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

Thermal Paper Market Size, Share & Trends Analysis Report By Application (PoS, Tags & Labels, Lottery & Gaming), By Region (Asia Pacific, North America, MEA), And Segment Forecasts, 2021 - 2028

  • Report ID: 978-1-68038-690-5
  • Number of Pages: 92
  • Format: Electronic (PDF)

Report Overview

The global thermal paper market size was valued at USD 4.02 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. 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.

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

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.

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.

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.

Application Insights

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. In addition, the wide-ranging use of mobile PoS terminals in public utility spaces, transportation, and retail markets has supported the segment growth. Growing preference for cashless transactions in developing economies, such as India, China, Vietnam, and Indonesia, are driving the demand for PoS transactions and thereby propelling the product demand. However, progressive adoption of electronic receipts is expected to have a restraining impact on the market growth.

Global thermal paper market share, by application, 2020 (%)

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. Furthermore, the growing adoption of detailed labeling in the pharmaceutical industry is expected to drive the segment. These labels are used in the hallmark and paper form, which not only provides the details of the nutritional ingredients but also avoids any duplication practices. In the pharmaceutical industry, it is used to provide information regarding manufacturing and expiry date, composition, bar codes, and related data of products including drugs, injections, and pharmaceutical equipment.

Regional Insights

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. In addition, a rising preference for cashless transactions has had a positive impact on the market.

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). These companies are progressively adopting the labels and tags to adhere to the labeling standards as well as to prevent adulteration. The MEA regional market is estimated to register the second-highest CAGR from 2021 to 2028.

This growth is credited to the high product demand as a result of an increasing number of retail outlets, shopping malls, and ATMs in Saudi Arabia. The product demand in the U.S. is expected to grow at a CAGR of 3.8% over the forecast period. The presence of major food & beverage manufacturers, such as Tyson, Cargill Foods, JBF, and KFC, in the country, is expected to increase the incorporation of printed labels and tags, which, in turn, is likely to fuel the product demand.

Key Companies & Market Share Insights

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. Furthermore, the industry profit margins vary based on their integration levels. 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

Thermal Paper Market Report Scope

Report Attribute


Market size value in 2021

USD 4.17 billion

Market volume in 2021

2,088.0 Kilotons

Revenue forecast in 2028

USD 6.03 billion

Volume forecast in 2028

2,865.6 Kilotons

Growth Rate

CAGR of 5.2% from 2021 to 2028 (Revenue-based)

Base year for estimation


Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, 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; MPM Ltd.; Appvion Incorporated; Jujo Thermal Ltd.; Lecta Group

Customization scope

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

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global thermal paper market report on the basis of application and region:

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Point of Sale (PoS)

    • Lottery & Gaming

    • Tags & Labels

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • 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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