A new report by Reports and Data indicates that the global security paper market is expected to reach USD 24.67 Billion by 2026. Security papers have features that help identify or authenticate a document as being genuine rather than counterfeit. Security paper typically has a watermark, and other features have been integrated to prevent tampering with documents, such as when amounts are altered on a cheque.
The increasing incidence of document counterfeiting and fraud is one of the major factors contributing to the growth of the security paper market. The government, along with organizations such as banks and passport offices, is working to make their documents more secure by deploying security papers to prevent fraud attacks.
The rise in disposable income has led to an increase in foreign travel, which has increased the demand for visas and passports, supporting the growth of the security paper market. Additionally, consumers are becoming more aware of fraud and the need for protection against counterfeiters, which is expected to boost market demand in the future.
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Central banks worldwide are mandated to protect the integrity of banknotes through new designs and security features. They assess the demand for banknotes and coins, plan the supply and distribution of sufficient quantities of banknotes and coins, and ascertain the quality of banknotes in circulation by withdrawing soiled banknotes in a timely manner. This mandate is expected to drive market growth in the forecast period.
According to the report, the hybrid paper segment contributed to the largest market share in 2018 and is expected to have a CAGR of 6.0% in the forecast period. Banknotes contributed to the largest market share in 2018 and are likely to witness a growth rate of 6.2% in the forecast period. The Asia Pacific region dominated the market in 2018 and is expected to grow at a rate of 6.7% in the forecast period. The report also identifies key participants in the security paper market.
The global security paper market has been segmented by Reports and Data on the basis of type, security feature, application, and region.
Security Paper Market: Drive Factors
The security paper market is expected to reach USD 24.67 Billion by 2026, driven by various factors. One of the major factors is the increasing incidences of document counterfeiting and fraud, which has led to government and other organizations taking measures to make their paper works and documents more secure through the deployment of security papers.
The market is also being supported by an increase in disposable income, which has led to a rise in foreign tours and a higher demand for visas and passports. Furthermore, rising awareness about frauds among consumers and the growing need for protection against counterfeiters are expected to boost market demand in the forecast period.
Central banks across the globe are mandating the protection of the integrity of banknotes through new design and security features, assessment of the demand for banknotes and coins, planning the supply and distribution of sufficient quantity of banknotes and coins, and ascertaining the quality of banknotes in circulation by the timely withdrawal of soiled banknotes, which is also driving market growth.
The Asia Pacific region dominated the market in 2018 and is expected to continue growing at a rate of 6.7% in the forecast period due to the presence of a huge population and increased spending on legal services in the region. The key participants in the market include Security Paper Mill Inc., China Bank Note Printing and Minting Corporation, Ciotola SRL, Document Security Systems Inc., Security Paper Limited, Sequana Group, Giesecke Devrient, Fedrigoni Group, Goznak, and Security Printing and Minting Corporation of India Limited, among others.
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