Thermal Paper Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Thermal Paper Market is segmented by End-user Industry (POS, Labels, Entertainment, Medical & Pharmaceutical), and Geography.

Thermal Paper Industry Overview

Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 5.7 %

Major Players


*Disclaimer: Major Players sorted in no particular order


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Thermal Paper Market Analysis

The Thermal Paper Market is expected to grow at a CAGR of 5.7% over the forecast period 2022 to 2027. Thermal paper is widely used in grocery stores, catering, gaming houses, lottery systems, coffee shops, and bakery stores for printing labels, tickets, and receipts due to its convenience and dependability. This, along with the expanding retail sector, is one of the key factors driving the demand for thermal paper for POS transactions.

  • The requirement for thermal paper has been increasing over the past many years, owing to the growing demand for labeling as standardization of product quality of packaged foods. Enhanced thermal paper usage in applications such as label printing is a crucial perspective for driving the market's overall growth. For instance, according to INX International Ink, the printed packaging and label sales revenue is presumed to amount to USD 27.1 billion in 2020, up from USD 24.5 billion in 2015.
  • The product is getting full acceptance in billing operations as it can print quickly and efficiently. Moreover, the paper's endurance and print precision make it simple to read the barcode. They thus have gained a significant share in the paper utilities, which is anticipated to drive its need over the forecast period.
  • The mobile POS terminals are extensively used in ticketing applications in buses, trains, and other commercial transports. Moreover, these machines are used for material management in government facilities, manufacturing units, and retail centers.
  • The strong market presence of manufacturers such as Jujo Thermal, Appvion, and Oji Holdings has increased the demand for thermal papers. Also, substantial investments in producing these papers using eco-friendly chemicals as a part of product innovation are a critical aspect expected to fuel future product demand.
  • The growing ubiquity of stringent Occupational Safety and Health Administration (OSHA), which seeks to limit BPA levels in thermal paper, is supposed to check the thermal paper market growth. Increasing awareness regarding less utilization of paper for billing applications and rising online transactions for e-commerce applications have increased digital receipts, thus negatively impacting market growth.

Thermal Paper Industry Segments

Thermal paper is a variety of specialty paper that is utilized for copying and digital printing. It is coated with a material that changes color on exposure to heat. These papers are employed mainly in thermal printers and are a lightweight, low-cost device including credit card terminals, cash registers, and adding machines.

By End-user Industry
Medical & Pharmaceutical
Other End-user Industries
North America
Latin America
Middle East & Africa

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Thermal Paper Market Trends

This section covers the major market trends shaping the Thermal Paper Market according to our research experts:

POS to Drive the Market

  • The POS End-user segment is anticipated to progress faster over the forecast period, owing to growing billing purposes in the retail industry across the globe. Besides, expanding supermarkets and hypermarkets worldwide are anticipated to propel the POS terminal applications and boost the market growth.
  • For instance, according to the U.S. Census Bureau, In 2021, U.S. supermarket and grocery store sales amounted to about USD 766 billion. This is more than double the sales amounts generated in 1992. Walmart stores dominated sales of the leading grocery retailers in 2020, generating over USD 369 billion. Kroger and Ahold Delhaize each reached sales numbers of about USD 133 and 52 billion, respectively, within the same period.
  • Massive data volumes produced by several business verticals exert enormous pressure on existing businesses to switch to POS systems from traditional transactional methods. POS terminals dodge manual errors in financial billing and inventory management and offer business reliability. Consequently, developing the retail sector and increased printing of receipts and bills in large- and small-scale stores spur thermal paper market growth.
  • The mobile POS terminals are extensively used in ticketing applications in buses, trains, and other commercial transports. Moreover, these devices are used for material management in manufacturing units, government facilities, and retail centers. A rising number of POS terminals in public facilities will likely support the product demand in the estimated time.
  • Cashless payments are widely adopted due to the availability of secure payment solutions and services. POS terminal machines feature real-time analytics and engage in fast bill processing, maintaining customer records and loyalty programs of retail stores. ATM and credit cards have a unique symbol for contactless payments and are easily read by POS machines.
Thermal Paper Market

Asia Pacific is Fastest Growing Market for Thermal Paper

  • The Asia Pacific commanded the market owing to the region's well-established food and retail industry, contributing to the increasing product demand for billing operations. For instance, according to the National Bureau of Statistics of China, in 2021, the total retail sales of the consumer goods industry in China amounted to approximate yuan 44.1 trillion . Retail sales in urban areas totaled 38.2 trillion, whereas sales in rural China amounted to yuan 5.9 trillion .
  • According to METI (Japan), in 2021, the total retail sales value of department stores and supermarkets in Japan amounted to around 19.9 trillion yen, slightly increasing from about 19.5 trillion yen in 2020.
  • Moreover, the developing trend for shopping online and enhanced related warehousing operations is projected to support the forecast period. For example, according to IBEF, in 2022, the Indian e-commerce market is predicted to increase by 21.5%, reaching USD 74.8 billion. E-commerce has changed the way business is done in India. India's e-commerce market is expected to reach USD 350 billion by 2030.
  • In the Asia Pacific, food & beverage industries are projected to be the biggest consumers. Rising demand for packaged food products in the growing economies of China and India is likely to drive the demand for specialty labels and tags and thus are estimated to impact the thermal paper industry positively.
  • Strict environmental and health regulations have resulted in stringent norms for using thermal paper that includes bisphenol A, thus influencing product demand. Nevertheless, technological advancements in the APAC region are expected to present new possibilities for companies.
Thermal Paper Market

Thermal Paper Market Competitor Analysis

The Thermal Paper Market is moderately competitive and consists of several major players. In terms of market share, these significant players currently dominate the market. Moreover, owing to the attendance of many well-established manufacturers, the growth of the thermal paper market is presumed to be further propelled globally. Enterprises operating in the thermal paper market trends are adopting strategies such as new capacity additions, collaborations and acquisitions, and product launches, to intensify their current offerings and target a broader customer base and fasten their market position.

