TODAYTEC(SZ:300743) Chan Ye Xin Xi Wang·2025-09-12 01:25Core Viewpoint - The thermal transfer ribbon industry in China is experiencing significant growth driven by increasing demand for high-speed and high-quality printing solutions, with the market expected to reach 1.52 billion yuan by 2025, growing from 819 million yuan in 2019 at a compound annual growth rate (CAGR) of 11.05% [1][13][14]. Industry Overview - Thermal transfer ribbons are widely used printing consumables that provide high-quality output and long lifespan, overcoming limitations of traditional printing methods [1][13]. - The market size of China's thermal transfer ribbon industry is projected to grow from 819 million yuan in 2019 to 1.38 billion yuan in 2024 [1][14]. Industry Development History - The thermal transfer ribbon industry in China began in the early 1990s, initially relying on imported technology and equipment, and has since evolved to become a significant production base [6]. - The industry has shifted towards high-end and intelligent production, with advancements in manufacturing processes and a focus on environmental sustainability [6]. Industry Supply Chain - The supply chain includes upstream raw materials such as BOPET films and resins, midstream production of thermal transfer ribbons, and downstream integration into printing systems [7]. Market Demand Structure - In China, the demand structure for thermal transfer ribbons differs from the global market, with wax-based ribbons dominating at approximately 60% of total demand, followed by mixed and resin-based ribbons [15]. Competitive Landscape - The market is characterized by a concentration of leading international companies in the high-end segment, while domestic firms primarily focus on mid to low-end products [16]. - Key players include international companies like ARMOR-IIMAK and domestic firms such as TianDi Digital and Mingyou New Materials, which are enhancing their competitiveness through innovation and quality improvement [16][17]. Industry Trends - The industry is moving towards smart solutions, with the integration of IoT technologies for real-time monitoring and optimization of printing processes [18]. - There is a strong emphasis on environmental sustainability, with companies developing biodegradable materials and low-VOC production processes [19]. - High precision printing is becoming increasingly important, especially in sectors like electronics and healthcare, necessitating advancements in coating uniformity and pigment dispersion [20].