– The requirement for thermal paper has been increasing over the past many years, owing to the growing demand for labeling as standardization of product quality of packaged foods. Enhanced thermal paper usage in applications such as label printing is a crucial perspective of driving the overall growth of the market. For instance, according to INX International Ink, the printed packaging and label sales revenue is presumed to amount to USD 27.1 billion in 2020, up from USD 24.5 billion in 2015.
Key Market Trends
POS to Drive the Market
– The POS End-user segment is anticipated to progress faster over the forecast period, owing to growing billing purposes in the retail industry across the globe. Besides, an expanding number of supermarkets and hypermarkets in leading economies around the world are anticipated to propel the POS terminal applications and boost the market growth.
– For instance, according to the US Census Bureau, in 2019, the US supermarket and grocery store sales amounted to more than USD 650 billion. This is more than double the sales amounts that were generated back in 1992. Wal-Mart stores dominated sales of the leading grocery retailers in 2019, generating over USD 270 billion, consequently emphasizing the encouraging growth for the market.
– Massive data volumes produced by several business verticals exert enormous pressure on existing businesses to switch to POS systems from traditional transactional methods. POS terminals dodge manual errors in financial billing, inventory management, and offer business reliability. Consequently, developing the retail sector and increased printing of receipts and bills in large- and small-scale stores to spur thermal paper market growth.
– According to CARE Ratings, the value of the organized retail market in India was estimated to be USD 1.2 trillion in 2018. This was an exponential increase compared to USD 518 billion in 2012. Moreover, HKExnews says that in 2019, the global non-luxury retail market ie, expected to grow at approximately USD 29.9 trillion., hence boosting the thermal paper market growth.
Competitive Landscape
The Thermal Paper Market is moderately competitive and consists of several major players. In terms of market share, these significant players currently dominate the market. Moreover, owing to the attendance of many well-established manufacturers, the growth of the thermal paper market is presumed to be further propelled globally. Enterprises operating in the thermal paper market trends are adopting strategies such as new capacity additions, collaborations and acquisitions, and product launches, to intensify their current offerings and target a broader customer base and fasten its market position.
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