  • March 2022 - Oji Holdings plans to increase thermal paper production at the Kanzan thermal and inkjet paper mill in Duren, Germany, by January 2024; the company is strengthening its global business as thermal paper demand grows in the e-commerce, food application, and label markets.

Thermal Paper Market Top Players

  1. Ricoh Company, Ltd.

  2. Oji Holdings Corporation

  3. Appvion Operations, Inc.

  4. Koehler Group

  5. Mitsubishi Paper Mills (MPM) Limited

*Disclaimer: Major Players sorted in no particular order

Ricoh Company, Ltd., Oji Holdings Corporation, Appvion Operations, Inc., Koehler Group, Mitsubishi Paper Mills (MPM) Limited, Hansol Paper Co. Ltd., Gold Huasheng Paper Co., Ltd.

Thermal Paper Market Recent Developments

  • August 2022 - VPF, a German self-adhesive materials specialist, has expanded its portfolio with the addition of 1470579 blue clean 70 g/m2, a new chemical-free thermal paper. The product is suitable for direct food contact as an adhesive material. The new eco-receipts are gradually replacing the previous white versions to use more sustainable paper.
  • November 2021 - UPM Raflatac first to launch thermal paper labels with 100% recycled fibers UPM Raflatac’s new product range offers brand owners a way to increase the share of recycled materials in their packaging. This reduces the pressure on forests and enables a circular economy. The range is FSC certified, and the labels maintain the same functionalities as label material made from virgin fibers.

Thermal Paper Market Report - Table of Contents


    1. 1.1 Study Assumptions​ and Market Definition​

    2. 1.2 Scope of the Study​




    1. 4.1 Market Overview​

    2. 4.2 Industry Attractiveness - Porter’s Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Stakeholder Analysis

    4. 4.4 Assessment of Impact of COVID-19 on the Thermal Paper Market


    1. 5.1 Introduction to Market Dynamics

    2. 5.2 Market Drivers

      1. 5.2.1 Increasing POS Utility in Services for Billing Operations

      2. 5.2.2 Robust Durability and Print Precision Offered by the Thermal Paper

    3. 5.3 Market Restraints

      1. 5.3.1 Fluctuating Raw Material Prices affecting the Production

    4. 5.4 Market Challenges

      1. 5.4.1 Increase in Digital Receipt due to Rising Online Transactions for E-commerce Applications


    1. 6.1 By End-user Industry

      1. 6.1.1 POS

      2. 6.1.2 Labels

      3. 6.1.3 Entertainment

      4. 6.1.4 Medical & Pharmaceutical

      5. 6.1.5 Other End-user Industries

    2. 6.2 Geography

      1. 6.2.1 North America

      2. 6.2.2 Europe

      3. 6.2.3 Asia-Pacific

      4. 6.2.4 Latin America

      5. 6.2.5 Middle East & Africa


    1. 7.1 Company Profiles*

      1. 7.1.1 Ricoh Company, Ltd.

      2. 7.1.2 Oji Holdings Corporation

      3. 7.1.3 Appvion Operations, Inc.

      4. 7.1.4 Koehler Group

      5. 7.1.5 Mitsubishi Paper Mills (MPM) Limited

      6. 7.1.6 Hansol Paper Co. Ltd.

      7. 7.1.7 Gold Huasheng Paper Co., Ltd.

      8. 7.1.8 Henan Province JiangHe Paper Co., Ltd.

      9. 7.1.9 Kanzaki Specialty Papers Inc. (KSP)

      10. 7.1.10 Thermal Solutions International Inc

      11. 7.1.11 Thermal Paper Plus, LLC

      12. 7.1.12 Jujo Thermal Limited

      13. 7.1.13 NAKAGAWA Manufacturing (USA), Inc.

      14. 7.1.14 Cenveo Inc

      15. 7.1.15 Panda Paper Roll

      16. 7.1.16 Bizerba USA Inc.

      17. 7.1.17 ACYPAPER

      18. 7.1.18 Rotolificio Bergamasco Srl

      19. 7.1.19 Twin Rivers Paper Company Inc.

      20. 7.1.20 Iconex LLC

      21. 7.1.21 Telemark Diversified Graphics



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Thermal Paper Market Research FAQs

The Thermal Paper Market is studied from 2018 - 2028.

The Thermal Paper Market is growing at a CAGR of 5.7% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Ricoh Company, Ltd., Oji Holdings Corporation, Appvion Operations, Inc., Koehler Group, Mitsubishi Paper Mills (MPM) Limited are the major companies operating in Thermal Paper Market.

Thermal Paper Industry Reports

In-depth industry statistics and market share insights of the Thermal Paper sector for 2020, 2021, and 2022. The Thermal Paper research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Thermal Paper report PDF.

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