Thermal Paper Market Will Value to USD 6.9 billion by 2030
Print this Article | Send to Colleague
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, according to GreyViews latest report.
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.
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, 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.
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.
