Global Thermal Paper Market is valued at approximately USD 3.85 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 4.2% over the forecast period 2022-2029. Thermal paper is a specific kind of paper that changes color when heated and prints information without using any traditional ink. During the manufacturing process, a mixture of heat-sensitive dyes and color-developers is coated onto the base paper to create the desired effect. Leuco dyes, organic acid developers, and sensitizers are some of these substances. Leuco dye is composed of a colourless, crystalline powder that melts in the presence of heat and reacts with an organic acid, often referred to as a developer, to produce an opaque hue. BPA or Bisphenol-S are the two most often utilized developers (BPS). POS terminals, ATMs, credit card terminals, and labelling equipment are where this paper is most frequently used. This sort of paper is appealing for use in e-commerce labels and ticketing applications because regular ink cannot be used to print on it at remote locations. The market demand is primarily driven by the factors such as Thermal printing technology ,becoming increasingly popular due to its ease of use, low cost, and high-speed printing capabilities. As a result, there is a growing demand for thermal paper to support this technology, coupled with the development of environmentally friendly alternatives to thermal paper, such as BPA-free paper, which is also driving the market. Many companies are now seeking to reduce their carbon footprint and are looking for sustainable alternatives to traditional thermal paper.
In addition, the increasing adoption of point-of-sale (POS) systems in retail and hospitality industries are driving the demand for thermal paper. Thermal paper is commonly used to print receipts, making it an essential component of POS systems are acting as major driving factors for market growth. In 2023, it is expected that the transaction value in the Mobile POS Payments segment will reach US$3.35 trillion. The predicted annual growth rate for transaction value (CAGR 2023-2027) is 13.92%. By 2027, there will expected be 1.94 billion users worldwide, thus, in turn, these factors are expected to escalate the demand for vaccines in the global market. Furthermore, there is a growing trend towards personalized and customized printing, such as printing logos or designs on receipts, tickets, and labels, as well as thermal paper is widely used in retail, hospitality, and healthcare industries, and there are opportunities to expand into new industries such as transportation, logistics, and manufacturing are presenting lucrative opportunities for market growth over the forthcoming years. However, the acceptance of the thermal paper is threatened by the growth of online and paperless e-transactions which is restricting the market growth over the forecast period of 2022-2029.
The key regions considered for the Global Thermal Paper Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the growth of retail chains in the area as a result of consumers’ increasing appetite for readily available consumer items. Also, the region’s expanding industrial activity has increased demand for thermal paper labelling end-use. Whereas, Asia Pacific is also expected to grow at the highest growth rate over the forecasting period. Factors such as increasing usage of thermal paper in the region for a variety of end purposes, including the gaming industry and supplement packaging and labelling are burgeoning the market growth in the forecasting years.
Major market players included in this report are:
Ricoh Company Ltd.
Oji Holdings Corporation
Mitsubishi Paper Mills Limited
Hansol Paper Co. Ltd.
Gold Huasheng Paper Co. Ltd.
Henan Province JiangHe Paper Co. Ltd.
Thermal Solutions International Inc.
Jujo Thermal Limited
Recent Developments in the Market:
In February 2022, Ricoh Corporation, Ltd. announced the acquisition of Axon Ivy and its acclaimed digital process automation technology. Customers of Axon Ivy will have immediate access to Ricoh’s expansive range of digital services capabilities, which are designed to offer a seamless digital workplace experience and enable enterprises in achieving new technological advancements, improved security, and increased sustainability.
In September 2021, Jujo Thermal Ltd. introduces three new SHIELDPLUS grades geared for flexible food packaging. A revolutionary fiber-based recyclable barrier material designed for flexible packaging is called SHIELDPLUS®. For the packaging of dry, moist, and fatty foods, the new product grades SHIELDPLUS® Graphic 65, SHIELDPLUS® BR 60, and SHIELDPLUS® 58 offer a sustainable option. Excellent barrier qualities are provided by SHIELDPLUS® to safeguard the contents and preserve their quality.
Global Thermal Paper Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Tags & Label
Lottery & Gaming
Rest of the World