The increasing popularity of Point of Sale (PoS) machines is driving the thermal paper market growth
The global thermal paper market size is likely to attain over USD 6.0 billion by the year 2028. Besides, it is likely to project a CAGR of more than 5.5% during the forecast years 2021-2028. This is majorly due to the increasing use of thermal paper in POS terminals since they provide high-temperature stability, barcode scan ability, and moisture resistance.
Specialized fields such as healthcare sectors require high-quality images produced by thermal printing for technical printouts such as electrocardiograms (ECGs), and prescription labels where accuracy is necessary. Therefore, rising usage of POS terminals for billing and high volume printouts in retail, food & beverage, and pharmaceutical sectors is a key factor expected to drive the demand for thermal paper market over the forecast period.
Thermal transfer technology is gaining widespread adoption from diverse application sectors such as healthcare, transportation, retail and electronics. Thermal transfer papers are used in irregular and curved surfaces of printing machines since they offer resilience against wear and tear arising due to friction. Various paper labels, and barcodes are printed using thermal transfer technology since it can endure environmental conditions, offer enhanced quality printing and boundless flexibility, and moderate durability.
Rising demand for direct thermal printing technology, owing to its inherent benefits over other alternative methods of printing as well as its usage in varied applications including production of tickets, tags and labels are expected to drive the demand for thermal paper by 2028. Direct thermal printing is favorably used in numerous commercial applications such as point-of-sale (POS) receipts, faxes, luggage tags, and labels.
The Asia Pacific thermal paper market is set to witness a healthy growth in the forecast period owing to factors such as increasing number of retail outlets and supermarkets in developing countries such as India and China and is likely to boost the growth in near future. Growth of gaming industry in the region is expected to further drive the market in the forecast period. Expansion of gaming industry in Macau and Singapore due to increased set up of casinos is expected to strongly impact the market growth in this region. This is expected to increase point of sale transactions and is likely to be a key factor behind the development of Asia-Pacific thermal paper market.
With the rise in disposable incomes along with changing consumer preferences, there has been increased demand for consumer goods both online and offline in Asia-Pacific countries such as Singapore, China and India. China is the major market in Asian region and vast expanse of population, demand consumer goods leading to increased sale of thermal paper in this region. Development of the countries such as India, Singapore, Malaysia and Mauritius, Hong Kong as the prime holiday destinations is another key aspect behind the market development in Asia-Pacific region.
The report also emphasizes several distinctiveness of the global thermal paper industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the thermal paper industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The major players of the global thermal paper market are Ricoh Company, Ltd., Appvion Incorporated, Koehler Paper, Hansol Paper, Mitsubishi Paper Mills (MPM) Limited, Siam Paper, Gold Huasheng Paper Co., Ltd., Henan Province JiangHe Paper Co., Ltd., and Jujo Thermal Limited.
Key Segments of the Global Thermal Paper Market
Application Overview, 2019-2028 (USD Billion, Kilo Tons)
- Point of Sale (POS)
- Lottery and Gaming
- Tags & Labels
Technology Overview, 2019-2028 (USD Billion, Kilo Tons)
- Direct Thermal
- Thermal Transfer
Regional Overview, 2019-2028 (USD Billion, Kilo Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America