April 24, 2024
Thermal Printing Market

Thermal Printing Market is Estimated to Witness High Growth Owing to Rising Demand for Barcode Printers

The thermal printing market has witnessed significant growth over the past few years owing to the increasing demand for point-of-sale terminals, barcode scanners, and kiosks. Thermal printing offers advantages such as portability, silent operation, durability, and no drying time. The technology also finds wide applications in packaging, transportation & logistics, healthcare, retail, and manufacturing industries for product labels, receipts, tickets, tags & asset tracking.

The global thermal printing market 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 Global Thermal Printing Market Demand are PharmaZell, ABIL CHEMPHARMA PRIVATE LIMITED, ICE, Grindeks, Suzhou Tianlu Bio-pharmaceutical Co.,Ltd, ARCELOR CHEMICALS PRIVATE LIMITED, and Dipharma Francis S.r.l. PharmaZell is one the leading manufacturers of pharmaceutical dry powders and granules. The company offers thermal printing solutions for product labeling in the healthcare industry.

The growing demand for barcode printers from industries such as retail, logistics and warehousing presents lucrative growth opportunities. Thermal printers eliminate the need for maintenance and consumables like toner or ink cartridges and ribbons, thereby reducing operational costs in the long run.

Global expansion of key players in emerging markets of Latin America, Asia Pacific and Middle East through strategic partnerships and acquisitions will further aid the market growth. Players are focused on providing customized solutions and technologically advanced products to different industries.

Market drivers
The increasing adoption of point-of-sale terminals for billing and inventory management in retail stores is a key factor driving the thermal printing market. The technology offers advantages like ease of use, lower costs, archival quality prints and ability to print diverse formats like barcodes, text and graphics. Rising penetration of e-commerce and growth of warehousing and logistics industry will further propel the demand for barcode printers, boosting the market revenues.

PEST Analysis

Political: Thermal printing market is regulated by government bodies responsible for ensuring safety standards are met by manufacturers. Regulations related to labeling and packaging play a key role.

Economic: Growing e-commerce industry relies on thermal printing for generating labels, invoices, receipts etc. driving demand. Increasing automation and digitization in various industries fosters market growth.

Social: Rising health awareness and focus on storage, handling and labeling of pharmaceuticals boosts sales. Greater adoption of digital payments, online shopping requiring invoices and bills to be printed.

Technological: Advances in barcode printers, RFID technology integrated thermal printers. Bluetooth, Wi-Fi connectivity enabling wireless printing. Higher resolution and multi-format compatibility aids in substituting traditional printing methods.

North America and Western Europe hold major share of the global thermal printing market in terms of value currently. This can be attributed to well established industries relying on thermal printing like retail, transportation, healthcare etc and higher focus on automation.

The thermal printing market in Asia Pacific region is expected to witness fastest growth during the forecast period supported by rapid economic development, rising disposable incomes, growing e-commerce sector and increasing digitization across industries especially in emerging nations like China, India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it