Security Printing Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 31.93 Billion |
| Market Size (2029) | USD 36.49 Billion |
| CAGR (2024 - 2029) | 2.71 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Security Printing Market Analysis
The Security Printing Market size is estimated at USD 31.93 billion in 2024, and is expected to reach USD 36.49 billion by 2029, growing at a CAGR of 2.71% during the forecast period (2024-2029).
- As counterfeiting can cause both monetary and reputation loss to the organizations, to assure the user that the product is not tampered with after leaving the factory and is authentic, implementing security measures becomes highly important for the organizations. The increasing number of counterfeit attacks on banknotes, cheques, ID cards, and other services will significantly drive the growth of the security printing market.
- In addition, technological advancements in the government and corporate sectors fuel the need for security printing services. These advancements strengthen documents and products' security, efficiency, and reliability by incorporating advanced features like biometrics, smart cards, digital watermarks, and secure inks. These features ensure that printed materials become significantly resistant to counterfeiting and fraud, amplifying the demand for security printing services.
- For instance, Thales manufactures smart cards for secure financial transactions, including credit and debit cards with embedded chips that enhance security compared to traditional magnetic stripe cards. The company is also a significant player in providing EMV (Europay, MasterCard, and Visa) smart cards that are widely used for secure payment transactions. Further, in October 2023, Thales Brings Passwordless Fingerprint Authentication to the Enterprise. The latest SafeNet IDPrime FIDO Bio Smart Card offers an easy, secure, and quick way to access applications with just their fingerprint. Such inventions in the smart cards for organizational use may further create opportunities in the studied market.
- However, the substantial cost of deploying advanced security printing technologies poses a challenge to the market's growth. Integrating advanced features like holograms, specialized inks, and security threads can significantly increase production expenses. This challenge is especially pronounced for small and medium-sized enterprises operating on constrained budgets.
- Furthermore, the ongoing demand for R&D to outpace counterfeiters and tackle emerging security risks further amplifies the financial burden. These cost challenges have the potential to impede the uptake of security printing solutions, thereby restraining market growth.
- International conflicts, trade policies, economic sanctions, regulatory changes, and political instability are geopolitical factors affecting the security printing market. International conflicts and wars have significantly influenced the security printing market. They have heightened the need for secure documents like passports, visas, and military IDs, disrupted supply chains, and altered regulatory mandates. For instance, Due to the Russia-Ukraine Conflict, there is Increased demand for secure documents such as passports, visas, and ID cards for displaced individuals and refugees.
- However, disruption of supply chains and manufacturing processes due to sanctions and restricted trade with Russia affects the availability of raw materials and technology. In addition, according to the Stockholm International Peace Research Institute, Russia is projected to increase its military spending to 7.1% of its GDP in 2024, constituting 35% of its total government expenditure. Such expenditures on military security may further create opportunities for the studied market in the forecasted period.
Security Printing Market Trends
Banknotes Segment Holds Major Market Share
- Central banks are increasingly opting for advanced materials like pure polymer substrates, paper/polymer blends, and enhanced coatings. While these choices come at a higher cost, the switch to polymer can yield substantial savings for issuing authorities. This is due to the polymer's extended lifespan and heightened resilience to folding, soiling, and microbial threats.
- The surge in both local and global polymer counterfeiting has been a pivotal factor driving banks to modernize their banknotes. Traditionally, banknote substrates have been crafted from paper, often derived from cotton fibers for robustness. Some variants incorporate linen, specialized colors, or even forensic fibers to bolster their distinctiveness and deter replication.
- Furthermore, the uptick in security paper usage in currency printing is a direct response to the escalating counterfeit banknote challenge. Security features like threads, holograms, and watermarks are now commonplace. Watermarks, especially prevalent in banknotes, offer easy public recognition and shield against scanning, chemicals, mechanical tampering, and reproduction. Complementing watermarks, security fibers further fortify defenses against color photocopying.
- For instance, the Reserve Bank of India has introduced distinct security elements like watermarks and threads to set its currency apart from counterfeits. With incidents of counterfeit currency on the rise and the need for continuous currency circulation to support economies, the security paper market is witnessing a surge. As the forecast period progresses, the market is poised to leverage cutting-edge security technologies and printing methods in banknote production.
- Euro banknotes, crafted from pure cotton paper, possess a natural degradation process over time. The Euro system employs a "decentralized pooling" approach for printing, where each of its facilities focuses on specific denominations. Emphasis is placed on countering counterfeiting, maintaining note quality, sustainable production, and environmental protection.
