Table of Contents 1 Executive Summary 11 2 Introduction 13 2.1 Definition 13 2.2 Scope of the Study 13 2.3 Assumptions 13 2.4 Market Structure 14 3 Research Methodology 15 3.1 Research Process 15 3.2 Primary Research 16 3.3 Secondary Research 16 3.4 Market Size Estimation 16 3.5 Forecast Model 18 4 Market Dynamics 19 4.1 Drivers 20 4.1.1 Growth in packaged food industries 20 4.1.2 Growth in pharmaceutical industry 21 4.1.3 Increase in the number of ATM machines 22 4.1.4 Growth in retail industry 22 4.2 Restraints 23 4.2.1 Fluctuating supply and prices of raw materials 23 4.2.2 Availability of skilled labor 23 4.3 Opportunities 24 4.3.1 Significant growth in Italy gaming industry and favourable government initiatives 24 5 Market Factor Analysis 25 5.1 Porter's Five Forces Analysis 25 5.1.1 Threat of New Entrants 26 5.1.2 Bargaining Power of Suppliers 26 5.1.3 Bargaining Power of Buyers 26 5.1.4 Threat of Substitutes 26 5.1.5 Rivalry 26 5.2 Value Chain Analysis 27 5.3 Economic Parameter and Trends 28 5.3.1 North America 28 5.3.2 Europe 31 5.3.3 Asia-Pacific 33 6 Global Thermal Paper Market, By Technology 35 6.1 Overview 36 6.1.1 Direct Thermal 36 6.1.2 Thermal Transfer 36 7 Global Thermal Paper Market, By Application 38 7.1 Overview 39 7.1.1 POS 39 7.1.2 Lottery & Gaming 39 7.1.3 Labels & Tags 39 7.1.4 Others 40 8 Global Thermal Paper Market, By Region 42 8.1 Introduction 43 8.2 North America 46 8.2.1 U.S. 50 8.2.2 Canada 53 8.3 Europe 55 8.3.1 Germany 59 8.3.2 U.K. 61 8.3.3 France 62 8.3.4 Spain 64 8.3.5 Italy 66 8.3.6 Rest of Europe 68 8.4 Asia-Pacific 70 8.4.1 China 73 8.4.2 Japan 75 8.4.3 India 77 8.4.4 Rest of Asia-Pacific 79 8.5 Rest of the World 81 8.5.1 South America 84 8.5.2 Middle East & Africa 86 9 Competitive Scenario 88 9.1 Competitive Landscape 88 9.2 Competitive Benchmarking 89 9.3 Capacity Expansion 90 10 Company Profile 91 10.1 Ricoh Company Ltd. 91 10.1.1 Company Overview 91 10.1.2 Financial Overview 91 10.1.3 Product/Service Offering 92 10.1.4 Strategy 92 10.1.5 Key Developments 93 10.1.6 SWOT Analysis 93 10.2 Oji Paper (Thailand) Ltd. 94 10.2.1 Company Overview 94 10.2.2 Financial Overview 94 10.2.3 Product/Service Offering 95 10.2.4 Strategy 96 10.2.5 SWOT Analysis 97 10.3 Jujo Thermal Ltd. 98 10.3.1 Financial Overview 98 10.3.2 Product/Service Offering 99 10.3.3 Strategy 100 10.3.4 Key developments 100 10.3.5 SWOT Analysis 101 10.4 Mitsubishi Paper Mills Ltd. 102 10.4.1 Company Overview 102 10.4.2 Financial Overview 102 10.4.3 Product/Service Offering 103 10.4.4 Strategy 106 10.4.5 SWOT 107 10.5 Hansol paper Co. Ltd. 108 10.5.1 Company Overview 108 10.5.2 Financial Overview 108 10.5.3 Product/Service Offering 109 10.5.4 Strategy 110 10.5.5 SWOT 110 10.6 Appvion, Inc. 111 10.6.1 Company Overview 111 10.6.2 Financial Overview 111 10.6.3 Product/Service Offering 112 10.6.4 Strategy 112 10.6.5 Key Developments 113 10.7 Koehler Paper Group 114 10.7.1 Company Overview 114 10.7.2 Financial Overview 114 10.7.1 Product Offering 114 10.7.2 Strategy 115 10.8 Nakagawa Manufacturing (USA), Inc. 116 10.8.1 Company Overview 116 10.8.2 Financial Overview 116 10.8.3 Product Offering 116 10.8.4 Strategy 117

List of Tables TABLE 1 MARKET SYNOPSIS 12 TABLE 2 U.S.: USAGE OF BANKING SERVICES, 2015 (%) 30 TABLE 3 GLOBAL THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 37 TABLE 4 GLOBAL THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 37 TABLE 5 GLOBAL THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 40 TABLE 6 GLOBAL THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 41 TABLE 7 GLOBAL THERMAL PAPER MARKET, BY REGION, 2015-2023 (USD MILLION) 45 TABLE 8 GLOBAL THERMAL PAPER MARKET, BY REGION, 2015-2023 (KT) 45 TABLE 9 NORTH AMERICA: INTERNET PENETRATION (%) 46 TABLE 10 NORTH AMERICA: SHARE OF E-COMMERCE IN GDP, 2015 (%) 46 TABLE 11 NORTH AMERICA: THERMAL PAPER MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 47 TABLE 12 NORTH AMERICA: THERMAL PAPER MARKET, BY COUNTRY, 2015-2023 (KT) 48 TABLE 13 NORTH AMERICA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 