Thermal Paper Market - Global Industry Analysis 2025

Thermal paper is a special fine paper that changes color when exposed to heat. The surface of the thermal paper is coated with a solid state mixture of a dye, with a suitable matrix. When the coated matrix is exposed to heat above its melting point, the dye reacts with acid and gets back to its colored form; the changed form is conserved in a metastable state when the matrix quickly solidifies back. The acid used in the thermal paper is often Bisphenol A (BPA). Leading public health authorities such as the U.S. Food and Drug Administration (USFDA), the European Food Safety Authority, the Food Safety Authority of Australia and New Zealand, and Japan’s Ministry of Economy, Trade, and Industry (METI) have approved the use of BPA in food applications.

Thermal Paper Market: Dynamics and Trends

Thermal paper is employed in various applications including Auto Teller Machines (ATM), thermal printers, cash registers, billing machines. Rise in importance of labeling in packaged food products and pharmaceutical products to meet the quality regulations is also driving the market for thermal paper. Increase in demand for packaged foods in emerging economies is also augmenting the thermal paper market.

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Many food safety authorities approve the use of Bisphenol A; however, stringent regulations against its usage may adversely affect the market during the forecast period. Furthermore, increase in adoption of e-receipts in developing economies is estimated to hamper the thermal paper market in the next few years.

New vendors in the thermal paper market are expected to have immense opportunities in developing economies such as India. In November 2016, the Government of India banned the usage of Rs. 500 and Rs. 1000 notes to reduce black money and increase cashless transactions and digitization. This has positively impacted digital transactions, thereby contributing to the increase in usage of thermal paper. This is also anticipated to provide ample opportunities to new entrants in the thermal paper market.

Thermal Paper Market: Segmentation

In terms of technology, the thermal paper market can be bifurcated into direct thermal technology and thermal transfer technology. The direct thermal technology is expected to account for major share of the market. This technology can be applicable to various materials, and it is very economical compared to thermal transfer technology.

Based on end-user industry, the thermal paper market can be segmented into entertainment, pharmaceutical, retail, BFSI, Food and Beverages, packaging, and others. The pharmaceutical and Food and Beverages segments are anticipated to constitute key share of the market during the forecast period. The need for thermal paper in the Food and Beverages industry has been constantly increasing. The need to check the quality of prepared food is growing. This is boosting the demand for thermal paper.

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Thermal Paper Market: Regional Outlook

Asia Pacific is estimated to be the most emerging region of the thermal paper market during the forecast period, due to the rise in cash-less transactions, growth in fast food consumption, expansion of retail food chains, and development of the pharmaceutical industry.

In developed regions such as North America, the thermal paper market size is estimated to be high during the forecast period. Demand for packaged and fast food has been increasing owing to the rise in working hours and growth in dual-working families. The people in North America also focus more on cashless banking transactions, thus boosting the demand for thermal paper.

Thermal Paper Market: Key Players

Major players operating in the thermal paper market include RICOH, Oji Holdings Corporation, Appvion, Inc., Tele-Paper Malaysia, Koehler Paper Group, Henan Jianghe Paper Co., Ltd., NAKAGAWA Manufacturing (USA), Inc., Gold Huasheng Paper (SuZhou Industrial Park) Co., Ltd., PM Company LLC, Mitsubishi Paper Mills, Hansol Paper, and Jujo Thermal Ltd.

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