The global billing paper market is expected to experience strong demand, with a total valuation of US$ 897.1 million in 2023 rising to US$ 1,536.5 million by 2033, says Future Market Insights (FMI). FMI also forecasts billing paper sales to increase at a steady 5.9% CAGR between 2023 and 2033. It says India accounts for 5% of the global paper output and the US holds a 15.3% market share in the billing paper market.
A key factor propelling the market growth is the rising adoption of POS terminals and credit card terminals, particularly in the retail industry. Additionally, during the anticipated period, the adoption of billing paper rises with the expanding demand for thermal paper in the banking sector.
How demand for sustainable billing paper propels growth in US
According to the study, the United States accounted for a 15.3% market share, with a value of US$ 132.8 million in 2022.
According to the American Forest and Paper Association, paper products are sustainable and essential for a circular economy made from renewable resources and recycled paper products, which can be reused and recycled multiple times by reducing the dumping of landfills.
As billing invoice paper has made billing more convenient and more manageable, the adoption of billing paper is likely to see high growth by 2033. For instance, manufacturers of billing papers, such as Pixelle Specialty Solutions, have developed carbonless papers (billing paper) made from NatureSolv technology. It ensures naturally based, organic solvent to create capsules.
What is supporting billing paper sales across Germany?
According to FMI, the demand for renewable raw materials and low-carbon bio-economy products is expected to propel the growth in the billing paper market. Germany accounted for a 5.7% market share, with a value of US$ 49.8 million in 2022.
According to the Confederation of European Paper Industry (Cepi), the European paper industry wants to lead the decarbonizing process and invest significantly in the route towards a low-carbon European bio-economy.
Hence, Europe’s billing paper sector is highly sustainable and competitive due to the transformation in the sector by using new technologies, new bio-values, and business opportunities.
For instance, Germany’s amusement park, Europa-park, has started using the innovative Blue4est receipt paper of Koehler paper (from Koehler Paper Group), which is sustainable, durable, and recyclable by taking into consideration the customer’s interest in increased sustainable importance.
Rising demand for user-friendly, cost-effective billing papers, coupled with growing environmental concerns, bolsters the growth in the market.
Expansion of FMCG and eCommerce increase billing paper sales in India
The billing paper market in India is expected to account for a significant 50% value share during the forecast period. According to the Indian Paper Manufacturers Association (IPMA), the paper industry is taking new strides in India due to cutting-edge technology, the Make in India initiative, manufacturing excellence, and sustainability.
India is among the leading paper markets across the globe. It exhibits an exciting scenario using a variety of raw materials, such as wood, bamboo, bagasse, wheat straw, and rice husk, in paper production.
India’s rapid growth in fast-moving consumer goods (FMCG), ready-to-eat food, pharmacy, healthcare, educational, and organized retail sectors are expected to have a remarkable impact on the billing paper market.
The billing paper consumption is poised for a big leap forward, as the Indian paper industry supports about 5% of the world’s paper production.
Companies are focusing on keeping track of sale transactions with high-quality invoice paper, which maintains reliable records in an organized manner. Also, the rising trend of shopping in supermarkets, eCommerce, and ready-made takeaway food is likely to augment the growth of the billing paper market.
- On 5 April, 2021, Pixelle Speciality Solutions Company announced two strategic investments to expand its product portfolio. The company acquired the security papers and carbonless rolls business from Appvion Operations Inc.
- On 31 March, 2021, Pixelle Speciality Solutions, the company acquired the roll source specialty paper business from Veritiv Corporation.
- On 10 September, 2021, Koehler Paper Group entered into a partnership with Clarus films GMBH in the small roll business. The strategic partnership enabled Koehler Paper to explore and tap an additional market developed with a new partner.