Security Paper Market Projected to Reach $14.8 billion by 2023
According to the market research report "Security Paper Market by Component (Substrates, Watermarks, Threads, and Holograms), Application (Banknotes, Passports, Identity Cards, Certificates, Legal & Government Documents, Cheques, and Stamps), and Region - Global Forecast to 2023", The security paper market is projected to grow from USD 11.4 billion in 2018 to USD 14.8 billion by 2023, at a CAGR of 5.42% during the forecast period.
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The rising demand for security paper in several applications such as bank notes, legal & government documents, certificates, identity cards, passports, cheques, and stamps, which are authenticated by watermarks, holograms, and security inks is projected to boost the market growth during the forecast period. Other factors such as increasing tourism, the growing demand for highly secured documents, the rising demand for printing, reprinting, and circulation of banknotes, and the rising instances of fraud, and counterfeiting incidences have driven the demand for security papers across various applications.
In terms of value, the watermark segment is projected to grow at the highest CAGR from 2018 to 2023.
The watermark segment of the security paper market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of this segment is attributed to the increased used in security papers, particularly in postage stamps, currency, and other security documents. Watermarks mainly comprise two types, visible watermark and invisible watermark. A visible watermark is a semi-transparent text or image overlaid on the original image. It allows the original image to be viewed, but it still provides copyright protection by marking the image as its owner’s property. An invisible watermark is an embedded image, which cannot be perceived with human eyes. Only electronic devices or specialized software can extract the hidden information to identify the copyright owner.
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In terms of value and volume, the bank notes segment is estimated to lead the security paper market in 2018.
Bank notes, one of the major applications of security paper, is generally manufactured from cotton-fiber paper, polymer, or hybrid paper. This makes banknotes more security and resistant to wear and tear compared to common paper. Nowadays, special types of polymers are used for manufacturing banknotes, as they have better shelf life than paper notes and are resistant to fire and water. To prevent counterfeiting, the government of each country incorporates numerous security features in banknotes. Watermarks, holograms, security threads, intaglio printing, and inks are some of the security features that are inserted in banknotes during the manufacturing process. The constant printing, circulation, and reprinting of banknotes, coupled with the rise in a number of cases of counterfeited notes, are projected to drive the demand for security papers for banknotes.
Asia Pacific region is projected to account for the largest share in the security paper market during the forecast period
The Asia Pacific region is projected to lead the security paper market, in terms of both, value and volume, from 2018 to 2023. The growth of the Asia Pacific security paper market is attributed to the rising income, growing tourism industry, and the increasing printing and reprinting of banknotes in the region. In addition, the increasing demand for security papers such as government IDs, legal & government documents, and other documents is also driving the demand for security papers in India. The demand is also driven due to the growing hologram market for security and protection of consumers from counterfeit products.
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Giesecke+Devrient (Germany), De La Rue plc (UK), Fedrigoni Group (Italy), Security Printing and Minting Corporation of India Limited (India), Real Casa de la Moneda (Spain), Security Paper Limited (Pakistan), Goznak (Russia), China Banknote Printing and Minting Corporation (China), Drewsen Spezialpapiere GmbH & Co. KG (Germany), and Document Security Systems (US) are key players operating in the security paper market. Expansions, acquisitions, investments, and new product developments are some of the major strategies adopted by these key players to enhance their position in the security paper market.
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