Market Research Future (MRFR) predicts the global thermal paper market to reach USD 4,903.8 million at a 4.87% CAGR from 2018 to 2025 (forecast period).
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The global thermal paper market consists of specialized paper that includes a composite coating formulation. This market employs a mixture of heat-sensitive dyes and a suitable matrix for the formulation property. The colors for dying are very different, and this variation happens only when a temperature difference occurs until the mixture hits its melting point. The precoat that is applied absorbs the mixture containing the dyes under the layer of thermal paper. Furthermore, it also prevents the print from golding the thermal ink.
The thermal paper industry is experiencing a significant increase in demand for paper as a result of various businesses' printing transactions and receipts. The papers are dependable as well as long-lasting. Because of the large number of billing applications that occur on a regular basis, these receipts are widely used in hospitals.
COVID-19 Impact on the Global Thermal Paper Market
The global spread of the COVID 19 pandemic has had a significant and worrying effect on industries and their manufacturing and production units. The main players in the thermal paper market are now focusing on growing their working size through business diversifications. This measure is being taken to reduce the risk factor and to withstand the dynamic that the pandemic brings with it. The imposition of both partial and total nature lockdown has brought to a halt the malls, shopping centers, and other businesses that depend on the paper industry due to a lack of work and labor.
Shopping malls and other centers use paper for instant billing, which is likely to help the industry rebound following the spread of the COVID 19 pandemic. These had faced a significant decline during the spread of the pandemic at an alarming scale in 2020. Furthermore, the target audience is becoming more conscious of the importance of reducing the usage of thermal paper in billing and similar transactions. The use of online transactions is increasing as a result of digital receipts and the ease of convenience. Digital payments are being promoted for use in various government schemes and maintain social distancing during pandemic spread and curb it. This has hindered the market development during the pandemic and as the after-effects of the same.
The MRFR report highlights an inclusive segmental analysis of the global thermal paper market based on application and technology.
By technology, the thermal paper market is segmented into thermal transfer, direct thermal, and others. Of these, the direct thermal segment will lead the market over the forecast period for the different features such as high graphics capability, noise reduction, and good mobility.
By application, the global thermal paper market is segmented into labels and tags, lottery and gaming, POS, and others. Of these, the POS segment will dominate the market over the forecast period. The growing retail industry in China and India, coupled with the emergence of new supermarkets and hypermarkets, are adding to the growth of the segment.
By region, the thermal paper market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America is predicted to spearhead the market over the forecast period. The growing need of POS thermal receipts, rapid advances in manufacturing approaches and equipment, increasing RD activities, the presence of well-established retail sector, rising trends for instant billing in malls and shopping centers, and labeling and tagging operations for goods in industries are adding to the global thermal paper market growth in the region.
In Europe, the thermal paper market is predicted to have the second-largest share over the forecast period for the booming food beverage sector.
In the APAC region, the thermal paper market is predicted to have a healthy growth over the forecast period. Developing printing and packaging industries, increase in supermarkets and retail outlets in Saudi Arabia, India, and China, increasing consumption of tags, consumer product labels, and receipts, demand for high-quality paper, changing economic dynamics, increasing manufacturing and import in India, and increasing imports of thermal paper in South Korea are adding to the global thermal paper market growth in the region.
In the RoW, the thermal paper market is predicted to have sound growth over the forecast period.
The thermal paper market is supported by the emergence of new hypermarkets . The population growth around the world and increasing demand of thermal paper market based services and products also support the market growth. However, the thermal paper market growth can be affected due to high manufacturing cost. The report covers all such details which will help companies in the thermal paper market to strengthen their business plan and improve their product portfolio. The thermal paper market research report also provides company profiles of major companies. The company profiles of many organizations operating in the thermal paper market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the thermal paper market. New companies and established businesses can plan their strategies based on this data provided in the thermal paper market research report.
The prominent players in the global thermal paper market are Mitsubishi Paper Mills Limited, Oji Paper Limited (Thailand), Jujo Thermal Limited, Appvion Limited, Koehler Paper Group.
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