The thermal paper market will touch the figure USD 4,391.0 million at a 4.87% CAGR between the forecast period 2016- 2023, states the recent Market Research Future (MRFR) analysis. Thermal paper is made with a specialty coating that allows inkless printing. This coating will blacken when it is exposed to heat and in turn, will transfer the image on paper.
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Various factors are propelling the global thermal paper market share. According to the recent MRFR report, such factors include the growing point of sale terminal utility in services for labeling and billing, increasing product utilization in the food and beverage industry, need for POS supply solutions, product utilization, increasing acceptance in billing operations as this offers the ability of printing efficiently and fast, use in paper receipts, print precision and durability offered by thermal papers make it simple to read the barcode, and advances in thermal transfer technology.
On the contrary, price increase, concerns about BPA toxic levels, and the on-going COVID-19 impact may limit the global thermal paper market growth over the forecast period.
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 global thermal paper market has been segmented into technology and application.
Based on technology, the global thermal paper market has been segmented into direct thermal, thermal transfer, and others.
Based on application, the global thermal paper market has been segmented into point-of-sale (POS), lottery gaming, labels tags, and others.
Region-wise, the global thermal paper Industry has been segmented into North America, Asia Pacific countries, European nations, as well as, the rest of the world (RoW).
The North American region is set to have the largest market share by the end of the forecast period. Because of the widespread increase in the number of entries and applicants from various industries such as pharma and medical, food and beverage, and others, the US market is expected to lead growth in the North American region. Following the trend, the APAC region is expected to experience the greatest growth. Major country players such as India and China are expected to account for the lion's share of growth. These regions are seeing a rise in the demand for packaged food products. In addition, the retail and food and beverage industry units are expected to expand.
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.
Key players profiled in the global thermal paper market report include Rotolificio Bergamasco SRL (Italy), Gold Huasheng Paper (Suzhou Industrial Park) CO., Ltd Inc. (China), Jujo Thermal Ltd. (Finland), NAKAGAWA Manufacturing (USA), Inc. (US), Hansol (South Korea), MITSUBISHI PAPER MILLS LIMITED (Japan), KOEHLER GROUP (Germany), Appvion Operations, Inc. (the US), Oji Holdings Corporation (Japan), and Ricoh (Japan).
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