Thermal paper market growth
Thermal paper market share is poised for robust growth owing to thermal paper’s exceptional speed that propels faster printing of labels for shipping or packaging and receipts for customers. One of the striking features of thermal paper is that it substantially reduces maintenance cost as service is required less frequently and complicated repairs are kept at bay. Prominently, advent of thermal paper has brought paper ecosystem in the cusp of revolution.
Unprecedented growth witnessed in e-commerce sector and advancement witnessed in retail sector have bolstered thermal paper market outlook. Dramatic rise in online transactions has led to growing traction among millennials to go cashless. As such, upsurge in labelling of online sold goods has augmented thermal paper market share.
With printing on thermal paper offering high-definition, speedy and reliable images, the technology is prevalently being used among end-users, including retailers, ticketing agencies, lottery systems and other organizations that need high-volume and accurate printouts. Retailers tend to use thermal paper for point-of-sale applications, such as gas stations, grocery stores and bank ATMs as thermal paper printers are relatively faster than other types of printers that streamlines customer service and eventually propels thermal paper market share.
Surge in the use of thermal paper is in line with the increasing use of non-coated paper tickets, POS receipts. Nevertheless, POS terminals provide state-of-the-art contactless payment services that are highly sought-after among retailers. Thermal paper market size is projected to exceed US$ 5.6 bn by 2025, according to a new research report by Global Market Insights, Inc.
Buoyed by soaring popularity of thermal paper in lottery and gaming landscape, lottery and gaming segment of thermal paper market is projected to expand at a robust CAGR of over 11% through 2025. When it comes to the entertainment industry, thermal paper has swiftly expanded its penetration in lottery and game ticket printing. Research alludes notable demand for entertainment tickets which is set to be witnessed in the wake of thriving sports, casinos and gaming industry in APAC and Europe.
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North America ruled the roost in thermal paper market share with a revenue share of over 30% in 2018. The rise of thermal paper industry was mainly attributed to rigorous guidelines to spot and display even subtle information of logistics, prescription drugs and packed food products. Nonetheless, the California Department of Consumer Affairs Board of Pharmacy sanctioned e-pedigree law in 2016 to streamline labelling, packaging and transactional details across supply chain. Further, unique 2D data printing matric codes underpinning thermal receipts have been aiding data maintenance on shipping products in digital forms.
Moreover, FDA is ameliorating package serialization, regular implementation, and variable data codes to manage the spread of unhealthy domestic and imported food. It is believed that soaring popularity of thermal transfer technology meant for printing on flexible packaging materials such as paper labels, plastic, foil films, namely, is anticipated to impel thermal paper market revenue.
Amid stiff competition and imperceptible profit margins, prominent companies are vying to offer new products and services. With thermal papers being environment friendly, they are turning out to be economical and cost-effective to companies. Some of the prominent companies eyeing to propel thermal paper market value are Mitsubishi Paper Mills Limited, Oji Holdings Corporation, Koehlr Group, Hansol Paper, among others.
Author Name : Sunil Jha