“According to SNS Insider, the Security Paper Market Size is expected to flourish from a valuation of USD 18.19 billion in 2023 to reach USD 32.60 billion by 2031”
One key driver is the rise in global counterfeiting, estimated by the OECD to cost the global economy hundreds of billions of dollars annually.
This compels governments and businesses to invest in secure documents like passports, identity cards, and banknotes. For instance, a 2023 study by the US Chamber of Commerce found that 85% of businesses have experienced counterfeiting attempts, highlighting the need for strong security features in essential documents.
The security paper market faces a complex challenge in balancing innovation with affordability.
While governments worldwide, spurred by rising counterfeiting cases estimated at $1.2 trillion annually by the International Chamber of Commerce, push for advanced security features like embedded microfibers and color-shifting inks, these innovations significantly inflate production costs. This creates a hurdle for developing nations with tight budgets, potentially leaving them reliant on less secure papers.
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Major Players Listed in this Report are:
- GOZNAK
- HG Technology Sdn Bhd
- EPLHOUSE
- Document Security Systems Inc
- China Banknote Printing and Minting Corporation
- CIOTOLA SRL
- Simpson Security Papers
- Security Papers Limited Sequana
- Pura Group
- Giesecke Devrient GmbH
A growing focus on combating counterfeiting in vital documents like educational certificates a $22 billion market and healthcare prescriptions create a demand for security papers.
Government initiatives like India’s e-prescription mandate and the rise of digital educational platforms further fuel this need. Security papers embedded with radio frequency identification (RFID) tags or covert trackable elements can enhance supply chain transparency and combat product piracy. By providing to these emerging segments with innovative solutions, security paper manufacturers can unlock significant untapped opportunities.
According to SNS Insider the “passports” segment holds the largest market share of around 30% due to stringent government regulations and high security needs.
Conversely, the “bank documents” segment, though substantial potentially 20%, could show a decline due to the rise of digital banking. The “identity card” segment estimated at 15% might be experiencing steady growth due to increasing national ID programs. “Bank notes” possibly 25% represent a vital segment with constant innovation to combat counterfeiting.
Sustainable Plastic Packaging Market Key Segments:
By Security
- Watermarks
- Holograms
- Hybrid Papers
- Threads
By Application
- Passport
- Bank Documents
- Identity Card
- Bank Notes
- Others
APAC will be dominating the market during the forecasted period.
China, the regional powerhouse, is anticipated to maintain its market leadership for the next five years. Secondly, governments across APAC are prioritizing the incorporation of advanced security features like watermarks and holograms into essential documents like banknotes, passports, and stamps.
This focus on security stems from factors like economic stability, rising disposable incomes, and a booming tourism industry. Additionally, the region’s large, cash-reliant populations in countries like India and Indonesia drive up demand for banknotes, further promoting the security paper market.
The Security Paper Market, currently accounting for roughly 15% of the global paper production according to industry estimates, is heavily influenced by external forces.
Geopolitical instability and rising counterfeiting activities can significantly boost demand for secure documents like passports and identification cards, as governments prioritize national security. For instance, a recent rise in counterfeiting of currency in a developing nation led to a 20% increase in their security paper imports.
Conversely, economic downturns can stifle government spending, leading to a decrease in secure document issuance and impacting Security Paper Market growth.
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Recent Developments:
- Giesecke & Devrient (G&D)recently unveiled a new polymer substrate for banknotes that boasts enhanced durability and security features. This innovation caters to the rising demand for longer-lasting banknotes, especially in regions with high circulation.
- Crane Currency, has focused on developing color-shifting inks and kinegrams (dynamically diffractive images) to further impede counterfeiting efforts.
- Francois-Charles Oberthur Fiduciaire (FCOF)has made strides in secure identity documents, integrating biometrics and radio-frequency identification (RFID) technology into passports and ID cards.
Key Takeaways:
- Governments around the world are actively seeking new methods to secure sensitive documents like passports and currency, driving demand for innovative security features.
- This growth is likely to be particularly strong in the Asia-Pacific region, where economic development and a rising middle class are increasing the need for secure identification and financial transactions.
- While the rise of digital documents may pose a challenge in the long run, the immediate future looks bright for security paper producers, as the need for physical verification remains crucial in many areas.
Table of Contents – Key Points
1 Introduction
2 Research Methodology
3 Market Dynamics
4 Impact Analysis
5 Value Chain Analysis
6 Porter’s 5 forces model
7 PEST Analysis
8 Security Paper Market Segmentation, By Security
9 Security Paper Market Segmentation By Application
10 Regional Analysis
11 Company Profiles
12 Competitive Landscape
13 Conclusion
Continue….
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