The global thermal paper market is projected to expand at phenomenal CAGR over the forecast period (2018 to 2023), according to a report available on Radiant Insights, Inc. Growing requirement for labeling in packaged food and pharmaceutical sector is anticipated to propel demand for thermal paper.
Rising demand for conventional food in emerging markets including Thailand, Brazil, Mexico, and China attributed to rising domestic consumption can increase application of tags and labels. This, in turn can fuel growth of market. Stringent government regulations owing to restricting use of bisphenol A in packaging of food & beverage products on account of association with estrogenicity can result in reduction of chemical food stock of paper manufacturers during the forecast period. Moreover, growing popularity of thermal spray coating in applications that are prone to external contamination and moisture can open new avenues for paper vendors during the forecast period (2018 to 2023).
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To cater to rising demand for thermal paper, most companies are likely to invest in R&D activities to develop advanced products. For instance, Appvion recently adopted Techkon’s SpectroDens premium for its manufacturing and research & development facilities. According to former company, this product is expected to better results in comparison to other similar products available in the market in terms of ergonomics and repeatability. The company is likely to use this product to ensure functionality and quality of its thermal paper attributed to advanced features including yellowness, whiteness, OBA checks, and color bar scanning.
The thermal paper market can be segregated on the basis of technology, application, and region.
Based on technology, the market can be categorized into direct thermal, thermal transfer, and others. In 2015, direct thermal accounted for 52.4% of overall volume share. Simple design of equipment, absence of ribbons, and low operating cost as compared to thermal transfer can drive market during the forecast period.
Based on application, the market can be classified into lottery & gaming, tags & label, and POS, and others. POS dominated the market and accounted for 81.9% of global volume share in 2015. Growing number of retail outlets and supermarkets in India, China, and Saudi Arabia on account of growing urban population and supportive government policies to improve investments can drive growth of market.
Labels can be used in form of stickers and hallmarks, which not only offer details of constituents but also support in duplication. Tags and label segment generated revenue equivalent to USD million in 2015 and is likely to grow well during the forecast period attributed to high demand for RFID tags in healthcare sector.
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Regional segmentation includes Europe, Asia Pacific, North America, Central & South America, and Middle East & Africa. Asia Pacific is expected to grow at CAGR of 8% from 2016 to 2025. Growth of food and beverage sector in India, Thailand, and China owing to increasing domestic consumption can furl growth of market over the forecast period.
On the contrary, North America accounted for 34.4% of overall market share in 2015. Growing prevalence of food & beverage and healthcare manufacturing companies in Canada & United States can augment market growth. However, significant market gains by online POS in U.S. as result of new product launches by companies can reduce use of conventional counterparts and curb demand for thermal coated paper in coming years.
Some of the leading companies offering thermal paper are Oji Holdings Corporation, Appvion Incorporated, Ricoh Company, Ltd., Koehler Paper, and PM Company
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