April 13, 2024
Thermal Printing Market

The Global Thermal Printing Market is Booming Through Convergence Trends

Thermal Printing Market Overview
Thermal printing refers to a digital printing technique used to create images on special heat-sensitive paper, labels, and other materials. Thermal printing technology uses thermal reaction between a thermal head and thermal printing paper to print images and barcodes without using ink or toner and allows for fast, reliable, and economical printing. Thermal printers are commonly used in POS terminals, kiosks, ATMs, barcode printers, fax machines, and more. The advantages of thermal printing include speed, reliability, portability, silent operation, durability, and affordability.

The Global Thermal Printing Market Demand 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 from 2024 to 2030.

Key Takeaways

Key players operating in the Thermal Printing Market are PharmaZell, ABIL CHEMPHARMA PRIVATE LIMITED, ICE, Grindeks, Suzhou Tianlu Bio-pharmaceutical Co.,Ltd, ARCELOR CHEMICALS PRIVATE LIMITED, Dipharma Francis S.r.l. The growing demand from the retail sector for printing bills, invoices, labels, and packing slips has been a major driver for the thermal printing market. The increasing infrastructure and various development projects in emerging countries have also boosted the demand from construction and manufacturing sectors. With growing e-commerce industry and developments in logistics, there has been a rise in thermal labels and packaging printing applications globally.

Market Key Trends

One of the key trends in the thermal printing market is the convergence of printing technology. Traders are focusing on developing solutions that combine traditional printing methods like thermal printing with advanced technologies like IoT, AI and analytics. This is allowing for innovative applications like smart label printing, just-in-time printing, predictive maintenance-based printing, and more. Another major trend is sustainable thermal printing. Companies are investing in bio-based materials for thermal printer ribbons and paper to reduce carbon footprint. They are also optimizing printer components to lower energy consumption. Growth of mobile commerce and transactions has accelerated the demand for portable and battery-powered thermal printers as well.

Porter’s Analysis
Threat of new entrants: Entry of new entrants will face barriers like high capital requirements and need for advanced technologies.

Bargaining power of buyers: Large pharmaceutical companies can negotiate lower prices due to their high purchasing power.

Bargaining power of suppliers: Few raw material suppliers and key technologies providers exist which increase their bargaining power.

Threat of new substitutes: Low threat of substitutes as there are limited alternative methods for producing active pharmaceutical ingredients (APIs).

Competitive rivalry: Intense competition exists between existing API manufacturers due to large number of players offering similar products.

Geographical Regions
North America accounts for the largest share of the global API market in terms of value due to presence of many large pharmaceutical companies and generic drug manufacturers in the US.
Asia Pacific region is expected to grow at the fastest pace during the forecast period driven by increasing pharmaceutical production and generic drug manufacturing in India and China. Indian pharmaceutical industry is one of the largest producer of generic drugs which drives the demand for APIs in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it