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The billing paper market is predicted to be in high demand, with a total valuation of US$ 897.1 million in 2023 expected to rise to US$ 1,536.5 million by 2033. FMI also predicts that billing paper sales will grow at a 5.9% CAGR between 2023 and 2033.
The rising adoption of POS terminals and credit card terminals, particularly in the retail industry, is a key factor driving market growth. Furthermore, with the growing demand for thermal paper in the banking sector, adoption of billing paper is expected to rise during the forecast period.
As companies in the industrial sector are increasingly becoming conscious towards the hazardous effect of carbon paper on environment, demand for sustainable and carbon-less billing paper have burgeoned. Also, expansion of e-commerce and retail sectors across India, China, and the U.S. is expected to increase the sales of billing paper.
Furthermore, billing paper industry participants involved in the worldwide thermal paper market profit from the increasing use of mPOS terminals among businesses, particularly in emerging markets.
In addition, the billing paper industry accounted for approximately 1% of the overall US$ 62 billion worldwide printing paper market in 2020. The market’s shareholdings are predicted to rise during the assessment period.
Sales of billing paper witnessed moderate growth during the FQ-20 owing to the unprecedented outbreak of COVID-19. While disruption of supply-chains due to global lockdown hampered the sales, adoption of eco-friendly billing papers increased in the healthcare sector due to the transportation and supply of COVID-19 vaccines.
As per FMI, sales of billing paper grew by 4.4% year-on-year in 2021, and is projected to surpass US$ 831.2 Mn.
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Key Takeaways from Billing Paper Market
“End users institution, education, commercial and household sectors are switching to a customized range of invoice and receipts of billing papers due to their multifaceted attributes, which covers safety, accuracy, and durability. Also, manufacturers are increasing the production of eco-friendly and user-friendly customized billing papers to capitalize on the existing trend,” says FMI analyst.
Availability across Shopping Malls and Supermarkets Will Augment the Sales
Billing papers are ideal for invoices, purchase orders, receipts, and other essential documents because they transfer the data from the top sheet to multiple sheets beneath. They are extensively used in supermarkets and retail stores for invoice and receipts printing to mark the product details.
Billing papers as a billing-cum-delivery challan book are placed at every cash and delivery counter to provide the consumer with exact product details and payment proof. It is considered the most economical printing technology due to low maintenance costs and less energy consumption.
Less administrative time is required to fill up the details, and accuracy increases the customer’s satisfaction and loyalty. When signed on the billing paper invoice book, it is considered a valid and authentic proof document.
Availability of different color coded billing papers creates organizational efficiency, easy filing, and distribution. Hence, rising consumer preference for shopping in supermarkets and shopping malls due to convenience and the fast, easy, and accurate billing will bolster the demand for the billing papers.
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Electronic Invoicing and Digital Payment as Alternatives to Paper Might Limit the Sales
Growing penetration of digital technology and internet banking have allowed smartphones to receive bills, receipts, and statements. Digital invoices, reports, and receipts alleviate the printing and handling costs for businesses.
Consumers store digital bills and receipts on mobile phones, computers, or laptops to quickly access the documents when required. Due to the growing need for safe and secure digital technology, companies share important documents, invoices, and credit card bills through emails and other digital technology.
Paper invoicing, printing, and dispatching wastes valuable staff time, energy, and costs. Time spent resolving invoicing data entry and processing due to human errors on paper billing is very high. Hence, rising trend of digital and online trading through internet banking, mobile banking, ATM centers, and card payments are limiting the sales of billing papers.
Additionally, fewer people are required to process electronic invoicing. The invoicing accuracy and better efficiency due to digital technology will reduce the demand for billing paper.
Billing Paper Market Landscape
Koehler Paper Group, Pixelle Specialty Solutions, Mitsubishi HiTec Paper Europe GmbH, Asia Pulp & Paper (APP) Sinar Mas., and Jinyi Paper Co., Ltd. among others are the prominent players in the global billing paper market. The Tier 1 players in the market hold 25-30% in the global billing paper market.
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