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The thermal paper market is influenced by a variety of factors, both internal and external, that shape its dynamics and growth trajectory. One of the primary market factors affecting thermal paper is technological advancements. As technology continues to evolve, there's a growing demand for more efficient and reliable printing solutions. Thermal paper, with its ability to produce high-quality prints quickly and without the need for ink cartridges, is well-positioned to meet this demand. Innovations in thermal paper manufacturing processes also play a crucial role in driving market growth, as companies strive to develop products that offer improved durability, resistance to fading, and compatibility with a wide range of printing devices.
Thermal Paper Industry 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. Thermal papers are used in the printing and packaging industries to display the product's critical information or billing systems. The thermal rolls are manufactured for billing, wrapping, or information slip.
Another significant market factor is the increasing adoption of thermal printing across various industries. From retail and hospitality to healthcare and transportation, thermal paper finds applications in a diverse array of sectors. The convenience, cost-effectiveness, and speed of thermal printing make it a preferred choice for businesses seeking efficient printing solutions. Moreover, the rising trend of digitalization and e-commerce has further bolstered the demand for thermal paper, particularly in receipt printing and labeling applications.
Furthermore, regulatory developments and environmental concerns are shaping the thermal paper market landscape. With growing awareness about the environmental impact of traditional printing technologies, there's a push towards sustainable alternatives. This has led to the development of eco-friendly thermal paper formulations that use bisphenol-free (BPA-free) chemicals and recyclable materials. As governments worldwide impose stricter regulations on chemical usage and waste management, manufacturers are compelled to innovate and offer greener solutions to meet market demand while adhering to compliance standards.
Moreover, economic factors such as GDP growth, disposable income levels, and consumer spending patterns significantly influence the thermal paper market. A thriving economy typically translates to increased business activities, leading to higher demand for printing supplies like thermal paper. Conversely, economic downturns or recessions may dampen market growth as businesses cut costs and reduce printing-related expenses. Currency fluctuations and trade policies also impact the thermal paper market, especially for manufacturers involved in global trade.
Competition within the thermal paper market is another crucial factor driving market dynamics. With numerous players vying for market share, companies are constantly innovating and differentiating their products to gain a competitive edge. Pricing strategies, product quality, brand reputation, and distribution channels all play critical roles in determining market competitiveness. Additionally, mergers, acquisitions, and strategic partnerships are common occurrences in the thermal paper industry as companies seek to expand their market presence and leverage synergies to enhance their offerings.
Furthermore, consumer preferences and trends influence the demand for specific types of thermal paper products. For instance, the rise of online shopping has led to an increased demand for shipping labels and packing slips, driving growth in the thermal paper segment catering to logistics and fulfillment services. Similarly, advancements in healthcare technologies have spurred demand for thermal paper used in medical imaging and patient monitoring devices. Understanding evolving consumer needs and market trends is essential for companies to stay relevant and capitalize on emerging opportunities in the thermal paper market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 4.78 billion |
| Growth Rate | 5.4% (2024-2032) |
Thermal Paper Market Highlights:
Global Thermal Paper Market Overview
Thermal Paper Market Size was valued at USD 4.78 billion in 2023. The Thermal Paper industry is projected to grow from USD 5.01 Billion in 2024 to USD 7.63 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period (2024 - 2032). Growth in packaged food & retail industries and rising demand for labelling are driving the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermal Paper Market Trends
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Increasing demand for labelling and the Growth in packaged food & retail industries across the globe foster the market growth.
The thermal paper market is growing rapidly, thanks to the increasing demand for labeling in verticals such as automotive, healthcare, and pharmaceuticals. Another factor driving the market is the use of thermal paper as a medium for printing educational and training materials, which is gaining popularity in various educational institutions. Furthermore, there is an increase in demand for thermal paper across various industries, especially in the healthcare vertical. Also, the market for the thermal paper market is driven by the growth in packaged food & retail industries. Packaged food & retail is the largest end-user of thermal paper. This can be attributed to the increasing demand for thermal printing from the packaging and food industries. The retail industry is increasingly adopting thermal printers to print coupons and flyers. The food industry is also going thermal to print nutrition labels and product packaging. In addition, the increasing demand for disposable items by consumers, the growing number of technology-driven school and library systems, the increasing demand for cash register receipts, and the increasing use of thermal paper in the healthcare industry will boost the Thermal Paper Market over the forecast period.