48 TABLE 14 NORTH AMERICA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 49 TABLE 15 NORTH AMERICA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 49 TABLE 16 NORTH AMERICA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023(KT) 50 TABLE 17 U.S.: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 51 TABLE 18 U.S.: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 51 TABLE 19 U.S.: THERMAL PAPER MARKET SIZE, BY APPLICATION, 2015-2023 (USD MILLION) 52 TABLE 20 U.S.: THERMAL PAPER MARKET SIZE, BY APPLICATION, 2015-2023 (KT) 52 TABLE 21 CANADA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 53 TABLE 22 CANADA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 53 TABLE 23 CANADA: THERMAL PAPER MARKET SIZE, BY APPLICATION, 2015-2023 (USD MILLION) 54 TABLE 24 CANADA: THERMAL PAPER MARKET SIZE, BY APPLICATION, 2015-2023 (KT) 54 TABLE 25 EUROPE: THERMAL PAPER MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 55 TABLE 26 EUROPE: THERMAL PAPER MARKET, BY COUNTRY, 2015-2023 (KT) 56 TABLE 27 EUROPE: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 56 TABLE 28 EUROPE: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 57 TABLE 29 EUROPE: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 57 TABLE 30 EUROPE: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 58 TABLE 31 GERMANY: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 59 TABLE 32 GERMANY: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 59 TABLE 33 GERMANY: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 60 TABLE 34 GERMANY: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 60 TABLE 35 U.K.: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 61 TABLE 36 U.K.: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 61 TABLE 37 FRANCE: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 62 TABLE 38 FRANCE: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 62 TABLE 39 FRANCE: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 63 TABLE 40 FRANCE: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 63 TABLE 41 SPAIN: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 64 TABLE 42 SPAIN: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 64 TABLE 43 SPAIN: THERMAL PAPER MARKET SIZE, BY APPLICATION, 2015-2023 (USD MILLION) 65 TABLE 44 SPAIN: THERMAL PAPER MARKET SIZE, BY APPLICATION, 2015-2023 (KT) 65 TABLE 45 ITALY: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 66 TABLE 46 ITALY: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 66 TABLE 47 ITALY: THERMAL PAPER MARKET SIZE, BY APPLICATION, 2015-2023 (USD MILLION) 66 TABLE 48 ITALY: THERMAL PAPER MARKET SIZE, BY APPLICATION, 2015-2023 (KT) 67 TABLE 49 REST OF EUROPE: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 68 TABLE 50 REST OF EUROPE: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 68 TABLE 51 REST OF EUROPE: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 69 TABLE 52 REST OF EUROPE: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023(KT) 69 TABLE 53 ASIA-PACIFIC: THERMAL PAPER MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 70 TABLE 54 ASIA-PACIFIC: THERMAL PAPER MARKET, BY COUNTRY, 2015-2023 (KT) 70 TABLE 55 ASIA-PACIFIC: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 71 TABLE 56 ASIA-PACIFIC: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 71 TABLE 57 ASIA-PACIFIC: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 72 TABLE 58 ASIA-PACIFIC: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 72 TABLE 59 CHINA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 73 TABLE 60 CHINA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 73 TABLE 61 CHINA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 74 TABLE 62 CHINA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 74 TABLE 63 JAPAN: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 75 TABLE 64 JAPAN: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 75 TABLE 65 JAPAN: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 76 TABLE 66 JAPAN: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 76 TABLE 67 