The global card printer ribbons market is projected to expand at a CAGR of 4% over the forecast period of 2022-2028. In 2021, sales of card ribbon printers reflected a value of US$ 759 Mn, which is predicted to top US$ 997 Mn by the end of the year of assessment (2028).
Future Market Insights has come up with a strong research analysis of card printer ribbons market that covers a global outlook of the product. The research study includes major product developments, trends in technology, growth propelling factors, various challenges and opportunities that influence the growth of the global card printer ribbons market.
The research report also includes historical data analysis, current market scenarios, and future market projections for a ten-year period beginning in 2022 and ending in 2028. The recent research publication titled “Card Printer Ribbons Market: Global Industry Analysis (2013-2017) and Opportunity Assessment ” includes statistical analysis and key highlights.
Demand for Superior Quality ID Cards to Support the Growth of Card Printer Ribbons
Retailers in the global market are pushing for superior ID cards and better printing experience with a view to spur the entire manufacturing process and associated activities. This has compelled manufacturers of card printers to shift towards thermal printing technology.
Large scale end use industries are focusing on updating their employee ID cards with latest cost efficient technology. This is expected to trigger the use of card printer ribbons in the following years. Additionally, growing demand for superior quality ID cards from information technology sector is also anticipated to contribute to the health of the global card printer ribbons market.
Increasing use of cards for withdrawals and payments has changed the preference of consumers towards cashless payments. The trend of “go cashless” is rising as increasing number of individuals are using banking cards to carry out transactions in retail stores, supermarkets, restaurants and cafes across the globe. Changes in customer preferences to facilitate convenience and ease in transactions, enhanced security and cashless payment has triggered the demand for cards in various end use industries. This increasing demand is expected to boost the growth in demand of the card printer ribbons in the years to follow.
According to Future Market Insights, the global market for card printer ribbons is expected to reach a significant valuation of around US$ 997 Mn by end of the year of assessment (2028) from a value of about US$ 653 Mn in 2017. The global card printer ribbons market is projected to expand at a value CAGR of 3.9% throughout the period of assessment 2018-2028.
Environmental Concerns Associated with Disposal of Cards, Consumables and Printers to Hinder Global Market Growth
Card printers have an average life of about 8 years from the date of manufacture, depending upon its use, post which they are usually discarded. Considering their disposal across the entire globe, it adds to the cumulative electronic waste. In addition, the disposal of huge volumes of ribbons and papers adds to total amount of non-degradable electronic waste generated in a year.
This has steered the attention of government bodies and environment watchers, such as Environmental Protection Agency (EPA), who have imposed stringent regulations and rules regarding disposal of electronic consumables and card printers. The printing ink used in card printing contains harmful chemicals, whose disposal can have a high negative impact on the health of the environment. This is expected to hinder the growth of the global card printer ribbons market.
Key Highlights of the Global Card Printer Ribbons Market
- By type, colour segment is expected to be highly lucrative and is anticipated to witness increasing demand from end use industries. This segment dominated the global market in the past and is poised to resume with this trend in the years to follow
- By printing type, dual sided segment is the most lucrative and is projected to expand at a significant rate during the assessment period
- Adoption of card printer ribbons is expected to grow in banking, followed by the government sector. Sale of card printer ribbons in banking is estimated to cross US$ 300 Mn by end of 2028
- China has shown high inclination towards use of card printers since past years, owing to high adoption in the manufacturing industry of the region. Moreover, this has spurred the use of card printer ribbons in the country and is expected to grow at a high rate in the following years
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Manufacturers involved in this market are focusing on developing ribbons that pose minimal threat to environment. However, this calls for additional and higher investments, which has slowed down the rate of development. Key players involved in the global card printer ribbons market are Zebra Technologies Corporation, Evolis S.A., ASSA ABLOY AB, Dai Nippon Printing Co., Ltd., HiTi Digital, Inc., Matica Technologies AG, Entrust Datacard Corporation, IDP Corp., Ltd., ICard Solutions (India) Private Limited, Kanematsu USA Inc., Magicard Ltd., AlphaCard, NBS Technologies Inc., Best Barcode System Private Limited and Pointman Technologies Inc.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 6-years.
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