Report Details:
15 Companies Covered
118 Pages
Pune, India/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Thermal Paper Market.
Market Insights
Market Research Future has determined that the growth of the global Thermal Paper Market was valued at USD 4.78 billion in 2023 and is expected to reach USD 7.63 billion by 2032, growing at a CAGR of 5.4% between 2024 and 2032. Thermal paper is essentially a special fine paper which is coated with thermal sensitive material which changes color when exposed to heat. Thermal papers are most commonly used in thermal printers, adding machines, and cash registers among others.
The growth of the packaged food industry has significantly impacted the global thermal paper market due to the high demand for packaged food. Thermal paper is also used in the entertainment sector for the lottery and other gaming. The growth of the global retail sector due to the growth of capitalism and consumerism has had a huge positive impact on the growth of the global thermal paper market. Increasing urbanization and the growth of the manufacturing sector in the emerging economies of the world have resulted in the expansion of commercial activities, such as retail, gaming, packaging and several others. As a result, the demand for thermal paper is expected to remain steady over the forecast period. Moreover, with the expansion of the BFSI sector, many consumers have accounts and ATM cards or payment cards. The increasing uses of such cards have resulted in an increase in ATM machines. This has had a positive impact on the global thermal paper market.
The market is primarily restrained by the fluctuating supply and prices of raw materials required in the production of thermal paper. Moreover, there is a lack of skilled labor which is also impacting market growth. Growth in the gaming industry and increasingly favorable government initiatives are expected to offer the market with plenty of room to grow.
Market Segmentation
The global thermal paper market was segmented, in MRFR's report on the basis of technology, application, and region. Technology has been segmented into thermal transfer, direct thermal, and others. Direct thermal technology directly creates the image on the thermal paper without using a ribbon. This segment has acquired the largest share of the market as its most widely used in ATMs and at POS. However, the thermal transfer technology segment is slated to grow at the swiftest pace as it can be used to produce a durable and long-lasting image. This technology is often used to create durable wristbands, labels, tags, and tickets.
Application has been segmented into lottery & gaming, POS, labels & tags, and others. The point of sale (POS) segment accounted for a share of 58.90% in 2016. Thermal paper is ideal in most transaction printers. POS thermal paper provides clear, smudge-free printing of receipts. The lottery and gaming segment accounted for the second largest share of the market.
Regional Analysis
North America led the market with a majority share of 37.27% in 2016. Valued at USD 1,197.4 Mn, the North American thermal paper market has a high demand for the product primarily due to POS applications. The widespread adoption of the internet and POS terminals across the region is a key driver of the regional market. The Asia Pacific, however, is growing at the highest CAGR during the assessment period. The regions rapid economic growth has resulted in urbanization expansion, increased disposable income and growth in the retail sector.
Key Players
Appvion, Inc. (U.S.), Oji Paper Ltd. (Thailand), Nakagawa Manufacturing , Inc., Mitsubishi Paper Mills Ltd. (Japan), Koehler Paper Group (Germany), Ricoh Company Ltd (Japan), Jujo Thermal Ltd. (Finland), and Hansol Paper Co., Ltd (South Korea) are the leading market players that MRFR has identified in the global thermal paper market.
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