Global Thermal Paper Market
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.
Author Credits: Rajrani Baghel
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