Thermal Paper Market Analysis
The global thermal paper market will touch USD 5,903.8 million at a 5.4% CAGR in the forecast period (2020- 2027), states the current Market Research Future (MRFR) report. Thermal paper, put simply, is a special form of paper that is produced with a special coating which enables to print without ink. On the paper, a clear image is created with no need for inks or ribbons when heat gets applied to the coating. The coating normally turns black when it is heated that transfers the image in turn to the paper. The key component in thermal paper printing is thermal paper which owing to its low maintenance costs and low energy consumption is regarded amongst the most economical printing technologies.
Enhancing Features that Spur Market Growth
According to the MRFR report, there are numerous factors that are propelling the thermal paper market growth. Some of these entail the increasing applications across different industries such as packaging and labeling, e-commerce, retail, lottery, and gaming, growing significance of barcodes and labels in the packaging of consumer goods, growth in packaged food industries, rise in population, increase in food and beverage consumption, rise in consumer income in Brazil, India, and China, demand for good-quality packaged food, and increasing growth in the pharmaceutical industry. The additional factors adding market growth include growing number of automated teller machine, growing applications of the retail sector, booming food and beverages industry, growing penetration of the e-commerce sector, and rising use of digital payment platforms.
On the contrary, fluctuating prices and supply of raw materials, rising concern over BPA toxic levels, and unavailability of skilled labor may impede the global thermal paper market growth over the forecast period.
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The MRFR report highlights on an inclusive analysis of the global thermal paper market based on technology & application.
Based on technology, the thermal paper market is segmented into the transfer, direct thermal, and others. Of these, the direct thermal segment will lead the market over the forecast period.
By application, the thermal paper market is classified into labels and tags, point of sale (POS), and lottery and gaming. Of these, the POS segment will dominate the market over the forecast period.
Several industries have gone through the brunt of the COVID-19 pandemic of which the global thermal paper market is no different. Owing to the rapid increase of the deadly virus, complete or partial lockdowns have been imposed by the government worldwide that led to the closure of shopping centers, malls, and other businesses. The increasing instant billing trend in malls and shopping centers has seen a fall during the pandemic. Besides, the growing awareness related to lowering the use of thermal paper for billing coupled with rising online transactions has promoted the usage of digital receipts for maintaining social distancing and curbing the spread of the virus, thus impeding market growth. Most countries are still under lockdown and retailers are finding novel means to cater to the growing e-commerce demands. Such digital transactions are negatively impacting the thermal paper market growth.
North America to Have Lions Share in Thermal Paper Market
Geographically, the global thermal paper market is bifurcated into Europe, North America, the Asia Pacific, and Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. The widespread increase in the number of applicants and entries from various industries such as food and beverage, medical, and pharma in the US, demand for labels from shipping and logistics company, and growth in gaming and lottery industry are adding to the global thermal paper market growth in the region.
APAC to Have Promising Growth in Thermal Paper Market
In the APAC region, the global thermal paper market is predicted to have promising growth over the forecast period. Increasing demand for packaged food items in China and India, growth of the food and beverage and retail industry units, rising demand for healthcare and pharmaceutical products resulting in the growing product use for billing operations, growing preference for cashless transactions, increase in card-based transactions, growth in POS terminals, infrastructure development in India and China, and demand for ticketing in entertainment and travel sectors are fuelling the global thermal paper market growth in the region.
Europe to Have Favorable Growth in Thermal Paper Market
In Europe, the global thermal paper market is predicted to have favorable growth over the forecast period. The region being the manufacturing hub for nutritional products and dietary supplements owing to the presence of top prebiotic manufacturers, progressive adoption of tags and labels by these companies to adhere to the labeling standards and to prevent adulteration, presence of a large retail sector, presence of several digital billing equipment and POS terminals, and growing demand for thermal paper in medical applications are fuelling the global thermal paper market growth in the region.
RoW to Have Sound Growth in Thermal Paper Market
In RoW, the global thermal paper market is predicted to have sound growth over the forecast period. High product demand owing to rising number of ATMs, shopping malls, and retail outlets in Saudi Arabia, the increasing need for tags and labels, demand from the beverage industry, and growing logistics sector are adding to the global thermal paper market growth in the region.
The leading players profiled in the global thermal paper market report include Nakagawa Manufacturing (USA), Inc. (U.S.), Hansol Paper Co., Ltd (South Korea), Mitsubishi Paper Mills Ltd. (Japan), Jujo Thermal Ltd. (Finland), Ricoh Company Ltd (Japan), Koehler Paper Group (Germany), Oji Paper (Thailand) Ltd. (Thailand), and Appvion, Inc. (U.S.), among others.
The global thermal paper market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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