential to increase at 4.2% CAGR through 2034.
The United States printer ribbon market is predicted to rise by 2.4% CAGR through 2034.
The printer ribbon market in the United Kingdom is very likely to grow at a CAGR of 2.4% through 2034.
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Competitive Landscape:
The printer ribbon market is competitive, with a wide range of companies, including huge multinational businesses and smaller specialized enterprises. Trends toward ecologically friendly products, as well as increased usage of digital printing technology, impact market dynamics. Companies differentiate themselves through product quality, printer compatibility, and value-added services.
The competition encourages continual progress and innovation in the printer ribbon market to fulfill the different demands of companies and consumers. HP Inc., Canon Inc., Seiko Epson Corporation, Brother Industries, Ltd., Xerox Corporation, Fujifilm Holdings Corporation, and Konica Minolta Inc. are some of the most prominent companies in this market.
Recent Developments:
In August 2023, CPI Card Group released the Card@Once® Ribbon Shredder, a desktop solution for banking institutions to safely delete sensitive cardholder data from spent printer ribbons and improve data protection procedures.
Markem-Imaje launched the SmartDate Xtra 3530 thermal transfer ribbon in May 2023 to meet increased demand in the food, beverage, and pharmaceutical industries by printing permanent codes on paper-based flexible packaging.
Key Players in the Printer Ribbon Industry:
Avery Dennison Corporation
Brady Corporation
Zebra Technologies Corporation
ITW (Illinois Tool Works) Foils
DNP Imagingcomm America Corporation
Sato Holdings Corporation
Ricoh Company, Ltd.
Videojet Technologies Inc.
Toshiba Tec Corporation
Armor Group
HP Inc.
Canon Inc.
Seiko Epson Corporation
Brother Industries, Ltd.
Xerox Corporation
Fujifilm Holdings Corporation
Konica Minolta Inc.
Lexmark International, Inc.
RISO Kagaku Corporation
Sharp Corporation
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Key Segments of the Printer Ribbon Industry:
By Ribbon Type:
The printer ribbon market can be segmented by ribbon type into wax, resin, and hybrid ribbons.
By Coating Type:
Based on the coating type, the market is bifurcated into carbon side in and carbon side out.
By End User:
The printer ribbon market can be segmented based on end-user applications into two primary categories: publishing and packaging, and labelling. In the publishing sector, the main segments include newspapers, advertising, books and stationery, and security printing. In packaging and labeling, there are segments like food and beverages, pharma, consumer goods, and industrial.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
Authored by:
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.
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