Security Paper Market Will Reach Nearly USD 24.67 Billion By 2026, Expanding at a CAGR of 6.4%
One of the major factors contributing to the growth of the market is the increasing incidences of document counterfeiting and fraud. In an attempt to curb these fraud attacks, the government along with other organizations including banks, and passport offices, among others are putting in efforts to make their paper works and documents more secure by the deployment of security papers.
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An increase in the level of disposable income has been instrumental in the increase in the number of foreign tours, which in turn, has developed higher demand for visas and passports, thereby supporting the growth of the market in the upcoming years. Further, rising awareness about frauds among consumers and the growing need for protection against counterfeiters is expected to boost the market demand in the forecast period.
The mandate of central banks across the globe to protect the integrity of banknotes through new design and security features, assess the demand for banknotes and coins, plan the supply and distribution of sufficient quantity of banknotes and coins and ascertain quality of banknotes in circulation by the timely withdrawal of soiled banknotes which will drive the market growth in the forecast period.
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Further key findings from the report suggest
• By type, 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. The market dominance of hybrid paper is owing to its increasing deployment in applications, including banknotes, passports, and legal documents, among others. Hybrid papers glow in ultra-violet light and comprise special chemical components, which prevent chemical and mechanical forgery.
• By application, banknotes contributed to the largest market share in 2018 and are likely to witness a growth rate of 6.2% in the forecast period, due to growing cases of counterfeit notes coupled with increasing government initiatives to curb the issue and prevent fake notes from being circulated.
• The market in 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 market dominance of the Asia Pacific region may be attributed to the presence of huge population and increased spending on legal services in the region.
• Key participants 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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For the purpose of this report, Reports and Data have segmented the global security market on the basis of type, security feature, application, and region:
Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
• Hybrid Paper
Security Feature Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
• Identity Cards
• Legal & Government
• Medical Reports & Prescriptions
• Transportation & Logistics
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
• North America
• Asia Pacific
• Latin America
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