Market Analysis
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).
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.
Market Segmentation
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.
Regional Analysis
Region-wise, the global thermal paper market 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.
Key Players
Some of the Important Thermal paper manufacturers are Mitsubishi Paper Mills Limited, Oji Paper Limited (Thailand), Jujo Thermal Limited, Appvion Limited, Koehler Paper Group.
Summary
The global thermal paper market is set to reach USD 4,903.8 million at a 4.87% CAGR from 2018 to 2025 (forecast period). The thermal paper market is experiencing a huge increase in the demand for paper owing to the printing transactions and receipts of various businesses. The papers are dependable and long-lasting. These receipts have high usage in the hospitals due to the numerous amounts of billing applications.
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