Thermal Paper Market Worth USD 6.03 Billion by 2028 at 5.2% CAGR - Report by Market Research Future (MRFR)

Thermal Paper Market Insights and Industry Analysis By Technology (Direct Thermal, Thermal Transfer, and Others), Application (Point-Of-Sale (POS), Lottery & Gaming, Labels & Tags, and Others) And Region, Competitive Market Size, Share, Trends, and Forecast to 2028

New York, USA, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Thermal Paper Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Thermal Paper Market Information by Technology, by Application, and Region - Forecast till 2028”, the market is estimated to grow at a 5.2% CAGR to reach USD 6.03 Billion by 2028.

Market Synopsis

Thermal paper finds widespread use in catering, grocery stores, lottery systems, gaming houses, bakery stores and coffee shops for printing tickets, receipts and labels. This extensive use in these applications can be accredited to thermal paper’s dependability and convenience. This, in addition to the thriving retail sector worldwide will be fostering the demand for thermal paper for various POS transactions in the coming years.

The demand and use of thermal paper have risen considerably over the years, thanks to the surging need for labeling to standardize the quality and credibility of packaged foods. Rising thermal paper use in applications like label printing will ensure relentless market expansion in the next couple of years.

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Report Scope:

Report AttributeDetails
2028 Market SizeUSD 6.03 Billion
CAGR5.2% (2021–2028)
Base Year2020
Forecast Period2021–2028
Historical Data2019
Forecast UnitsValue (Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Technology, by Application, and Region
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversThe increasing importance of labeling and providing the entire information for the customers
The demand for the label for cold storage products, pharmaceutical products, and laboratory specimens are rapidly increasing

Market Competitive Landscape:

The important companies in the thermal paper industry are

  • Appvion Incorporated
  • Mitsubishi Paper Mills Limited
  • Oji Holdings Corporation
  • Koehler Paper Group
  • Nakagawa Manufacturing (USA), Inc.
  • Siam Paper Public Company Limited
  • Jujo Thermal Ltd.
  • Ricoh Company, Ltd.
  • Shandong Chenming Paper Holdings Ltd
  • Henan Province JiangHe Paper Co., Ltd.
  • PM Company L.L.C.
  • Guangdong Guanhao High-Tech Co., Ltd.
  • Hansol Paper Co Ltd
  • Jiangsu Wampolet Paper Co., Ltd.

Market USP Covered:

Market Drivers:

The demand for thermal paper has been burgeoning significantly owing to the surging use of POS terminals in retail stores and warehouses. The business scenario is fostered by the rise in supportive government policies as well as the surge in domestic consumption of food and beverages as well as pharmaceutical products in many South Asian countries. The steadily mounting number of paper manufacturers in China and several countries in Asia should have a tremendous impact on the overall industry.

The remarkable rise in the number of retail stores as well as chains in emerging nations like India and China has raised the need for POS terminals, which will ultimately augment the market position in the ensuing years. Other than this, government policies and initiatives boosting the pharmaceutical and food sectors in these economies will also enhance the use of thermal paper in labeling and packaging end uses.

The market consists of a host of well-established raw material suppliers that are focused on offering base papers to thermal paper manufacturers. The surging deployment of recycled fibers during the production of the base product will encourage market growth.  

Market Restraints:

The market expansion rate can take a hit owing to the rise in the digitalization of the transaction process, which limits the need for printing at various POS terminals. Other than this, advancements with respect to internal substitution can also restrict market growth to a large extent.

Browse In-depth Market Research Report (118 Pages) on Thermal Paper

COVID 19 Analysis

The overall paper industry has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under lockdown, to control the rising cases. Owing to this, the demand and supply chain has been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.

The volatile costs of raw materials that are used for developing thermal paper along with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.

Market Segmentation

By Technology

The major technologies discussed in the MRFR study are thermal transfer, direct thermal, and others. The direct thermal segment, with the highest share of 49.37% captured in 2016, and a value of USD 1,586.1 Million is in the lead.

On the other hand, the thermal transfer technology segment will be achieving the highest growth rate of 4.43% between 2020 and 2027.

By Application

Thermal paper has a number of important applications, some of which are labels & tags, lottery & gaming, POS, and others. POS, with the biggest share of 58.90% seized in 2016, has secured the leading spot in the worldwide market.

The thermal paper’s applications in labels and tags are extensive, and the segment will be thriving at a rate of 4.93% from 2020 to 2027. Lottery & Gaming segment touched USD 421.5 Million in 2016.

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Regional Analysis

Asia Pacific can garner a healthy CAGR in the thermal paper industry, thanks to the stunning growth of the retail sector as well as the pharmaceutical industry over the years. In the region, thermal paper is used extensively in billing as well as product utilization operations. The burgeoning population in various emerging countries in the region has raised the demand for thermal papers as well. besides, the low manufacturing costs in China can present attractive opportunities to the players, which also bolsters the production rate of thermal papers.

Another major market for thermal papers is Europe, where the sales of dietary supplements as well as nutritional dietary products are booming among the huge population. The region has numerous renowned developers of a variety of nutrition-based products like Beneo, Friesland Campina Domo, and many more who make use of thermal papers to label and promote their products, while preventing adulteration.

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