Thermal Transfer Label Global Market Report 2024

The thermal transfer label market size has grown strongly in recent years. It will grow from $2.91 billion in 2023 to $3.17 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historic period was primarily driven by various factors including increased demands in retail and logistics, utilization in manufacturing and inventory management processes, compliance labeling requirements, the burgeoning growth of e-commerce platforms, and the emphasis on product branding and promotional activities. These elements collectively contributed to the growth witnessed during that period.

The thermal transfer label market size is expected to see strong growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The projected growth in the forecast period is expected to be fueled by several factors such as the expansion of global supply chains, the adoption of eco-friendly labeling solutions, the implementation of pharmaceutical serialization requirements, the continued rise of online retail, and the evolution of smart packaging trends.

The burgeoning e-commerce industry significantly drives the expansion of the thermal transfer label market. Online commerce demands diverse labels and packaging options. Projections by the India Brand Equity Foundation anticipate the e-commerce market to grow from $46.2 billion in 2020 to $111.40 billion in 2025, aiming for a colossal $350 billion by 2030. This robust growth directly fuels the demand for thermal transfer labels.

The thermal transfer label market expects significant growth owing to heightened demand from the food and beverage industry. These labels offer durable, customizable solutions for product identification and compliance within this sector. Scotland witnessed a surge in food and beverage manufacturing companies, reaching 1,185 in 2023, while exports rose by 31% in 2022 to $10.18 billion (£8.1 billion), underlining the industry's influence on the thermal transfer label market.

Strategic collaborations emerge as a significant trend in the thermal transfer label market. Key companies are forging partnerships to bolster their market standing. Notably, Brother Mobile Solutions teamed up with TEKLYNX in January 2022, providing thermal barcode label printers compatible with TEKLYNX software solutions. Additionally, the partnership between Mark Andy and UPM Raflatac, established in September 2021, aims to furnish superior digital label printing solutions to flexographic and digital converters, strengthening their market positioning.

Dominant entities in the thermal interface materials sector focus on innovation to expand their product range, catering to diverse industry demands and maintaining market positions. An instance is Markem-Imaje's launch in June 2023 of the SmartDate Xtra 3530 ribbon, a specialized wax and resin thermal transfer ribbon designed for paper-based flexible film package printing. This ribbon addresses rising demands in the food, beverage, and pharmaceutical industries for environmentally-friendly coding solutions on various paper substrates, including coated, uncoated, glossy, and rough papers, meeting the challenge of printing durable and legible codes on rough films.

In July 2021, ARMOR Group, a France-based industrial manufacturing company, successfully acquired International Imaging Materials, Inc. (IIMAK), a US-based manufacturer specializing in consumables for printing, imaging, and marking. This undisclosed acquisition solidifies ARMOR Group's position as a global leader in thermal transfer ribbon design and production, particularly for printing variable traceability data on labels and flexible packaging.

Major companies operating in the thermal transfer label market report are Honeywell International Inc., 3M Company, Henkel AG & Co. KGaA, Illinois Tool Works Inc., Ricoh Company Ltd., DNP Corporation, Avery Dennison Corporation, SATO Holdings Corporation, Zebra Technologies Corporation, CCL Industries Inc., Constantia Flexibles Group GmbH, UPM Raflatac Oy, LINTEC Corporation, Multi-Color Corporation, Fuji Seal International Inc., Brady Corporation, WS Packaging Group Inc., Fort Dearborn Company, TSC Auto ID Technology Co. Ltd., Resource Label Group LLC, MPI Label Systems Inc., Consolidated Label Co., Label Technology Inc., Labeltronix, Pac Edge Labels Pvt. Ltd., Century Label, Advanced Labels NW, Coast Label Company, Coveris Holdings S.A., Inland Label and Marketing Services LLC.

North America was the largest region in the thermal transfer label market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermal transfer label market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the thermal transfer label market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the realm of thermal transfer labels, printers come in three primary types such as desktop, industrial, and mobile. Desktop thermal transfer printers excel in long-term labeling needs enduring over six months or exposed to harsh conditions such as chemicals, light, high temperatures, or water. These labels utilize various materials such as paper, polyester, polypropylene (PP), polyethylene (PE), among others, catering to industries such as food and beverages, healthcare, tracking, logistics and transportation, industrial goods, semiconductors and electronics, retail labels, and other diverse end-user applications.

The thermal transfer label market research report is one of a series of new reports that provides thermal transfer label market statistics, including thermal transfer label industry global market size, regional shares, competitors with a thermal transfer label market share, detailed thermal transfer label market segments, market trends and opportunities, and any further data you may need to thrive in the thermal transfer label industry. This thermal transfer label market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The thermal transfer label market consists of sales of thermal transfer labels and direct thermal labels. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.