Asia Pacific Thermal Paper Market to Surpass USD 18 Billion by 2027
Published | 28 January 2022
Asia Pacific is experiencing rapid growth due to advances in manufacturing technology, efficient laminating technology, and advanced converting technology. In addition, paper recycling efforts are generating higher demand in the end-use sector and supporting the market's growth….
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the Asia-Pacific Thermal Paper market was worth USD 12,492.0 million in 2020 and is further projected to reach USD 18,443.1 million by 2027, at a CAGR of 6.12% during the forecast period (2021-2027). Advancements in manufacturing technology, efficient laminating technologies, and advanced converting technologies have helped the market's growth in the end-use industries in recent years. Further, a focus on paper recycling has increased overall demand for thermal paper in the end-use sector, supporting market growth. Moreover, emphasis on paper recycling has increased the demand for thermal paper in the end-use sector and supports the market's growth. A further contributing factor to the rapid growth of the thermal paper market is the strict regulations put in place by governments for food and pharmaceuticals labels since such products must conform with the regulatory approval as it may threaten or harm the consumer's health.
Rise in POS Devices in Asia-Pacific
In a POS, customers pay for goods and services and can pay sales taxes. A POS transaction can occur in person or online, with receipts generated in either format. Thermal papers are used by POS devices to print a receipt. It is expected that POS terminals will be the best choice for handling digital payments in a post-Covid-19 environment. In the January-March 2020 quarter, the total number of PoS terminals installed by merchant acquiring banks surpassed the five million mark in India. By the end of March 2020, India had 5.13 million points of sale terminals. Around 69% of PoS terminals are owned by private sector banks, while 27% are owned by public sector banks. Australia has one of the highest penetration rates of POS devices in the world. By June 2021, Australian consumers would have access to over 940,000 POS devices across the country.
Rising Demand for Labeling and Labeling Laws
The demand for the labeling of products is growing day by day. Customers nowadays want correct information to be shown on the products purchased by them. Additionally, various governments across the Asia Pacific region, such as China, India, Japan, Australia are looking to ensure that the companies are not selling any sub-standard products in the market. For instance, the Food Safety and Standards (Packaging and Labeling) Regulations, 2011, is applied to all packed food products sold in India. This regulation is a notification issued by India's Food Safety and Standards Authority, part of the Ministry of Health and Family Welfare.
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Packaging and Labelling Segment to Hold the Largest Share in the Thermal Paper Market
The thermal paper market is categorized into packaging & labeling, printing, retail, and others, based on the end-use industry. Among this, the packaging & labeling segment accounted for the largest market share in 2020 and it likely to maintain its dominance even during the forecast period. Packaging and labeling include all essential information about a product that a reasonable customer would want to know before purchasing. The e-commerce market in Asia Pacific is a significant part of the overall consumer market, and it is growing steadily. Domestic internet purchases by households in APAC are rising dramatically, which is driving growth in the packaging and labeling sector.
Impact of COVID-19 on Asia Pacific Thermal Paper Market
COVID-19 brought about the growth of APAC's e-commerce sector as lockdowns became the new normal and consumers bought more goods and services online, leading to an increase in the share of e-commerce in APAC. Due to the growth of e-commerce, thermal paper is becoming more and more popular for use in labeling and generating invoices for products. Likewise, online transactions and digital receipts have become increasingly common in order to avoid cash payment around the world.
Asia-Pacific Thermal Paper Market: By Country
Based on countries, the Asia Pacific thermal paper market is segmented into China, India, Japan, South Korea, and the rest of the Asia-Pacific. Among these countries, China accounted for the largest market share in 2020. With the advancement of thermal paper production technology in China, their market share on the international market is growing, and so is their competitiveness. There are several paper mills in China, such as Chenming, Guanhao, APP, Jianghe, and others, that routinely supply thermal paper to multiple paper slitting facilities. That’s why the cost of thermal paper in China is cheap compared to thermal paper produced globally. China is also one of the largest exporters of thermal paper.
Asia-Pacific Thermal Paper Market - Competitive Landscape
The leading players in China thermal paper market are global players such as Ricoh Company Ltd., Oji Thailand, Hankuk Paper, Kohler Group, Hansol Korea, Appvion, Inc., Mitsubishi Paper Mills Ltd., Nippon Paper Industries Co., Ltd. Gold Huasheng Paper Co., Ltd., Henan Province JiangHe Paper Co., Ltd., Thermal Solutions International, Inc., and Other Prominent Players. The growth of ecommerce and the presence of a large number of ATMs in the Asia Pacific supports the presence of a large number of thermal paper market players in the region. Additionally, several strategies are being used by the companies to gain an edge on the market, including new product launch under strict regulations, collaborations, integration of new technologies, and mergers & acquisitions.
In October 2021, Fujitsu launched an all-in-one thermal printer. The new thermal printer is a 3-inch, high-speed printer with user-selectable printing parameters, featuring speed, paper width, thickness, and three black mark sensor locations. The company is looking to target gaming, logistics, transportation, and parking markets with the new thermal printer.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia-Pacific thermal paper market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the thermal paper market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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