Press release
Thermal Paper Market Projected to Reach USD 6.24 Billion by 2029 with a CAGR of 5.0%
Thermal Paper Market
The global Thermal Paper Market is set for significant growth, with a projected valuation of USD 6.24 billion by 2029, reflecting a Compound Annual Growth Rate (CAGR) of 5.0%. Thermal paper, known for its color-changing characteristics upon exposure to heat and light, is becoming increasingly pivotal in various industries.
The Global Thermal Paper Market is on a trajectory of robust growth, driven by its versatile applications in various industries and the increasing adoption of thermal paper-based POS systems. However, the market is not without challenges, including concerns related to chemical compounds like BPA and the rise of online POS systems. The market's future will be influenced by technological advancements, consumer preferences, and regulatory developments.
Product Definition
Thermal paper is a specialized fine paper coated with a material that changes color when exposed to heat. It is commonly used in thermal printers, particularly in low-cost or lightweight devices like cash registers, adding machines, and credit card terminals. When heat is applied to the coating, it creates a clear image on the paper, making thermal papers vital in the thermal paper printing process.
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Thermal Paper Market Dynamics:
Thermal paper, which undergoes color change when subjected to heat and light due to the presence of a coating pigment, has gained prominence in various applications. These papers are renowned for their durability and sensitivity to external contaminants. They are widely used in Point of Sale (POS) terminals, catering to the banking, retail, and medical sectors due to their compatibility with diverse printing machines. Thermal paper outperforms traditional print paper in terms of longevity and image clarity. However, the presence of Bisphenol A (BPA) in thermal paper, used as a color developer, has raised health concerns, as it has been recognized as an endocrine disruptor. The growing demand for BPA-free or Phenol-free thermal paper, driven by increased awareness, has seen substantial growth in various applications.
Thermal paper applications encompass Point of Sale (POS), tags and labels, and lottery and gaming. It is categorized into Direct thermal, which predominates POS and lottery/gaming applications, and thermal transfer, primarily utilized in tag and label applications due to its enhanced durability and image quality.
Key Drivers and Restraints
The increasing adoption of POS terminals, driven by technological advancements like mobile wallets and online banking, has paved the way for secure transactions, elevating the demand for thermal paper. The utilization of thermal paper in transactions between retailers and government initiatives aimed at boosting cashless transactions are key factors bolstering the demand for thermal paper. The surge in POS terminal adoption in sectors such as hospitality, warehousing, and healthcare is expected to further contribute to market growth. Advancements in thermal transfer technology, enabling multi-color printing, and the expanding demand for thermal paper in applications like asset tagging and certification labels for cold storage and laboratory samples, are projected to fuel market growth.
On the other hand, the substantial increase in online POS (or mobile-POS) in urbanized countries may hinder market growth.
Thermal Paper Market Segmentation:
In terms of applications, the Point of Sale (POS) segment is expected to witness a CAGR of 5.0% during the forecast period. POS machines are electronic terminals used for transaction processing, commonly accepting debit/credit cards, and are extensively employed in various settings, including retail stores, multiplexes, banks, and medical facilities. The rising adoption of debit and credit cards is expected to drive the demand for POS machines globally. Additionally, the proliferation of departmental and retail stores and the rapid shift toward digitalization in developing nations are factors stimulating the demand for POS machines, which is expected to grow further with technological advancements.
Thermal Paper Market by Width
2.25"(57mm)
3.125"(80mm)
others
Thermal Paper Market by Application
Point of Sale (POS)
Lottery and Gaming
Tags & Labels
Others
Thermal Paper Market by Printing Technologies
Direct Thermal
Thermal Transfer
Others
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Thermal Paper Market Key Players:
1. Appvion, Inc
2. Gold Huasheng Paper Co., Ltd.
3. Hansol Paper Co
4. Henan Province JiangHe Paper Co., Ltd.
5. Koehler Paper Group
6. Mitsubishi Paper Mills (MPM) Limited
7. Oji holdings
8. Ricoh Company, Ltd.
9. Siam Paper Public Co. Ltd
10. Jujo Thermal Ltd.
11. Nakagawa Manufacturing (USA), Inc.
12. Shandong Chenming Paper Holdings Ltd
Table of content for the Thermal Paper Market includes:
Part 01: Executive Summary
Part 02: Scope of the Thermal Paper Market Report
Part 03: Global Thermal Paper Market Landscape
Part 04: Global Thermal Paper Market Sizing
Part 05: Global Thermal Paper Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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Regional Insights:
North America, with a market size of USD 5.0 billion, currently leads the global market. Factors contributing to the demand for thermal paper in this region include increasing per capita income, the purchasing power of the middle-income population, and growth in the food & beverage and tourism sectors. The United States, Canada, and Mexico are projected to experience significant growth throughout the forecast period. The surge in demand from industries such as food & beverages and pharmaceuticals, as well as the presence of numerous manufacturers and the rise of online sales, are expected to drive market growth.
Recent Developments
In November 2021, Oji announced its expansion of thermal paper production operations to Brazil through an investment in Oji Papéis Especiais Ltda. This expansion is expected to enhance the company's scope and revenues.
In January 2021, Ricoh expanded its presence in Europe by investing in Ricoh Industries France S.A.S. to double its coater production capacity for applying thermal coatings onto paper. This expansion is aimed at manufacturing and distributing thermal paper and thermal transfer ribbons.
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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