Rising Demand for Thermal Paper in Retail and Packaging Industries Boosts Market Growth
Mar 13, 2023
Thermal Paper Market is expected to surpass the market value of over USD 6.03 billion by the year 2028 while registering a CAGR of 5.2% during the forecast period 2021-2028
The thermal paper market is a niche market that is primarily driven by the demand for receipts and labels used in retail, healthcare, and transportation industries. Thermal paper is a special type of paper that changes color when exposed to heat, and it does not require any ink or toner. The market is expected to grow due to the rising demand for point-of-sale (POS) systems, growing e-commerce industry, and increasing applications in the healthcare sector.
Thermal paper is a type of specialty paper that transforms color when subordinated to heat, and prints information without the need for any conventional ink. The effect is fulfilled by coating a mixture of heat-sensitive dyes and color- inventors during the manufacturing process on the base paper. These composites include leuco dyes, organic acid inventors, and sensitizers. Lecco colour is made up of a colorless crystalline powder which melts under heat and mixes with an organic acid, also known as an inventor, to form an opaque color.
Europe is expected to lead the market owing to the large retail sector in the region, consisting of a large number of POS outstations and digital billing equipment. Likewise, the demand for this paper for medical applications in the region is opening up a huge eventuality for the growth of the request. The market in North America will be governed by the growth of the retail sector in the US. On the other hand, the thermal paper market in Asia Pacific will be driven by the growth of the POS terminals and the number of card- grounded deals in the region. Also, the structure development in countries similar to India and China has increased the demand for marketing in travel and entertainment sectors, therefore performing in significant market growth.
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The demand for tags and labels has significantly expanded in Latin America due to the demand from the beverage industry present in the region. This demand can be fulfilled by paper markers and therefore is expected to produce opulent growth opportunities for the request. The market in the Middle East & Africa will follow the growth of the logistics sector of the region, which is growing owing to the large shipping industry present in the region.
The global thermal paper market has been segmented into technology and application.
Based on technology, the global thermal paper market has been segmented into direct thermal, thermal transfer, and others.
Based on application, the global thermal paper market has been segmented into point-of-sale (POS), lottery & gaming, labels & tags, and others.
Region-wise, the global thermal paper market has been segmented into North America, Asia Pacific countries, European nations, as well as, the rest of the world (RoW).
The North American region is set to have the largest market share by the end of the forecast period. Because of the widespread increase in the number of entries and applicants from various industries such as pharma and medical, food and beverage, and others, the US market is expected to lead growth in the North American region. Following the trend, the APAC region is expected to experience the greatest growth. Major country players such as India and China are expected to account for the lion’s share of growth. These regions are seeing a rise in the demand for packaged food products. In addition, the retail and food and beverage industry units are expected to expand.
- Ricoh (Japan)
- Oji Holdings Corporation (Japan)
- Appvion L.L.C (US)
- Papier fabrik (UK)
- Koehler Paper (Germany)
- Mitsubishi HiTec Paper Europe GmbH (Germany)
- Hansol EuropeB.V. (Netherlands)
- GOLD HUASHENG PAPER CO. LTD (China)
- Henan Province JiangHe PaperCo. Ltd (China)
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The thermal paper market is experiencing a huge increase in the demand for paper owing to the printing transactions and receipts of various businesses. The papers are dependable and long-lasting. These receipts have high usage in the hospitals due to the numerous amounts of billing applications.
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