Thermal Paper Developer Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

The global thermal paper developer market was valued at US$ 20.15 million in 2021 and is projected to reach a valuation of US$ 34.03 million by 2030 at a CAGR of 6.4% during the forecast period 2022-2030. Further, in terms of volume, the market is registering a growth rate of 4.6% during the projection period. 

Thermal papers have applications in a wide array of sectors from shopping complexes to departmental stores. Wherein, the product is majorly used across barcode labels, tickets for various events, and receipts papers, among others. In fact, it is the most cost-effective solutions for any retail business. 

However, with the advancement of digitalization, large number of retailers are shifting to paperless platform. Nevertheless, the significance of printed receipts would always remain as they can be signed, copied, and filed. Thus, the demand for the thermal paper developer market would increase at a considerable rate during the 

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Key Players:

Some of the key players in the global thermal paper developer market are Anayang General Chemical, Solenis, Nippon Soda Co., Ltd., Toray Industries, Inc., Mitsubishi Chemical Group Corporation, Weifang Dayoo Biochemical Co., Ltd., Chameleon Specialty Chemicals, Sabic, The Dow Chemical Company, Sinopec, Connnect Chemical, and Evonik Industries AG. 

Dynamics of Thermal Paper Developer Market

Driver

Rapidly Expanding E-commerce Industry is Bolstering Demand for Shipping Labels and Receipts

Today, the e-commerce sector is expanding like never before. With the rise in e-commerce sector, the need for packaging and shipping labels have also increased significantly. Thus, driving the demand for thermal papers developer market, which are used in labels. 

Furthermore, thermal paper does not require any ink technology and thereby saves ink costs of the company. In addition, thermal paper requires no maintenance as one does not have to deal with ink cartridges. Therefore, e-commerce companies prefer to use thermal papers in labelling. 

Growth in the Demand for Thermal Paper across Various Applications

Thermal paper rolls have made printing faster and easier than ever before. They are the most cost-effective solution for retail businesses. Retail business use thermal papers in printing labels, receipts, and tickets. However, the usage of thermal paper is not just limited to retail businesses, it is also used in other industries. Thermal paper is also used to print ATM receipts. Further, they are also used make tickets, such as movie tickets, sport event tickets, lottery tickets, a parking tickets among others. The wide use of thermal papers is attributed to the readability and easy to scan features associated in them.

In recent years, the applicability of thermal papers in hospital records has widened as they provide more clarity over traditional paper. 

Restraints:

Harmful Effects of BPA and BPS in Thermal Papers and Emergence of Free of Chemical Developer Thermal Papers

Bisphenol A is widely used for developing thermal paper due to its heat resistance and stability. However, the BPA and BPS are found to have harmful effects in human body and cause skin irritation. Owing to its low molecular weight and unbound nature, significant amounts of BPA can be released into the human skin simply by touching and holding thermal papers. Further, during the recycling process BPA can come in contact with other papers and can lead to contamination of other paper products. 

Today, companies in the global thermal paper developing market are switching to phenol free substances for the production of thermal papers. However, the shift towards greener alternatives to BPA and BPS may spur the market growth during the forecast period. 

Segmental Analysis

By Type

The global thermal paper developer market, based on type is segmented into Bisphenol A, Bisphenol S, D8, phenol free substance, and others. The Bisphenol A segment held the highest segmental share of 35.9% in 2021. Bisphenol A continues to be the widely used chemical in the production of thermal paper even though the manufacturers are informed about its harmful effects on human body. This is largely because of the lower price of Bisphenol A, which is approximately US$ 1,100/ ton. Further, Bisphenol A has good functionality and is heat resistant. 

However, under the CLP regulation, Bisphenol A is classified as a substance which may cause eye damage, respiratory irritation and allergies. It may also damage fertility. 

In the year 2014, France came up with a restriction proposal on the usage of Bisphenol A. It was found that the chemical is a risk factor for workers and especially cashiers. Therefore, following this, European Union in the year 2016 imposed restrictions in concentrations of BPA in thermal paper up to 0.02% depending upon the weight. Thus, during the forecast period phenol free substance market is projected to hold the highest growth rate. 

By Distribution Channel

Based on distribution channel, the global thermal paper developer market is bifurcated into online and offline segments. The offline segment is further divided into direct and distributors. The offline segment is estimated to offer a revenue opportunity of US$ 6.86 million during 2022–2030. 

On contrary, the online segment is estimated to offer a growth opportunity of US$ 6.4 million during the same period and is likely to grow at the highest CAGR of 7.3% during 2022-2030. 

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By Region:

Asia Pacific is the highest shareholder in the global thermal paper developer market and is also projected to growing at the highest CAGR of 7.5% during the forecast period. China is the largest producer of chemicals used in the thermal papers in the region and across the globe. The Asia Pacific region is home to several leading manufacturers of thermal papers such as Oji Group, Hansol Paper, Sinopec and koehler Paper Group among others. 

. These companies rely on local suppliers to produce the raw materials necessary for their products. In addition, they invest in R&D to develop new technologies that improve performance and reduce costs. 

Asia Pacific is the largest producer of thermal paper, accounting for a third of global production. The main contributors to this region's thermal paper production are China (39%), Japan (19%), and South Korea (15%). Despite being the largest producer, Asia Pacific still carries a significant proportion of the global market share owing to its large population and economic muscle. The region's dominance in thermal paper production can be attributed to factors such as low labor costs and ample natural resources.

Segmentation Overview:

By Type

• Bisphenol-A
• Bisphenol-S
• D8
• Phenol free substance
• Others

By Distribution Channel

• Online
• Offline
  • Direct
  • Distributors

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America