Global security paper market is expected to register a CAGR of 7.4% over the forecast period. Moreover, the security paper market is believed to be valued at USD 18.97 Billion by 2024.
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“Security Paper Market: Global Demand Analysis & Opportunity Outlook 2024”
The global security paper market is segmented into application such as banknotes and checks, passport, certificates, stamps, identity cards and legal & government documents. Among these segments, banknotes and checks segment is expected to occupy the top position in the market.
The rise of the banknotes and checks segment is backed due to increase in forging practices of banknotes. Moreover, growing concerns regarding duplicity of banknotes and checks is also believed to foster the growth of security paper market.
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The market of security paper is expected to expand on the back of favorable government policies and increasing awareness regarding fraud products.
The holograms segment by paper type is expected to witness a robust growth over the forecast period i.e. 2017-2024. Further, huge adoption of holograms for providing authenticity of the product is predicted to flourish the growth of holograms security paper market by 2024.
In terms of geography, Asia-Pacific region contributed the largest share of revenue in overall security paper market. Moreover, India is expected to be the fastest growing country in the market of security paper in this region owing increasing number of forgery and counterfeit cases.
Mounting concern regarding the brand protection
Favorable government initiatives regarding the usage of security paper to prevent counterfeit and rising concern regarding the brand protection are anticipated to be the dynamic factor behind the rapid growth of security paper market. Furthermore, initiatives taken by numerous brands to curb the piracy of their products are also believed to flourish the growth of security paper market.
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Rising counterfeiting activities
Increasing counterfeiting activities and piracy of the products across the globe is one the major factor augmenting the demand for security paper. Additionally, growing number of fraudulence cases regarding banking services such as bank checks and fake currency is also impelling the market of security paper.
Apart from this, growing demand for visas and passports due to increasing tourism all over the globe is expected to supplement the growth security paper market
On the contrary, increasing online banking activities is anticipated to dampen the growth of security paper market during the forecast period.
The report titled “Security Paper Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global security paper market in terms of market segmentation by paper type, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global security paper market which includes company profiling of Sun Chemical Corporation, 3M, TROY GROUP, INC., Cadena, Gemalto, Giesecke & Devrient, Luminescence International Ltd, Madras Security Printers Private Ltd, Oriental Security Printing Solutions and TraceTag International. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global security paper market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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