The global security paper market size is projected to reach USD 24.33 billion by 2025 and projected to grow with a CAGR of 7.0% during the forecast period from 2019 to 2025, according to Million Insights. The increasing need for anti-counterfeit technologies in printing currency and printing bank checks applications is anticipated to drive the market over the forecast period. Security papers help to protect essential documents from forgery and alteration by using various technologies such as hologram, threads & Ultraviolet (UV) fiber and watermark.
In recent years, the emergence of advanced printing technologies has increased the circulation of passports, certificates, visas and fake notes. Thus, to overcome these issues, industry players are focusing on developing new advanced security features like magnetic microwires and hologram. These advanced features are expected to enhance document security to reduce the chances of counterfeiting as compare to the conventional method.
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The major applications of security paper are bank documents and currency notes. Currency notes printing is a major process to ensure better circulation of the economy. However, the shift towards digitalization and adoption of blockchain technology is expected to restraint market growth to some extent.
Asia Pacific is expected to hold the largest market share during the forecast period due to the growth of BFSI sector and the several government initiatives & regulations implemented across the globe. Recent Unique Identification numbers (UID) and demonetization intuitive by the Indian government are expected to propel the market growth in Asia Pacific. In addition, a financial inclusion program by the government of India which provides affordable access to financial services to rural areas is another major factor for boosting the security paper market growth in the next few years.
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Further key findings from the report suggest:
• In Asia Pacific, Indian government initiatives such as Unique Identification Number (UID), and “PradhanMantri Jan DhanYojana” are expected to increase adoption of security paper.
• Among types, hybrid paper is projected to grow with the fastest CAGR over the forecast period due to growing adoption of security paper for government sector in Europe and North America.
• Currency note application segment is projected to dominate the market throughout the forecast period due to government initiatives like re-printing of currency notes and demonetization.
• Ciotola S.R.L.; Security Paper Limited; Sequana Group; Security Paper Mill, Inc.; China Bank note Printing and Minting Corporation; Document Security Systems, Inc.; Giesecke & Devrient; Security Printing and Minting Corporation of India Limited (SPMCIL); Fedrigoni Group; and Goznak are key players operating in this market.
Million Insights segmented the global security paper market on the basis of type, application and region:
Security Paper Type Outlook (Revenue, USD Billion, 2014 – 2025)
• Hybrid Paper
• Thread & UV Fiber
Security Paper Application Outlook (Revenue, USD Billion, 2014 – 2025)
• Currency Notes/Bank Notes
• Passport & Visa
• Identity Card
• Legal & Government Documents
• Bank Documents
• Medical Report & Prescription
• Transportation & Logistics
Security Paper Regional Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• The U.S.
• Asia Pacific
• Latin America
• Middle East & Africa
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