Security Printing Market: Structure and Overview of Key Market Forces Propelling Market
Security printing is performed to avoid any kind of forgery, counterfeiting, and tampering of important documents. Security printing consists of watermarks, special paper, micro printing, intaglio printing, anti-copying market, serial numbers, magnetic links, security threads, and holograms.
Depending upon the type of end use application, the global market for security printing can be segmented into brand protection, persona ID, tickets, and financial among others. Inks, coatings, and substrates are projected to be the biggest product segments in the global market for security printing and this trend is projected to remain constant over the course of the given forecast period of 2015 to 2023.
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One of the key driving factors for the growth of the global market for security printing is the implementation of strict standards and regulations across the globe. Security printing along with law enforcement can aid in avoiding counterfeiters and identify forgeries which would subsequently help in cutting down frauds.
In addition to this, the need for brand protection is expected to provide a significant thrust to the overall development of the global market for security printing. Brand names are big targets for the product counterfeiters. These counterfeit copies duplicate the brand name and use their status to sell their fraud products.
This results in huge amount of losses for the company and also leads to tarnishing the stature of the brands. Security printing is projected to offer considerable help in preserving the brand name and thus, is expected to be taken up majority brands thus, driving the market growth.
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Security printing includes printing of banknotes, product authentication, postage stamps, identity cards, stock certificates and passports. Companies, government organizations and institutes protect their valuable documents such as coupons, prescription pads and transcripts with by incorporating few features of the security printing in order to reduce the cost.
Security printing is done to avoid tempering, counterfeiting and forgery. Security printing includes special paper, watermarks, intaglio printing, micro-printing, holograms, security threads, magnetic inks, anti-copying marks and serial numbers. Based on end-use applications, security printing market can be segmented as financial, tickets, brand protection, personal ID and others. Substrates, coatings and inks are expected to be largest product segment in the global security printing market and this trend is expected to remain same in the next few years.
Imposing stringent regulations and standards across the world is expected to be a driving factor for security printing market. Security printing and law enforcement can help in preventing counterfeiters and detect forgeries which would eventually reduce frauds. Furthermore, need of brand protection is anticipated to boost the market growth. Brand names are major target for the product pirates.
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These product pirates copy brand name and status which would cost companies huge losses and reputation dilution. Additionally, rising counterfeiting is anticipated to boost the market growth for security printing. Counterfeiting is increasing at an alarming rate that include petty criminals, invading supply chains with altered packaging and good, illegal copy of tax stamps and producing fake documents and bank notes.
Consumer groups demand to track and trace the products they procure in order to reduce the losses they face. Consumer behavior is changing due to fusion of end-user markets and industries which allow them to access for all the products in market with one go.
However, growing digitization and convergence are expected to hamper the market growth. Thus innovations to develop new products with high security are expected to provide immense opportunities for the players in the market.
Asia Pacific emerged as the largest market for security printing in terms of demand. Middle East and Latin America is expected to be fastest growing in the next few years. Due to rising disposable income and changing consumer behavior in the developing countries of Asia Pacific, the demand for security printing is expected to remain high in the next few years.
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