The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Thermal Paper Market Growth & Trends
The global thermal paper market size is expected to reach USD 5.7 billion by 2027, expanding at a CAGR of 4.8%, according to a new report by Grand View Research Inc. Increasing utilization of POS terminals for billing and labeling applications is likely to drive the market. High quality and less time-consuming printing processes on thermal paper have increased the popularity of instant printing applications.
Barcode scan ability, high-temperature stability and moisture resistance offered by audit rolls are the factors for its high traction in hospitality, retail, and warehouse applications. Moreover, commercial availability of the paper in different size and roll formats provide convenience for its use in mobile POS terminals, thus are likely to penetrate in the market. However, the recent demand-supply gap and unavailability of leuco dye have hampered the pricing of the product.
North America accounted for the largest market share in 2019 on account of large scale consumption of the paper for billing and labeling operations. Strong growth in the food and beverage and retail industry in U.S. and Canada coupled with the presence of prominent thermal paper manufacturers in the region are anticipated to support industry growth.
Thermal Paper Market Report Highlights
- The Point of sale (POS) applications segment dominated the market in 2019, accounting for 64.5% and is anticipated to grow at a moderate rate over the forecast period on account of increasing applications in billing and labeling
- In Europe, thermal papers in tags and labels accounted for the 21.0% of total application revenue owing to its acceptance in the retail industry for fast printing operations
- North America dominated the market in 2019 owing to the well-established application industries including retail, food and beverage, and rising trend for shopping online
- In 2018, prominent producers such as Appvion, Koehler, and Mitsubishi increased the prices for audit rolls owing to the shortage of the product in the market
- Leading players engaged in the production of audit roll are focusing on technological enhancements by reducing the content of bisphenol A. Major economies across the globe have imposed a ban on the usage of bisphenol A based products and are investing in R&D to introduce substitute products.