+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Security Printing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • PDF Icon


  • 108 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4897144
UP TO OFF until Dec 31st 2023
The security printing market was valued at USD 30.31 billion in 2021 and is expected to reach USD 39.03 billion by 2027, registering a CAGR of 4.21% during the forecast period (2022 - 2027). As counterfeiting can cause both monetary and reputation loss to organizations, public and private sectors are trying to develop innovative solutions, detection techniques, and new regulatory frameworks and guidelines, creating a favorable market scenario for the growth of the security printing market.

Key Highlights

  • With technology becoming more advanced, accessible, and capable than ever, it is challenging for organizations to stay ahead of counterfeiters and forgers. The technological advancement has also made it easier to replicate even high-quality duplicates of unsecured documents, as counterfeiters find it easier than ever to find scanners with high-end color copiers, print-shop quality resolutions, and even small printing presses.
  • Increasing fraudulent activities by anti-social elements are among the primary reasons driving the demand for security printing. For instance, in January 2021, The United States Custom and Border Protection officers seized two parcels with different denominations of counterfeit currency totaling more than USD 136,000. According to the agency, the first shipment contained 957 fake USD 100 bills and 44 counterfeit USD50 bills totaling USD 97,900. While in the second shipment, there were 384 counterfeit USD 100 bills.
  • The major factors driving this market are law enforcement combined security regulations. For instance, in February 2022, Leicestershire Police, United Kingdom, issued a warning about counterfeit currency. The notification pointed out that the fake notes being passed are Bank of England polymer GBP 20 notes. The Leicestershire police also outlined the identification guidelines to make people aware of the identification process of counterfeit notes.
  • Polycarbonate is broadly used for secure ID documents, offering excellent resistance against attacks, a wide range of security features, and an extended lifetime. Various players are improving the technology to strengthen the security features, which may reflect the trend in the future. For instance, Gemalto Color Laser Shield is a unique solution for securing a color photo within a polycarbonate ID document. Powered by four-color lasers striking a special ink in the document's inner structure, this new issuance solution achieves the highest resolution and counterfeit protection levels.
  • However, the transition toward a cashless economy, digitization of identification cards, and strict certification related to security paper may hamper the growth of the security printing industry over the forecast period.
  • A notable impact of the global outbreak of COVID-19 has been observed on the security printing market. Regarding the number of patients globally, Europe and Asia were among the worst affected areas. Subsequently, the impact of the pandemic intensified in the United States as well, which was evident from the spike in the number of patients. As governments across various regions imposed strict lockdown measures to curb the virus's spread, security printing manufacturers' production capabilities were significantly impacted due to labor shortage and logistics and supply chain disruption, thereby affecting the studied market's growth.

Key Market Trends

Banknotes Holds the Significant Share in The Market

  • Most central banks are switching to more robust options, such as pure polymer substrates, paper/polymer composites, and premium varnishes and coatings. Although they are more expensive, changing to the polymer can result in significant cost savings for issuing authorities because of their longer longevity and increased resistance to folding, soiling, and microbes.
  • The rise in local and global polymer counterfeiting played a significant role in the bank's decision to start modernizing banknotes. Paper, almost often manufactured from cotton fibers for strength and durability, is the substrate for most banknotes. Some papers have linen, specialized colored, or forensic threads added to them to add to their uniqueness and guard against copying.
  • Additionally, the greater use of security paper in printing money and banknotes results from the growing need to combat counterfeit banknotes. Security threads or fibers, holograms, and watermarks are frequently employed as features to protect money. The watermark is primarily used in banknotes as the public can easily recognize it and offers protection against scanners and chemical, mechanical, and reproduction attempts. Furthermore, security fibers are used in addition to a watermark to protect color photocopying.
  • Adopting such measures has started giving positive results as various countries have reported a decrease in counterfeiting of banknotes. For instance, in 2021, the Bank of Italy said that over 347,000 counterfeit euro banknotes were removed from circulation, a reduction of 24.6% from the previous year. With around two-thirds of the total amount of counterfeit banknotes being EUR 20 and EUR 50 notes, this trend has not changed. 95.4% of counterfeits were discovered in eurozone nations, 4.2% in the EU Member States outside the eurozone, and 0.4% elsewhere globally. The market, however, just saw the introduction of new banknotes with improved security features.

