The growing demand for labelling and the growth of the packaged food and retail industries worldwide are driving the growth of the thermal paper market.
Thermal paper market is projected to reach $5.8 billion by 2030, growing at a CAGR of 4.8% during the forecast period of 2023-2030. Thermal paper is a heat-sensitive paper that is used in a variety of applications, such as receipts, tickets, medical records, and boarding passes. It is a rapidly growing industry that caters to various sectors, including retail, hospitality, healthcare, and transportation.
Thermal paper’s core attribute lies in thermal printing. Therefore, it is imperative to evaluate not only traditional paper properties such as thickness, grammage, and strength but also the quality of thermal printing and the stability of the printed images. Additionally, thermal paper should have the capability to be pre-printed using conventional printing methods like offset or flexography.
Thermal Paper Market Current and Future Trends
Thermal paper market is growing due to the increasing importance of product labelling. Thermal paper provides excellent colour at high speeds and a durable finish that does not fade easily. This makes it ideal for printing barcodes for POS food labelling and other applications. As a result, the demand for thermal paper has increased worldwide during manufacturing and shipping.
In 2023, the POS application segment held a significant sway over the worldwide market, commanding a substantial revenue share of 65.6%.
The growing trend towards digitalization in transaction processes is impeding the demand for thermal paper for printing at point-of-sale terminals. Nevertheless, the increased adoption of e-commerce is anticipated to drive the demand for thermal paper, particularly in the form of labels and tags.
In 2023, the Asia Pacific region claimed the dominant share of the global revenue at 36.4%. This surge was fuelled by the proliferation of retail chains, meeting the growing consumer demand for conveniently accessible goods.
Growing demand for sustainable thermal paper: There is a growing demand for sustainable thermal paper that is made from recycled materials and uses less harmful chemicals. This is expected to drive the development of new sustainable thermal paper products in the coming years.
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