Thermal Paper Market Size

Thermal Paper Market Analysis

The Thermal Paper Market size is estimated at USD 4.30 billion in 2024, and is expected to reach USD 6.80 billion by 2029, growing at a CAGR of 9.60% during the forecast period (2024-2029).

• Thermal paper has become increasingly important in recent years, owing to the growing demand for labeling in the food and beverage sector, standardizing the quality of packaged items. Improved thermal paper utilization in applications like label printing is a critical factor driving market growth. According to Label Insight and the Food Marketing Institute, 86% of supermarket buyers value transparency and would place more trust in food makers and retailers who provide complete, easy-to-understand ingredient information.
• POS (Point-of-Sale) systems are becoming increasingly popular among restaurants, food franchises, and grocery shops as they transition to time clocks and inventory systems. Fast-paced lifestyles frequently need the usage of thermal paper for parking tickets, tickets, and entrance tickets, which is likely to increase demand for eco-friendly paper, boosting market growth.
• The increased use of precise labeling in the pharmaceutical industry is expected to drive the thermal paper market. These labels are used in paper form and with a trademark to convey nutritional component facts while avoiding copycat practices. Thermal paper is used in the pharmaceutical industry to communicate information about expiration and production dates, bar codes, composition, and associated data of items such as injections, medications, and pharmaceutical equipment.
• However, environmental constraints established on the dye's manufacturing plant have limited dye output and hampered the overall expansion of the thermal paper business. As a result, the fluctuation in the cost of raw materials in the thermal paper sector is regarded as the key constraint to thermal paper market expansion.
• Due to its ease and durability, thermal paper is frequently used for printing labels, tickets, and receipts in grocery stores, caterers, gaming houses, lottery systems, coffee shops, and bakery businesses. 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 emergence of COVID-19 also impacted the thermal paper industry. Owing to the fall in production rates, this market is also witnessing a decline during the epidemic. During the pandemic, however, demand for thermal paper is fast increasing in the healthcare, pharmaceutical, and packaging sectors. The need for labels and tags for test samples and medical supplies increased due to the number of crises and COVID cases worldwide.