2020 will see an increase in Solenis's thermal paper color developer manufacturing. In order to meet the demand for its next-generation Pergafast 425 color developer for the thermal paper industry, Solenis is increasing production at its Ankleshwar factory in India.
The Germany-based specialty paper maker made the choice in 2018 and attributed it to ongoing increases in pulp costs as well as an exceptionally high price increase for color formers. One of the top producers of specialty paper worldwide, Mitsubishi Paper Mills, based in Japan, owns Mitsubishi HiTec Paper Europe as a subsidiary.
Thermal Paper Market Segment Insights
Thermal Paper Technology Insights
The Thermal Paper Market segmentation is bifurcated into direct thermal and thermal transfer. The direct thermal segment held the majority share in 2021 contributing to significant percentage respect to the Thermal Paper Market revenue. Direct thermal paper is a special type of thermal paper that does not require any ribbon or ink. The image on the paper is produced by heat and pressure alone, for example when it passes between a heated print head and a felt-covered platen. This technology is used in many applications, such as cash register receipts, cassette tapes postage meter printing, and boarding passes. Thermal transfer is a family of technologies for printing onto materials, especially paper, and plastic. The most used thermal transfer printing process is a pyro-coating process in which heat from an underlying layer or pattern causes energy to be transferred by conduction through a thin top layer of ink to the receiving material, which then reacts with the environment and solidifies into a bonded coating.
May 2022 Koehler Paper had announced its participation in a climate partnership with the Baden-Württemberg Ministry of Environment. Koehler Paper has established a goal of decreasing its greenhouse gas emissions by at least 80% by 2030, compared to the baseline year of 2020, as part of its attempts to achieve climate neutrality. This equates to around 360,000 tonnes of CO2 per year.
September 2021 Nippon Paper Industries parent company of Jujo thermal Ltd announced a partnership with Coca-Cola Japan, they signed a memorandum of intent to collaborate on the creation of a sustainable society.
Thermal Paper Application Insights
The Thermal Paper Market segmentation, based on Application, includes POS, Lottery & Gaming, Labels & Tags, Others. The POS segment accounted for the larger market share in 2021. A POS is a place at which a customer pays for a product or service and may select the appropriate tax rates. A POS transaction may occur in-person or online, with receipts being generated either printed or electronically. The cloud-based systems among merchants are becoming increasingly popular. The use of thermal paper has been used in a variety of industries for years. When it comes to lotteries, the use of this paper is crucial as it allows for a more secure way to print and sell tickets. By printing the numbers on this paper, it can be seen in black and white while being hidden from being photocopied. Another industry that uses thermal paper is casino gaming. Labels and tags are essential products in any industry. Since they're used as a means of identification, they must be printed clearly and legibly. Thermal paper has been around for decades, providing businesses with the quality labeling products they need. Hence, the rising demand for various industries for Global Thermal Paper positively impacts market growth.
Thermal Paper End Use Industry Insights
The Thermal Paper Market data has been bifurcated by end use industry into Packaging & Labelling, Printing, Retail, and Others. The retail end use industry segment accounted for the largest market share of 53.2% in 2021. Thermal paper has several applications in various industries, but it is most commonly used in retail applications like labels, receipts, and tickets. The increase in the demand for high-quality thermal receipt printing machines and continuous growth in the use of thermal paper for retail applications have led to an upsurge in the global market for thermal paper. Printing is a process of creating a visual image on paper from the combination of text and pictures, using a printing press. Printing presses are generally used for producing multiple copies of a publication, although there are devices that can print only one copy. Thermal paper is used in packaging and labeling to print barcodes, tags, labels, and receipts. It is being used in a wide range of applications including POS (Point Of Sale) printers and cash registers, label printers, ticketing machines, and time & attendance systems.
February 2024: E-commerce giants announced plans to shift towards digital receipts, further pressuring the traditional thermal paper market. However, analysts predicted continued demand for thermal paper in specific sectors like logistics and healthcare
March 2022 OJI Holdings Corporation, the parent business of OJI Paper (Thailand) Ltd., announced plans to increase thermal paper production at KANZAN Spezialpapiere GmbH, which already manufactures and sells thermal and inkjet papers in Europe.
