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World Banknote Paper: A Review of Cotton, Polymer and Multi-Layer Substrates and their Manufacturers
Impacts.Ca Marketing Research, June 2011, Pages: 67
This report is the first of its kind to offer a comprehensive analysis of the world banknote paper industry for investors, issuing authorities and public policy institutes. It focuses primarily on the private sector.
Report Scope:
Throughout this report, banknote paper is referred to by its technical term “substrate”. In the next pages, the global substrate business is analysed by profiling the key manufacturers and documenting how they compete in the market. This report also looks into recent high-profile media reports that have targeted two key players, De La Rue and Securency, and it examines the impact these events have had on the world banknote industry.
Next, the research will focus on the banknote product itself, clearing up the confusion surrounding the range of substrates and classifying these according to their respective functions. The report discusses the performance of each substrate based on the core requirements of durability and security, using publicly available information.
Finally, the report concludes by considering the importance of innovation as a means of securing future growth for the companies operating in the substrate space.
Market Overview:
The report's research has found that the banknote substrate industry is a viable long-term business. The arrival of new players in the last 20 years has had little impact on the big 3 papermakers, Giesecke + Devrient, De La Rue and ArjoWiggins, who remain at the forefront of the industry as a result of investments in acquisition, capacity, R & D and the launch of innovative products. Based on the considerable material available publicly, the report finds that their strong position is enhanced through active marketing, participation in global forums, and a world-wide presence in the world banknote market through networks of subsidiaries and technical assistance programs.
The report estimates that out of 165 000 tons produced annually by both private and public sector banknote mills, the banknote paper business sells 79 000 tons on the commercial market, with an estimated value of USD 1.3 billion. Additional revenues of around USD 500m are generated from the sale of related banknote products and services, such as other security features, technologies and projects. The “big 3” occupy a 57% market share of global sales by tonnage.
Product Overview:
The report notes that a confusing mix of products typify the banknote substrate industry. To clear this up, the report analyzed and classified banknote substrates into five groups: standard, durable and extra-durable cotton, polymer and multi-layer substrates.
Within these groups, the market for durable cotton substrates has shown the strongest growth, having taken a 9.4% market share since its launch 10 years ago. The polymer substrate's market share has peaked lower than 5% since it first appeared in 1988, and continues to see its position limited by standard and durable cotton substrates with more secure integrated features. New “Multi-Layer” substrates are likely to further erode polymer's share, as well as that of standard cotton paper.
Keywords : Banknote, substrate, cotton banknotes, polymer banknotes, banknote durability, currency study, banknote study, currency report, banknote report
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