Asia Pacific to Account for Significant Market Growth

  • Rising transaction through cash, credit cards, debit cards, cheques, and other alternatives across various countries in the Asia Pacific region is anticipated to increase market growth in the region. For instance, in November 2021, according to the Reserve Bank of India, the Indian credit card expenditure increased by 57% year on year in September 2021.
  • In various countries, the issue of counterfeiting is increasing, especially in banknotes. Governments of various countries are taking measures to prevent the misuse of fake currency, fake passports, fake visas, etc. For instance, in March 2021, the Nepal government bought a security printing machine for Rs. 800 million to manufacture academic certificates, postal stamps, and excise duty stickers to decrease the spread of counterfeit currency.
  • Furthermore, increasing counterfeiting and forgery operations in the Asia Pacific, such as false currency, corruption, and terrorist funding, have contributed to expanding the region's requirement for protecting paper printing. Moreover, the increased demand for papers such as passports, ID cards, and bank credentials, coupled with the expanding population, is providing several development prospects for market participants.
  • For instance, a 19-year-old man was detained in India in 2021 for reportedly defrauding many banks by creating counterfeit accounts with fraudulent paperwork. The suspects established at least ten false profiles with IDBI, Axis Bank, ICICI Bank, and Industrial Bank and sought loans with HDFC Bank and Bajaj Finance. As a result, the security printing demand in the country is expected to increase, boosting the regional market growth.

Competitive Landscape

There is minimal competition within the security printing sector since the market serves a small number of businesses and because the number of players is constrained by several variables, including capital needs, laws and regulations, and others. Some key players operating in the market include Agfa-gevaert Group, Graphic Dimensions, and Cetis d. d., and Printech Global Secure Payment Solutions LLC.
  • January 2022 - Under its modernization initiatives, the Security Printing and Minting Corporation of India Limited India (SPMCIL) set up new banknote printing lines at each of its Currency Note Press in Nashik and Bank Note Press, Dewas.
  • November 2021 - Cetis signed a contract with the government of the Republic of Slovenia to design, manufacture, store, personalize and supply new second-generation cards for temporary and permanent residence permits and residence registration certificates for foreigners. According to the company, the new cards are expected to be upgraded with additional security features designed to prevent counterfeiting from enhancing security.

Additional benefits of purchasing this report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of the Impact of COVID-19 on the Security Printing Market
5.1 Market Drivers
5.1.1 Rising Incidences of Forgery
5.1.2 Emergence of RFID-based Solutions
5.2 Market Restraints
5.2.1 Transition Towards Cashless Economy and Digitization
5.3 Market Opportunities
6.1 By Application Type
6.1.1 Banknotes
6.1.2 Payment Cards
6.1.3 Cheques
6.1.4 Personal ID
6.1.5 Ticketing
6.1.6 Stamps
6.2 By Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia-Pacific
6.2.4 Middle-East and Africa GCC United Arab Emirates Saudi Arabia Rest of GCC Rest of Middle-East and Africa
6.2.5 Latin America
7.1 Company Profiles
7.1.1 Agfa-gevaert Group
7.1.2 Graphic Dimensions Inc.
7.1.3 Cetis D.D.
7.1.4 Printegra (Ennis Inc)
7.1.5 Printech Global Secure Payment Solutions LLC
7.1.6 Graphic Security Systems Corporation
7.1.7 Premier Packaging Solutions (DSS Inc.)

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Agfa-gevaert Group
  • Graphic Dimensions Inc.
  • Cetis D.D.
  • Printegra (Ennis Inc)
  • Printech Global Secure Payment Solutions LLC
  • Graphic Security Systems Corporation
  • Premier Packaging Solutions (DSS Inc.)