Increased cases of forgery and counterfeiting practices are anticipated to drive the security printing market over the forecast period. Counterfeiting practices are particularly prevalent in bank notes, passports, postage stamps, identity cards, stock certificates, and contraband. Security printing helps in prevention of tampering and forgery of the instruments mentioned above.
The key end market verticals in security printing market includes Banking, Financial Services and Insurance (BFSI), Supply Chain Industry and Legal authorities (Government bodies) responsible for issuing passport, legal stamps, driving license, personal unique ID birth and death certificates,. With an increase cases of deception and counterfeiting, it will lead to the demand for security printing across its various applications.
Growth in demand for the security printing paper market is expected to rise due to reasons:
- With rise in crime, financial instruments should be issued through secure printing.
- Developed countries would increase the usage of hybrid security printing papers to ensure their legal and financial documents are secured. Counterfeiting is expected to increase at an astonishing rate, which includes minor criminals producing illegal copies of tax stamps, forged documents, bank notes, and invading supply chains with changed packaging and goods. This will boost the demand for security printing market.
- Many countries has introduced new currency notes in recent years to safeguard their economy with money laundering, counterfeits and corruption. Kenya, Jamaica, Poland, Venezuela, Namibia, Pakistan and India has changed their currency notes in recent years, this is an indication of growth of security printing market in aforementioned regions.
- Governments are taking cautions especially to abort forgery and counterfeiting practices by implementing security printing in their legal documents and tender.
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Security Paper Market – Regional Outlook
Geographically, the global security printing paper market can be segmented into the Asia Pacific followed by Northern America, Africa, and Europe. Some stringent decisions taken by Asian and African countries has resulted in reprinting of their currency note in new design with added security. Latin America security paper market is expected to grow at a slower rate as many countries of this region are facing political and economic uncertainty. Africa is anticipated to be a substantial market for security printing paper market as the economy is emerging and low banking application will lead to demand for security printing paper.
Security Paper Market – Key Players
Few of the Key players identified across the globe in the security paper market are: Madras Security Printers Private Ltd., Giesecke & Devrient, 3M, Simpson Security Papers, Inc, SPM – Security Paper Mill, HGT, Troy Group Inc., and Luminescence International Ltd