INDIA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 77 TABLE 68 INDIA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 77 TABLE 69 INDIA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 78 TABLE 70 INDIA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 78 TABLE 71 REST OF ASIA-PACIFIC: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 79 TABLE 72 REST OF ASIA-PACIFIC: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 79 TABLE 73 REST OF ASIA-PACIFIC: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 80 TABLE 74 REST OF ASIA-PACIFIC: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 80 TABLE 75 ROW: THERMAL PAPER MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 81 TABLE 76 ROW: THERMAL PAPER MARKET, BY COUNTRY, 2015-2023 (KT) 81 TABLE 77 ROW: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 82 TABLE 78 ROW: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 82 TABLE 79 ROW: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 83 TABLE 80 ROW: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 83 TABLE 81 SOUTH AMERICA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 84 TABLE 82 SOUTH AMERICA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 84 TABLE 83 SOUTH AMERICA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 85 TABLE 84 SOUTH AMERICA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023(KT) 85 TABLE 85 MIDDLE EAST & AFRICA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION) 86 TABLE 86 MIDDLE EAST & AFRICA: THERMAL PAPER MARKET, BY TECHNOLOGY, 2015-2023 (KT) 86 TABLE 87 MIDDLE EAST & AFRICA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 87 TABLE 88 MIDDLE EAST & AFRICA: THERMAL PAPER MARKET, BY APPLICATION, 2015-2023 (KT) 87 TABLE 89 RAK CERAMICS: KEY DEVELOPMENTS, 2014-2017 100 List of Figures FIGURE 1 RESEARCH PROCESS OF MRFR 15 FIGURE 2 TOP DOWN & BOTTOM UP APPROACH 17 FIGURE 3 GLOBAL THERMAL PAPER MARKET: DRIVERS, RESTRAINTS AND TRENDS 19 FIGURE 4 GLOBAL PROCESSED FOOD & BEVERAGES SALES. BY REGION, 2000 AND 2013, (VOLUME SALES, KILOTONS) 20 FIGURE 5 PHARMACEUTICAL SPENDING PER CAPITA, 2016 (USD MILLION) 21 FIGURE 6 GLOBAL: ATMS PER 100,000 ADULTS, 2010-2015 22 FIGURE 7 GLOBAL THERMAL PAPER MARKET: DRIVERS IMPACT ANALYSIS 23 FIGURE 8 GLOBAL THERMAL PAPER MARKET: BARRIERS IMPACT ANALYSIS 24 FIGURE 9 PORTER'S 5 FORCES ANALYSIS OF GLOBAL THERMAL PAPER MARKET 25 FIGURE 10 VALUE CHAIN ANALYSIS OF GLOBAL THERMAL PAPER MARKET 27 FIGURE 11 NORTH AMERICA: E-COMMERCE TURNOVER, 2014-2015 (USD BILLION) 29 FIGURE 12 ESTIMATED ANNUAL U.S. RETAIL TRADE SALES, 2010-2015 (USD MILLION) 29 FIGURE 13 EU: RETAIL SECTOR SHARE, 2016 (%) 32 FIGURE 14 GLOBAL THERMAL PAPER MARKET, BY TECHNOLOGY, 2016 (IN %) 36 FIGURE 15 GLOBAL THERMAL PAPER MARKET, BY APPLICATION, 2016 (IN %) 40 FIGURE 16 GLOBAL RETAIL SALES SHARE, BY COUNTRY, 2016 (%) 43 FIGURE 17 THERMAL PAPER MARKET SHARE, BY REGION, 2016 (IN %) 44 FIGURE 18 NORTH AMERICA THERMAL PAPER MARKET SHARE, BY COUNTRY, 2016 (%) 47 FIGURE 19 U.S. ESTIMATED E-COMMERCE SALES, 2011-2015 (USD MILLION) 50 FIGURE 20 GROWTH STRATEGIES ADOPTED BY KEY PLAYERS IN GLOBAL THERMAL PAPER MARKET, 2014-2017, (%) 88 FIGURE 21 GLOBAL THERMAL PAPER MARKET: COMPETITIVE BENCHMARKING 89 FIGURE 22 RICOH COMPANY: TOTAL REVENUE VS SEGMENTAL REVENUE, 2014-2016 (USD MILLION) 91 FIGURE 23 RICOH COMPANY: GEOGRAPHIC REVENUE MIX, 2016 (%) 92 FIGURE 24 RICOH COMPANY: KEY DEVELOPMENTS, 2014-2016 (%) 93 FIGURE 25 OJI PAPER (THAILAND) LTD.: TOTAL REVENUE VS SEGMENTAL REVENUE (USD MILLION) 94 FIGURE 26 OJI PAPER (THAILAND) LTD.: GEOGRAPHICAL REVENUE MIX, 2016 (%) 95 FIGURE 27 NIPPON PAPER GROUP: TOTAL REVENUE VS SEGMENTAL REVENUE, 2014-2016 (USD BILLION) 98 FIGURE 28 MITSUBISHI PAPER MILLS LTD.: TOTAL REVENUE VS SEGMENTAL REVENUE (USD MILLION) 102 FIGURE 29 MITSUBISHI PAPER MILLS LTD.: GEOGRAPHIC REVENUE MIX, 2016 (%) 103 FIGURE 30 HANSOL PAPER CO. LTD.: TOTAL REVENUE, 2014-2016 (USD MILLION) 108 FIGURE 31 APPVION, INC.: TOTAL REVENUE VS SEGMENTAL REVENUE (USD MILLION) 111 FIGURE 32 APPVION, INC.: KEY DEVELOPMENTS, 2014-2017 (%) 113