Global Thermal Paper Market
Thermal Paper Market size is estimated at USD 3.6 billion in 2024 and is poised to reach USD 8.6 billion by the end of 2037, growing at around 6.9% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of thermal paper is assessed at USD 3.8 billion.
Applications of thermal paper in various sectors, such as retail, logistics, and healthcare, are anticipated to position the market for substantial growth. The adoption of these papers due to the general use of POS systems on receipts and records of transactions motivates growth. Increasing demand for fast and efficient printing in the retail and service industries drives this trend. Furthermore, new technological changes in thermal printing with better quality and higher speed are opening more avenues for market growth.
The thermal paper market trends are driven by different government initiatives more so in Europe and North America. Stringent regulations concerning environmental sustainability, for instance, drive manufacturers to produce environmentally friendly alternatives to traditional thermal paper, such as BPA-free and phenol-free alternatives. A report by the European Chemicals Agency in 2020 stated that BPA would face further restrictions in its use in thermal paper; hence, it would raise the demand for safer alternatives to meet these demands. The main purpose of such regulations is to ensure the safety of consumers and drive innovation into the market.
Growth Drivers:
Challenges:
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.9% |
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Base Year Market Size (2024) |
USD 3.6 billion |
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Forecast Year Market Size (2037) |
USD 8.6 billion |
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Regional scope |
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Width (80mm, 57mm, Others)
The 80mm width segment leads the thermal paper market with a share of 48.4% in 2024 due to its wide adoption in POS systems, generally in the retail and hospitality sectors. The segment is expected to maintain its leading position in the market and register a rapid revenue CAGR of 7.1% by 2037. This steady growth rate is one of the core reasons for the segment expansion including multifold purposes, cost-effectiveness, and compatibility with a broad category of printers. Panda Paper Roll launched a series of new 80mm thermal paper rolls for high-speed printing applications in March 2024. Innovations such as these are likely to strengthen the segment's leading position in the market going ahead.
Type (Top Coated, Non-Top Coated)
The top-coated segment in thermal paper market is growing rapidly owing to the enhanced durability of this form of paper and superior print quality, hence suitable for applications that involve long-lasting prints. The segment’s share is anticipated to rise at a CAGR of 7% till 2037, whereas technological advancement and growing demand from industry verticals such as retail and healthcare are key drivers. In February 2024, Barcelona-based Lecta Group extended its line of Termax thermal products with the introduction of two new high-quality grades of top-coated thermal paper—Termax TC20X and Termax TC20XB—that target the self-adhesive label market. Additionally, these new launches depict the rise in scope for this segment.
Our in-depth analysis of the market includes the following segments:
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Type |
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Technology |
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Width |
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Application |
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End user |
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APEJ Market Statistics
Asia Pacific Excluding Japan in thermal paper market is estimated to capture around 35% revenue share by the end of 2037. The growth within the region is due to urbanization and growth in the retail and service industries, especially in countries such as China and India. Also, increasing investments in POS systems and digital payment mechanisms will increase the demand for thermal paper. Overall, a rise in consumer spending due to an expanding middle class in the region will drive the outlook of the market.
China leads the market in APEJ, where high growth is witnessed in the country due to its widespread retail network and rapidly growing e-commerce business. Incentives provided by the local government toward cashless transactions and the adoption of advanced POS systems act as driving factors. With the completion of the acquisition of Arjowiggins China in January 2024, Fedrigoni increased its operational footprint in Asia. The acquisition officially closed on December 29, 2023, and represents Fedrigoni's maiden entry into China, besides placing the company in a strategic position about the growing demand for specialty papers.
With the government's initiative of Digital India and the rising rate of growth in the retail sector, India is in a position to be a vital player in the market in APEJ. The pervasiveness of digital payment systems across cities further spurs the demand for thermal papers. In July 2024, Grindwell Norton Ltd. inaugurated its Paper Maker manufacturing plant in Bengaluru, India. The plant’s manufacturing capabilities under the Atmanirbhar Bharat initiative, offer lucrative opportunities for manufacturers to launch more “Make in India” products, including, thermal papers.
North America Market Analysis
The thermal paper market in North America is likely to experience steady growth, mainly due to the ever-growing adoption of POS systems and the expansion of the retail and logistics sectors. The market is expected to expand at a CAGR of 7% during the forecast period. Technological advancement in thermal printing and increasing demand from retail and service industries for efficient transaction recording systems serve as major growth factors contributing to this rise. Besides, increasing emphasis on print quality and sustainability in the region will further help market expansion.
The U.S. dominates the market in North America, owing to its heavy retail network and steadily rising e-commerce. These include the increasing preference of people for digital payment systems as well as the increasing proliferation of POS terminals in a series of retail outlets. For instance, in March 2023, Twin Rivers declared that it had finalized the sale of Plaster Rock Lumber Corporation, its softwood lumber mill located in Plaster Rock, New Brunswick, to Groupe Lebel, an Eastern Canada lumber manufacturer and North America forest products leader. This deal furthers the strategy of Twin Rivers, focused on investing in and expanding its core business in specialty and kraft paper production.
Canada is another country showcasing considerable contribution to the thermal paper market. The industry is rising due to the growth in the retail sector and rising use of advanced printing technology. Players in Canada market are shifting toward sustainability, and the government is pressing towards an eco-friendly alternative to conventional thermal paper. For example, the Koehler Group to increase its network of active distributors in Canada, planned to meet the emerging high demand for value and sustainable thermal paper products from the retail and logistics industries. This strategic step will boost the market presence of the company and will help the overall growth of the market in Canada.
The thermal paper market involves key players focusing on the strategic expansion of product portfolios and geographical reach. Major companies like Ricoh Company Ltd., Koehler Group, Oji Holdings Corporation, and Mitsubishi HiTec Paper have been leading the market with continuous innovation and collaborations. These firms are focused on inventing environmentally friendly products and expanding their production capacity to meet the increasing demand around the world. For example, Quantum Capital Partners completed its acquisition of Mitsubishi HiTec Paper Europe GmbH in September 2023, further developing its network and competence within this specialty paper field, including thermal paper. This transaction forms part of an overall strategy of market position and capability building within the paper sector.
Here are some leading companies in the thermal paper market:
Author Credits: Rajrani Baghel
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