Market Size of Thermal Paper Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 4.30 Billion |
Market Size (2029) | USD 6.80 Billion |
CAGR (2024 - 2029) | 9.60 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Thermal Paper Market Analysis
The Thermal Paper Market size is estimated at USD 4.30 billion in 2024, and is expected to reach USD 6.80 billion by 2029, growing at a CAGR of 9.60% during the forecast period (2024-2029).
Thermal paper has become increasingly important in recent years, owing to the growing demand for labeling in the food and beverage sector, standardizing the quality of packaged items. Improved thermal paper utilization in applications like label printing is a critical factor driving market growth. According to Label Insight and the Food Marketing Institute, 86% of supermarket buyers value transparency and would place more trust in food makers and retailers who provide complete, easy-to-understand ingredient information.
- POS (Point-of-Sale) systems are becoming increasingly popular among restaurants, food franchises, and grocery shops as they transition to time clocks and inventory systems. Fast-paced lifestyles frequently need the usage of thermal paper for parking tickets, tickets, and entrance tickets, which is likely to increase demand for eco-friendly paper, boosting market growth.
- The increased use of precise labeling in the pharmaceutical industry is expected to drive the thermal paper market. These labels are used in paper form and with a trademark to convey nutritional component facts while avoiding copycat practices. Thermal paper is used in the pharmaceutical industry to communicate information about expiration and production dates, bar codes, composition, and associated data of items such as injections, medications, and pharmaceutical equipment.
- However, environmental constraints established on the dye's manufacturing plant have limited dye output and hampered the overall expansion of the thermal paper business. As a result, the fluctuation in the cost of raw materials in the thermal paper sector is regarded as the key constraint to thermal paper market expansion.
- Due to its ease and durability, thermal paper is frequently used for printing labels, tickets, and receipts in grocery stores, caterers, gaming houses, lottery systems, coffee shops, and bakery businesses. The strong market presence of manufacturers such as Jujo Thermal, Appvion, and Oji Holdings has increased the demand for thermal papers. Also, substantial investments in producing these papers using eco-friendly chemicals as a part of product innovation are a critical aspect expected to fuel future product demand.
Thermal Paper Industry Segmentation
Thermal paper is a variety of specialty paper that is utilized for copying and digital printing. It is coated with a material that changes color on exposure to heat. These papers are employed mainly in thermal printers and are lightweight, low-cost devices, including credit card terminals, cash registers, and adding machines.
The thermal paper market is segmented by end-user industry (POS, labels, entertainment, medical & pharmaceutical, and other end-user industries) and geography (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments).
By End-user Industry | |
POS | |
Labels | |
Entertainment | |
Medical & Pharmaceutical | |
Other End-user Industries |
By Geography*** | |
North America | |
Europe | |
Asia | |
Latin America | |
Middle East and Africa |
Thermal Paper Market Size Summary
The thermal paper market is poised for significant growth, driven by its increasing application in various sectors such as food and beverage, pharmaceuticals, and retail. The demand for thermal paper is largely fueled by the rising need for labeling and transparency in product information, particularly in the food industry, where consumers prioritize clear and comprehensive ingredient disclosures. The proliferation of POS systems in restaurants, grocery stores, and other retail outlets further propels the market, as these systems require thermal paper for receipts and tickets. Additionally, the pharmaceutical sector's reliance on precise labeling for medications and medical equipment contributes to the market's expansion. However, environmental regulations concerning the production of dyes used in thermal paper pose challenges, affecting raw material costs and market growth.
The Asia Pacific region dominates the thermal paper market, supported by the rapid expansion of retail chains and industrial activities, particularly in China and India. The region's growing e-commerce sector and the increasing number of ATMs and POS terminals further bolster demand for thermal paper. The food and beverage industry in Asia Pacific is expected to be a major consumer, driven by the rising demand for packaged goods. Technological advancements and product innovations, such as Appvion's CleanSlate film, which offers enhanced environmental durability, are expected to open new business opportunities. The market is moderately competitive, with key players like Appvion, Koehler Group, and Mitsubishi Paper Mills actively engaging in strategic partnerships, product launches, and capacity expansions to strengthen their market presence.
Thermal Paper Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Stakeholder Analysis
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1.4 Assessment of Impact of COVID-19 on the Thermal Paper Market
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2. MARKET SEGMENTATION
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2.1 By End-user Industry
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2.1.1 POS
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2.1.2 Labels
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2.1.3 Entertainment
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2.1.4 Medical & Pharmaceutical
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2.1.5 Other End-user Industries
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2.2 By Geography***
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia
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2.2.4 Latin America
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2.2.5 Middle East and Africa
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Thermal Paper Market Size FAQs
How big is the Thermal Paper Market?
The Thermal Paper Market size is expected to reach USD 4.30 billion in 2024 and grow at a CAGR of 9.60% to reach USD 6.80 billion by 2029.
What is the current Thermal Paper Market size?
In 2024, the Thermal Paper Market size is expected to reach USD 4.30 billion.