September 2021 Appvion Operations, Inc. announces the launch of a new Dispersible Direct Thermal label solution, expanding its direct thermal product line. Dispersible is a one-of-a-kind substance that looks, feels, and shreds like regular direct thermal paper, but it disperses in hot water, cold water, and most aqueous solutions.
Figure 2: Thermal Paper Market, by End Use Industry, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermal Paper Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America accounted for the largest market share of 33.09% in 2021, it is expected to register a CAGR of 4.87% during the forecast period. The Asia Pacific region was the second-largest market in 2021, valued at USD 1,313.1 million; it is projected to exhibit the highest CAGR of 6.71%. The North American region is expected to witness the highest growth in the thermal paper market due to the increasing number of manufacturing industries and expansion of retail industries in the region. The population throughout the region is expected to rise due to the increasing rate of birth and the government's growing focus on a healthier environment. The availability of thermal paper at a lower cost is expected to fuel the demand for thermal paper across the region.
Thermal paper in the Asia Pacific is expected to grow over the next few years. This rapid growth can be attributed to several factors. The Asia Pacific region is a hub of technological growth, especially in the consumer products sector and energy & utility sector. This has led to a demand for more applications of thermal paper, such as retail tags, e-receipts, and tickets. The region's large consumer base and strong consumer product manufacturing industry have provided an ideal environment for the growth of the thermal paper. In addition, this region is experiencing high industrial growth, especially in the consumer products sector, which is the largest consumer of thermal paper. The region is expected to see an increasing demand for thermal paper in the coming years.
Further, the Germany Thermal Paper Market held a significant market share, and the UK Thermal Paper Market was the fastest-growing market in the European region.
Figure 3: THERMAL PAPER MARKET SHARE BY REGION 2021 & 2030 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied are the U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Thermal Paper Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Thermal Paper Market grow even more. Market participants are also expanding their global footprint through a variety of strategic activities such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other companies. Global Thermal Paper’s competitors must offer cost-effective things in order to flourish and thrive in an increasingly competitive and rising market climate.
One of the primary business strategies adopted by manufacturers in the Global Thermal Paper industry to benefit clients and expand the Thermal Paper Market sector is to manufacture locally to reduce operating costs.
List of the Key Companies in the Thermal Paper Market includes
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Oji holdings corporation
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Jujo thermal ltd
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Mitsubishi paper mills ltd
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Hansol paper co. Ltd
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Thermal solutions international, inc
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Appvion operations, inc
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Koehler paper
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Nakagawa manufacturing (usa), inc
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Gold huasheng paper co. Ltd.
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Henan jianghe paper co., ltd
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Rotolificio bergamasco srl
Thermal Paper Industry Developments
April 2022: Koehler Paper announces the introduction of the sustainable blue4est pro label and the expansion of its Sustainable Blue4est Thermal Paper Range: Blue4est Pro paper is available for labels, in addition to the environmentally friendly Blue4est POS till receipt.
October 2021: Appvion Operations, Inc. announced that it is introducing a patent-pending, phenol-free technology that will serve as the cornerstone of its future direct thermal portfolio while maintaining its focus as a provider of responsible coatings solutions.
October 2021: Appvion Operations, Inc. had announced the formation of its Advanced Materials and Solutions business division, which will spearhead growth and innovation initiatives that leverage key skills and the legacy company's DNA. The present direct thermal and dye sublimation activities are housed under the Advanced Materials and Solutions (AMS) division.
Thermal Paper Market Segmentation
Thermal Paper Market Technology Outlook (USD Million, 2018-2030)
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Direct Thermal
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Thermal Transfer
Thermal Paper Market Application Outlook (USD Million, 2018-2030)
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POS
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Lottery & Gaming
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Labels & Tags
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Others
Thermal Paper Market End-Use Industry Outlook (USD Million, 2018-2030)
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Packaging & Labelling
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Printing
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Retail
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Others
Global Thermal Paper Regional Outlook
North America
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US
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Canada
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Mexico
Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
Asia-Pacific
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China
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Japan
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India
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Indonesia
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Thailand
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Rest of Asia-Pacific
Middle East & Africa
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Saudi Arabia
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South Africa
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UAE
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Rest of Middle East & Africa
South America
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Brazil
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Argentina
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Rest of South America
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