The global thermal paper market size was valued at USD 4.02 billion in 2020 and is expected to reach USD 6.03 billion by 2028 registering a CAGR of 5.2% over the forecast period. The growing popularity of Point of Sale (PoS) machines to carry out retail transactions is expected to drive the market over the forecast period. The rising importance of labeling/providing a detailed description of constituents in the food & beverage and pharmaceutical industries to beat adulteration practices is also expected to propel the product demand. Moreover, the growing application of Radio-Frequency Identification (RFID) tags in the healthcare industry is expected to remain a favorable factor for industry growth in the near future.
Point-of-Sale (PoS) emerged as the largest application segment in the U.S. market in 2020. High penetration of PoS machines for carrying out daily transactions was the primary factor responsible for the segment growth. Furthermore, the wide-ranging use of portable PoS machines for issuing parking tickets has also had a favorable impact on the product demand.
Gather more insights about the market drivers, restrains and growth of the Global Thermal Paper Market
Leuco dye is the main raw material required in the production of thermal paper. Chinese manufacturers account for over 80% of the global leuco dye production. Thus, the implementation of stringent pollution control norms in China has led to an unprecedented rise in leuco dye prices, which also increased the prices of thermal paper.
When exposed to heat, the molecules in the leuco dye react with the developer, producing the printed image on the base paper. Most thermal papers are known to produce black and white images. However, improvements in dye technology have made it possible to produce images in other colors.
Growing preference for e-receipts for purchase transactions is expected to pose a credible threat to the product demand over the forecast period. Furthermore, the increasing restrictions on the use of bisphenol A-based products in Europe and the U.S. owing to its adverse effects on the human reproductive system are expected to hamper the market growth.
Thermal Paper Market Segmentation
Based on the Application Insights, the market is segmented into Point of Sale (PoS), Lottery & Gaming, Tags & Labels, and Others.
Based on the Thermal Paper Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
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Market Share Insights:
Key Companies Profile:
The global market is highly oligopolistic with fierce price competition between the companies. The market is characterized by tight margins. The profitability of the companies is highly dependent on the cost of raw materials and a high degree of automation to achieve economies of scale in the production process.
Some of the prominent players in the global thermal paper market include:
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