GVR Report cover Thermal Paper Market Size, Share & Trends Report

Thermal Paper Market Size, Share & Trends Analysis Report By Application (POS, Tags & Label, Lottery & Gaming), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: 978-1-68038-690-5
  • Number of Pages: 108
  • Format: Electronic (PDF)

Report Overview

The global thermal paper market size was estimated at USD 3.85 billion in 2021 and is expected to register a growth of 4.2% during the forecast period. The product demand is expected to be driven by the rising use of POS terminals in warehouses and retail stores. A favorable business environment due to improved government policies and rising domestic consumption for pharmaceutical and food and beverage products in South Asian countries is expected to boost the market growth. The presence of paper manufacturers in countries such as China is also expected to have a positive effect on the growth of the market.

U.S. thermal paper market size, by application, 2020 - 2030 (USD Million)

The market is expected to grow at a reduced rate due to the increasing digitalization of the transaction process, decreasing the need for printing at POS terminals. In addition, innovation in terms of internal substitution is also expected to hamper the growth of the industry. However, rising e-commerce usage is expected to boost the demand for thermal paper in the form of labels and tags. 

Expanding retail stores and chains in developing economies such as India and China are expected to positively impact the use of POS terminals, augmenting the growth of the market. In addition, government initiatives to boost the food and pharmaceutical industry in emerging economies are also expected to boost the use of thermal paper in packaging and labeling end uses.

The market has a strong presence of various raw material suppliers engaged in offering the base paper to thermal paper manufacturers. The growing use of recycled fibers in manufacturing the base product is also expected to help in the market growth. In addition, a significant level of integration across the value chain exists among the major players where they manufacture and supply the product to consumers via direct sales channels.

Industry participants are continuously trying to improve their procurement practices through responsible sourcing and are proactively making changes in the supply chains. Procurement initiatives are reviewed and resolved by a dedicated team when the sourcing needs are specified, the contract is drafted, and during the tendering process. In addition, industry participants have started obtaining data such as financial stability and carbon emission from various suppliers for the pre-qualification process

Standards set by the FDA in terms of labeling and packaging food are expected to positively impact the use of thermal papers, especially in e-commerce supply chains. However, the rising use of electronic receipts in monetary transactions and purchases is expected to hamper the growth of the market. 

Application Insights

The POS application segment dominated the market in 2021 with a revenue share of 64.6%. The increasing use of consumer goods has led to the expansion of retail stores across the globe, leading to a rise in demand for thermal paper in POS terminal transactions.

Thermal paper is used in various end uses such as retail stores, supermarkets, and warehouses, and in industrial and logistical end-uses such as packaging and labeling. In addition, the low cost of production due to factors such as inkless printing and easy maintenance of the printing equipment has augmented the end-user preference for thermal papers.

Global thermal paper market share, by application, 2021 (%)

Thermal paper is preferred by users such as warehouses for labeling and tagging due to their preference for using RFID tags which are durable and secure compared to other tagging alternatives, which have propelled the use of thermal paper in tags and labels.

The expansion of leisure gaming activities, especially in economies where tourism plays an important role, is expected to boost the market. However, online ticketing platforms and services are expected to hamper the market growth for thermal paper in gaming in the forecast period. The thermal paper also finds application in printing lottery tickets, coinless slots, sportsbooks, and totes

Regional Insights

The Asia Pacific market accounted for about 33.9% of the global revenue share in 2021 due to the expansion of retail chains in the region owing to the rising consumer preference for easily accessible consumer goods. Moreover, the increasing industrial activities in the region have led to a rise in demand for thermal paper labeling end-use.

The rising market for FMCG goods in developing economies has led to an expansion in the production capacities for these goods. This has led to an increase in the number of transactions at retail stores. Such factors have led to a significant increase in demand for thermal paper to produce labels, tags, and POS receipts, boosting the market for thermal paper.

Thermal Paper Market Trends by Region

Europe accounted for a significant share of the global market at 28.4% in 2021. The increasing adoption of thermal paper in the region in various end-uses such as supplement packaging and labeling and the gaming industry is expected to help the market growth in the region.

The rising focus on sustainable products in Europe is expected to affect the production and use of thermal paper in the region as manufacturers shift focus towards alternative production methods. In addition, the regulations set by governing bodies in Europe will help in the adoption of eco-friendly coatings such as powder and waterborne in the production of thermal paper.

Central and South America are expected to witness significant growth during the forecast period due to the rising industrial activities in the region. In addition, increased industrial and manufacturing capacities in countries such as Chile and Peru will increase warehousing activities, thereby increasing the demand for thermal paper in labels and tags.

Key Companies & Market Share Insights

The industry exhibits a small number of players with an established global presence leading to highly competitive rivalry in the industry. The key players include Ricoh Company Ltd., Oji Holdings Corporation, Appvion Inc, Koehler Group, and Mitsubishi Paper Mills Limited, with strong localized production and distribution networks.

Key players are engaged in implementing various marketing strategies such as mergers & acquisitions and expansion of production capacities and product portfolios. For instance, Jujo Thermal Limited added new grades of products to its portfolio in 2019. This has benefitted the company in gaining a stronger market position, thereby, intensifying the market competition.

Major players have a strong local presence in the form of production units in various regions to support an efficient consumer supply chain. The high degree of forwarding and backward integration of dominant players persists in the global market, which has intensified the rivalry and competition, thus making the entry for new players difficult. Some prominent players in the thermal paper market include:

  • Ricoh Company Ltd.

  • Oji Holdings Corporation

  • Appvion Inc

  • Koehler Group

  • Mitsubishi Paper Mills Limited

  • Hansol Paper Co. Ltd.

  • Gold Huasheng Paper Co. Ltd.

  • Henan Province JiangHe Paper Co. Ltd.

  • Thermal Solutions International Inc.

  • Jujo Thermal Limited

  • Rotolificio Bergamasco Srl

  • NAKAGAWA Manufacturing Inc.

  • Twin Rivers Paper Company

  • Iconex LLC 

Thermal Paper Market Report Scope

Report Attribute


Market size value in 2022

USD 4.01 billion

Revenue forecast in 2030

USD 5.56 billion

Growth rate

CAGR of 4.2% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Volume in kilotons, revenue in USD million/billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; China; India; Japan; Brazil; Saudi Arabia

Key companies profiled

Ricoh Company Ltd.; Oji Holdings Corporation; Appvion Inc; Koehler Group; Mitsubishi Paper Mills Limited; Hansol Paper Co. Ltd.; Gold Huasheng Paper Co. Ltd.; Henan Province JiangHe Paper Co. Ltd.; Thermal Solutions International Inc.; Jujo Thermal Limited; Rotolificio Bergamasco Srl; NAKAGAWA Manufacturing Inc.; Twin Rivers Paper Company; Iconex LLC

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Thermal Paper Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global thermal paper market report based on application, and region:

Global Thermal Paper Market Segmentation

  • Application Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

    • POS

    • Tags & Label

    • Lottery & Gaming

    • Others

  • Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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