growing preference for cashless transactions is driving the Thermal Paper Market
Technavio analyzes that the Thermal Paper Market is expected to grow at a CAGR of 3.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 909.2 million.There are various factors that contribute to the growth of the market. The Thermal Paper Market is experiencing significant growth due to the increasing trend towards cashless transactions. As more businesses adopt digital payment systems, the demand for thermal paper for receipt printing is on the rise. This shift towards electronic transactions is driven by convenience, security, and contactless payment options, making thermal paper an essential component in the retail and financial sectors. The preference for cashless transactions is expected to continue, further boosting the market growth for thermal paper.
In the business realm, Point of Sale (PoS) systems are essential for recording transactions and generating receipts in various industries, including grocery chains, restaurants, and retail outlets. These PoS receipts are primarily produced using thermal paper, which enables direct heat transfer, ensuring high-quality printing with excellent color retention and a durable surface. Thermal paper receipts offer versatile features such as imaging on both sides, graphics, barcodes, and logo imprints, catering to the needs of flexographic and ultraviolet (UV) lithography printing. Renowned vendors provide eco-friendly thermal paper options, including recycled and renewable processes, to meet the growing demand for sustainability in business operations. PoS receipts, encompassing grocery receipts, restaurant receipts, and parking receipts, are generated through PoS systems upon completion of transactions using debit cards, credit cards, gift cards, e-wallets, and other payment methods.
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Thermal Paper Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Thermal Paper Market encompasses the production and sale of thermal paper for various applications, including Point of Sale (POS) terminals in retail stores, warehouses, and logistics, as well as in e-commerce for labels and tags, RFID tags, and direct heat solutions. Paper manufacturers produce thermal paper for labeling processes in retail chains, grocery chains, and inventory systems. Applications include tickets, healthcare, educational materials, packaged food, retail industries, and thermal printing for cash register receipts, using both direct thermal and thermal transfer methods. Eco-friendly and renewable processes, as well as recycled thermal paper, are gaining popularity in response to environmental concerns.
In the expansive global paper products market, key players include manufacturers of thermal paper for various applications such as POS terminals, warehouses, retail stores, and e-commerce platforms. The market's size is determined by Technavio based on the consolidated revenue generated by these manufacturers. Factors fueling market growth include the increasing demand for thermal paper in labeling and tagging, RFID tags, and e-receipts. Retail chains are a significant consumer base, with thermal stability ensuring product durability. Additionally, the adoption of recycled fibers in paper production aligns with sustainability initiatives. E-commerce platforms provide new opportunities for paper manufacturers, enabling them to cater to a broader clientele, including publishers, authors, and agents, who are increasingly utilizing digital channels for orders.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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