According to a new report from Wakefield Research, the thermal paper market is worth $3.5 billion in 2019, and it is expected to grow at a compound annual growth rate of 2.7% to reach a market size of $4.3 billion by 2027.
The thermal paper market is expected to grow in the future due to increased direct thermal market penetration in Asia.
Additionally, the market is also expected to be helped by utilization of thermal transfer technology in tag and label applications. However, several factors—including the decrease in use of paper receipts in some countries, environmental concerns,alternative technologies, and increasing thermal paper prices—have the potential to restrict market growth.
Three manufacturers of thermal paper—Appvion, Koehler Paper Products, and Oji Holdings Corporation—are responsible for the production of over 50% of the global thermal paper supply, and are expected to retain their dominant shares over the foreseeable future.