According to the market research report “Security Paper Market by Component (Substrates, Watermarks, Threads, and Holograms), Application (Banknotes, Passports, Identity Cards, Certificates, Legal & Government Documents, Cheques, and Stamps), and Region – Global Forecast to 2023″, The security paper market is projected to grow from USD 11.4 billion in 2018 to USD 14.8 billion by 2023, at a CAGR of 5.42% during the forecast period.
The rising demand for security paper in several applications such as bank notes, legal & government documents, certificates, identity cards, passports, cheques, and stamps, which are authenticated by watermarks, holograms, and security inks is projected to boost the market growth during the forecast period. Other factors such as increasing tourism, the growing demand for highly secured documents, the rising demand for printing, reprinting, and circulation of banknotes, and the rising instances of fraud, and counterfeiting incidences have driven the demand for security papers across various applications.
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The security paper market is projected to grow from USD 11.4 billion in 2018 to USD 14.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.42% from 2018 to 2023. Key factors driving the growth of the global security paper market include increasing tourism, the rising demand for printing, reprinting, and circulation of banknotes, and the growing demand for highly secured documents.
The security paper market is dominated by several key players such as Giesecke+Devrient (Germany), De La Rue plc (UK), Fedrigoni Group (Italy), Security Printing and Minting Corporation of India Limited (India), Real Casa de la Moneda (Spain), Security Paper Limited (Pakistan), Goznak (Russia), China Banknote Printing and Minting Corporation (China), Drewsen Spezialpapiere GmbH & Co. KG (Germany), and Document Security Systems (US).These players have adopted various growth strategies such as expansions, investments, divestments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market shares and enhance their product portfolios.
The strategies of expansions, acquisitions, and new product launches together accounted for the largest share of all the strategic developments that took place in the security paper market between January 2016 and November 2018. Key players such as Giesecke+Devrient (Germany), De La Rue plc (UK), Fedrigoni Group (Italy), and Security Printing and Minting Corporation of India Limited (India) adopted these strategies to strengthen their product portfolios, expand their market presence, and enhance their growth prospects in the security paper market.
Giesecke+Devrient is one of the key players in the security paper market. Its strong business portfolio and wide presence across the globe, which contributes toward its leading share in the security paper market. High revenue and adoption of strategic initiatives such as partnership, joint venture, contract, acquisition, and expansion have ensured its leading position in the market. In 2017, G+D Currency Technology acquired Procoin GmbH (Germany), a provider of counting, sorting, and packing machines in the coins and banknote counters. Through this strategic initiative, the company expanded its offerings in the coin segment and strengthened its position as a global market leader for cash cycle automation process.
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De La Rue plc is another leading commercial banknote paper and banknote printer manufacturer. Its customers include commercial banks, central banks, and other financial institutions. It has a strong foothold across the globe with manufacturing locations across three continents, and the company serves its customers in over 140 countries coupled with a wide product portfolio, due to which it has a significant market position. It has adopted strategies such as new product launches, contracts, expansions, investments, agreements, partnerships, acquisitions, and agreements to expand its product portfolio and geographical reach. For instance, in September 2018, De La Rue launched—Ignite, a visually spectacular, next-generation banknote security thread at Mint & Print 2018. Also, the company, in September 2018, won the contract of Sveriges Riksbank, the world’s oldest central bank, to produce Swedish Krona currency for the three years.
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