Pune India, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The global Thermal Paper Market is expected to grow from USD 4.49 billion in 2022 to USD 6.9 billion by 2030, at a CAGR of 5.7% during the Projection period 2023-2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the thermal paper market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the thermal paper market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as type, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global thermal paper market are Henan Province JiangHe Paper Co., Ltd, Twin Rivers Paper Company, Ricoh, Mitsubishi HiTec Paper Europe GmbH, Jujo Thermal Ltd., Papierfabrik, Oji Holdings Corporation, Iconex LLC, Rotolificio Bergamasco Srl, Appvio, Hansol Europe B.V., SIAM EXPORT LTD PARTNERSHIP, NAKAGAWA Manufacturing Inc, Shandong Chenming Paper Holdings Ltd, GOLD HUASHENG PAPER CO., LTD among others. To achieve a substantial market share in the worldwide thermal paper market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Thermal paper changes colour when exposed to heat without the use of traditional ink. Thermal paper manufacturers have access to a number of raw material suppliers in the market, and the growing use of recycled fiber in the manufacturing of the base product is anticipated to contribute to market growth. Further, the major players have a strong level of integration across the value chain where they manufacture and distribute products directly to consumers. Because of the increasing demand for thermal paper from end-use industries such as ATMs, retail, and others, the market is expected to witness strong competition during the forecast period. In order to optimize the production process, public and private companies in the market are increasingly investing in new products and new manufacturing technologies. For the packaging and printing industries, thermal papers are most commonly used for billing and critical information. The thermal rolls are usually deployed and produced into the thermal printers for the printing technique. Thermal papers have special inks on them which turn black when heated. Thermal paper is also expected to drive the market over the forecast period as asset tagging and certification labels for cold storage products & lab specimens are in high demand.
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Scope of Thermal Paper Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Henan Province JiangHe Paper Co., Ltd, Twin Rivers Paper Company, Ricoh, Mitsubishi HiTec Paper Europe GmbH, Jujo Thermal Ltd., Papierfabrik, Oji Holdings Corporation, Iconex LLC, Rotolificio Bergamasco Srl, Appvio, Hansol Europe B.V., SIAM EXPORT LTD PARTNERSHIP, NAKAGAWA Manufacturing Inc, Shandong Chenming Paper Holdings Ltd, GOLD HUASHENG PAPER CO., LTD among others |
Segmentation Analysis
Direct thermal is expected to be the fastest-growing segment in 2022.
The type segment includes thermal transfer, direct thermal, and others. The direct thermal segment is expected to witness the highest growth rate during the forecast period. There has been a substantial increase in the use of direct thermal technology for shipping labels, compliance labels, receipts, kiosk tickets, visitor tags, parking tickets, and coupons. With a market share of 48% in 2018, this technology maintained its prominence in the printing industry. The thermal paper market demand is primarily driven by its wide acceptance in the printing and packaging industry because of its high mobility and full graphics capability.
Point-of-sale is expected to be the fastest-growing segment in 2022.
The application segment includes lottery & gaming, point-of-sale, and others. The point-of-sale segment is expected to witness the highest growth rate during the forecasted period. By 2020, the point-of-sale segment of the Thermal Paper Market will account for 64% of global revenues. Due to its ease of printing, the product is widely used in point-of-sale machines. The segment has also grown due to the widespread use of mobile PoS terminals in public utility spaces, transportation, and retail.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the thermal paper market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. With the largest market share in North American thermal paper, the U.S. has the greatest demand for thermal paper products as the country is growing rapidly as thermal paper products are highly manufactured and consumed. The nation's growth is also attributed to high innovations and development in the manufacturing of products.
Country Analysis
- Germany
Germany's thermal paper market size was valued at USD 0.33 billion in 2022 and is expected to reach USD 0.51 billion by 2030, at a CAGR of 5.8% from 2023 to 2030.
Thermal paper will continue to grow in popularity in the region due to its increasing use in various end-uses, including supplement packaging, labelling, and video games. Regulations set by governmental bodies in European regions will encourage thermal paper manufacturers to use environmentally friendly coatings such as powder and waterborne.
- China
China’s thermal paper market size was valued at USD 0.34 billion in 2022 and is expected to reach USD 0.54 billion by 2030, at a CAGR of 6.1% from 2023 to 2030.
Food and beverage products will drive the thermal paper market, thereby maximizing the use of thermal paper with a growing food and beverage demand. The market is also expected to be driven over the forecast period by increasing demand for thermal paper for cold storage products & laboratory specimens for quality tagging & certification labels.
- India
India's thermal paper market size was valued at USD 0.26 billion in 2022 and is expected to reach USD 0.41 billion by 2030, at a CAGR of 5.9% from 2023 to 2030.
Since the government is making efforts to promote the food and pharmaceutical sectors in the country, increasing retail chains and outlets is expected to result in more adoption of POS terminals and rapid market expansion. In addition, thermal paper will be used more frequently for packaging and labelling.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand from the pharmaceutical sector.
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