Thermal Paper Market Size Worth $6.03 Billion By 2028, Owing To Its Usage In The Food & Beverages And Pharmaceutical Industries | Grand View Research, Inc.

May 31 06:34 2022
Thermal Paper Market Size Worth $6.03 Billion By 2028, Owing To Its Usage In The Food & Beverages And Pharmaceutical Industries | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to a new report published by Grand View Research, The rapid growth of the retailing industry in India, China, Indonesia, Brazil, UAE, and Saudi Arabia is boosting the use of retail transactions through PoS terminals. In addition, strict labeling norms in the food & beverages and pharmaceutical industries are further expected to boost the product demand.

The global thermal paper market size was valued at USD 4.02 billion in 2020 and is expected to reach USD 6.03 billion by 2028 registering a CAGR of 5.2% over the forecast period. The growing popularity of Point of Sale (PoS) machines to carry out retail transactions is expected to drive the market over the forecast period. The rising importance of labeling/providing a detailed description of constituents in the food & beverage and pharmaceutical industries to beat adulteration practices is also expected to propel the product demand. Moreover, the growing application of Radio-Frequency Identification (RFID) tags in the healthcare industry is expected to remain a favorable factor for industry growth in the near future.

Point-of-Sale (PoS) emerged as the largest application segment in the U.S. market in 2020. High penetration of PoS machines for carrying out daily transactions was the primary factor responsible for the segment growth. Furthermore, the wide-ranging use of portable PoS machines for issuing parking tickets has also had a favorable impact on the product demand.

Gather more insights about the market drivers, restrains and growth of the
Global Thermal Paper Market

Leuco dye is the main raw material required in the production of thermal paper. Chinese manufacturers account for over 80% of the global leuco dye production. Thus, the implementation of stringent pollution control norms in China has led to an unprecedented rise in leuco dye prices, which also increased the prices of thermal paper.

When exposed to heat, the molecules in the leuco dye react with the developer, producing the printed image on the base paper. Most thermal papers are known to produce black and white images. However, improvements in dye technology have made it possible to produce images in other colors.

The U.S. thermal paper market size, by application, 2018 - 2028 (USD Million)


Growing preference for e-receipts for purchase transactions is expected to pose a credible threat to the product demand over the forecast period. Furthermore, the increasing restrictions on the use of bisphenol A-based products in Europe and the U.S. owing to its adverse effects on the human reproductive system are expected to hamper the market growth.

Thermal Paper Market Segmentation

Based on the Application Insights, the market is segmented into Point of Sale (PoS), Lottery & Gaming, Tags & Labels, and Others.

  • The Point-of-Sale (PoS) segment led the thermal paper market and accounted for more than 64% of the global revenue share in 2020. The product is widely used in PoS machines owing to the ease of printing.
  • The tags & labels segment is expected to register the fastest CAGR of 6.4% over the forecast period. Growing applications of tags & labels in the retail and food & beverage industries are expected to be the primary factors driving the segment growth.


Based on the Thermal Paper Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.

  • Asia Pacific region dominated the market and accounted for over 34% share of total revenue in 2020. The rapid growth of the retail industry coupled with the rising demand for pharmaceutical and healthcare products in the region has led to the growing product utilization for billing operations.
  • Europe has emerged as a manufacturing hub for dietary supplements and nutritional products owing to the presence of prebiotic manufacturers, such as FrieslandCampina Domo (The Netherlands), and Beneo (Belgium).


Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.

  • Welding Products Market – The global welding products market size was estimated at USD 13.49 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 4.4% from 2022 to 2030. Factors such as design flexibility, reduction in the overall weight of the buildings and structures, and the ease in modification are projected to promote the use of welding products in construction and industrial application segments.


  • Heat Treating Market – The global heat treating market size was valued at USD 100.73 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2022 to 2030. The rapid growth of the electric vehicle industry, coupled with the growing demand for metallurgical alterations to suit specific applications, is expected to boost the market growth over the forecast period.


Market Share Insights:

  • Dec 2019: Appvion Operations, Inc. introduced the revolutionary CleanSlate™ POS receipt paper. This new Point-of-Sale (POS) product is a direct thermal paper that is free of reactive chemical developers, phenols, and leuco dye, making it an alternative to the standard POS receipt paper.
  • Jan 2019: Ricoh Company, Ltd. announced the expansion of its existing production line in Europe. Ricoh has planned to invest 3 Billion Yen in Ricoh Industrie France S.A.S. to increase its production capacity by two times to cope with shipping labels demand in Eastern Europe.


Key Companies Profile:

The global market is highly oligopolistic with fierce price competition between the companies. The market is characterized by tight margins. The profitability of the companies is highly dependent on the cost of raw materials and a high degree of automation to achieve economies of scale in the production process.

Some of the prominent players in the global thermal paper market include:

  • Ricoh Company, Ltd.
  • Oji Holdings Corporation
  • MPM Ltd.
  • Appvion Incorporated
  • Jujo Thermal Ltd.
  • Lecta Group


Order a free sample PDF of the Thermal Paper Market Intelligence Study, published by Grand View Research.


About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.


Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States

view more articles

About Article Author