Global Thermal Paper Market Size, Share, Growth Analysis, By Type(Top Coating, No Top Coating), By Application(POS Applications, Medical), By Printing Technology(Thermal Transfer, and Direct Thermal) - Industry Forecast 2024-2031

Global thermal paper market size was valued at USD 4.21 billion in 2022 and is poised to grow from USD 4.50 billion in 2023 to USD 7.66 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

The traditional thermal paper market has historically relied on Bisphenol A (BPA) as the organic acid developer responsible for generating images on paper. However, increasing pharmacological studies highlighting the potential risks of endocrine disruption and fertility reduction due to the transdermal absorption of BPA prompted stringent regulations from entities such as the European Union and the US Environmental Protection Agency (EPA). Consequently, manufacturers have initiated a transition towards alternative products such as Bisphenol S (BPS) and Pergafast-201 to replace BPA in thermal paper formulations. In the pursuit of safer alternatives, developers have turned to compounds like BPS-MAE, TGSA, d-8, and d-90, which are recognized for their safety profiles concerning human health. This shift in the thermal paper market reflects a broader trend towards the adoption of environmentally and health-friendly materials, driven by regulatory pressures and consumer demand for safer products.

Top-down and bottom-up approaches were used to estimate and validate the size of the thermal paper market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Thermal Paper Market Segmental Analysis

The global thermal paper market is segmented based on application, printing technology and region. By type, the market is segmented into top coating, and no top coating. By application, the market is segmented into POS applications, plotting and recording, medical, self-adhesive labels, tickets, and others. By printing technology, the market is segmented into thermal transfer, and direct thermal. By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

Drivers of the Global Thermal Paper Market

As more people use ATMs for transactions, there's a higher demand for thermal paper used to print receipts. This is because people around the world have more money to spend and want to upgrade their lifestyles, which involves using thermal paper for various purposes. In the United States alone, there are over 10 billion ATM transactions every year, and each one generates a receipt printed on thermal paper. This growing trend of ATM usage is driving the market for thermal paper, presenting a big opportunity for growth as people rely more on ATMs for their financial transactions worldwide.

Restraints in the Global Thermal Paper Market

More and more businesses are moving away from traditional paper receipts and opting for electronic receipts, known as 'e-receipts.' This change is happening because many retail stores and companies are now focusing on online transactions. Additionally, services like Paypal, UPI, and bank cards make it easier for people to buy things without needing a paper receipt. As a result, the use of paper receipts is decreasing, which could slow down the growth of the market for paper receipts.

Market Trends of the Global Thermal Paper Market

The growing retail sector serves as a key factor for the global thermal paper market. With the expansion of supermarkets, convenience stores, and e-commerce platforms worldwide, there is an increasing demand for point-of-sale (POS) systems and labels, which extensively utilize thermal paper. Moreover, the rising adoption of mobile payment technologies and self-checkout systems further fuels the demand for thermal paper receipts, contributing to market growth. As retailers strive to enhance customer experience and streamline operations, the demand for thermal paper products continues to surge.