- The Reserve Bank of India's annual report highlighted the detection of around 91,110 counterfeit INR 500 notes in the fiscal year 2022-23. Notably, the latest data reveals an 8.4% rise in counterfeit notes for the newly designed INR 20 and a 14.4% increase for the INR 500 compared to the previous year.
- The increasing number of counterfeit attacks on banknotes, cheques, ID cards, and other services will significantly drive the growth of the security printing market. According to the Bank of Korea, during the first half of 2023, the most detected counterfeit banknote in South Korea was the KRW 5,000 bill, with 73 such banknotes. It was followed by 26 KRW 10,000 banknotes.
Asia-Pacific to Account for Significant Market Share
- Asia-Pacific is forecasted to observe impressive growth during the forecast period as a result of the adoption of advanced security printing technology in countries like India, China, and Japan. The market is anticipated to witness consistent expansion in the forthcoming years, driven by technological advancements and a growing focus on document security. Moreover, the government's focus on increasing the adoption of personal identification technologies across emerging economies is further expected to drive the demand for security printing solutions in the region.
- For instance, High-Security Printing Asia, organized by Reconnaissance, is part of a trio of regional events that take place every year to cater to specific regions. This event focuses on government-specified documents, including currency, fiduciary documents, excise stamps, ID cards, e-passports, visas, vehicle documents, and licenses, with a special emphasis on banknotes and emerging technologies for ID and travel documents. Running alongside the event is a trade exhibition featuring approximately 30 exhibitors from the currency, e-passport, smart card, authentication, and related industries.
- India is expected to contribute significant market growth over the coming years due to the growing adoption of security printing technologies. The market for holographic security printing in India is experiencing a boost in demand, as highlighted by the International Hologram Manufacturers Association (IHMA).
- This growth is being driven by efforts from state authorities, the national government, and law enforcement agencies to enhance security measures through both overt and covert protection strategies. The region is seeing a notable rise in the security printing sector, attributed to the government's initiatives to combat counterfeiting and the growing utilization of security printing solutions across various industries.
- The increasing number of counterfeit activities across the region is expected to drive the demand for security printing services. According to the Reserve Bank of India's latest report, during the 2022-23 fiscal year, 4.6% of the total Fake Indian Currency Notes (FICNs) detected in the banking sector were traced back to the Reserve Bank, while the remaining 95.4% were detected at other banks. There was an 8.4% surge in spotting counterfeit notes in the INR 20 denomination and a 14.4% increase in the INR 500 (new design) denomination compared to the previous year, 2022.
- Additionally, the central bank identified 78,699 fake Rs 100 notes and 27,258 fake Rs 200 notes in the same year. These significant factors influencing counterfeit activities in the region will contribute to the enhancement of security printing opportunities.
- Growing fake currency activities across other regions of APAC, such as China, Hong Kong, Japan, and others, are expected to drive the security printing market. In January 2024, as reported by Sichuan City authorities, a couple residing in Chongqing was arrested for producing counterfeit currency in their residence and using more than half a million yuan (USD 70,000) in fake notes over a period of five years. The investigation uncovered that from 2018 to 2023, the couple successfully circulated over 500,000 yuan in counterfeit money throughout Wanzhou and nearby regions, resulting in significant financial harm to the local populace. Such significant activities in determining the availability of counterfeit currency will improve the market opportunities.
- Similarly, in June 2024, The Hong Kong police issued a warning to the general public regarding the increasing prevalence of counterfeit banknotes in the city between January and April 2024. During this period, authorities confiscated a total of 3,396 fake notes amounting to HKD 2.55 million (USD 326,130), a significant surge from the 553 bills worth HKD 166,220 (USD 21,291) seized in the same timeframe in 2022. Notably, three cases of fraud related to cryptocurrency transactions contributed substantially to this year's counterfeit incidents. The rise in counterfeit currency instances is expected to fuel demand in the market.
Security Printing Industry Overview
The Security Printing Market is semi-consolidated, with the presence of major players like ECO3, Graphic Dimensions Inc., Cetis D.D., Printegra (Ennis Inc), and Printech Global Secure Payment Solutions. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- June 2024 - ECO3 and eProductivity Software (ePS) have unveiled a strategic partnership aimed at elevating automation in print production. By offering seamlessly integrated and customized workflow solutions, this collaboration is poised to establish a new standard in efficiency, paving the way for enhanced growth prospects.
Security Printing Market Leaders
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ECO3
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Graphic Dimensions Inc.
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Cetis D.D.
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Printegra (Ennis Inc)
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Printech Global Secure Payment Solutions
*Disclaimer: Major Players sorted in no particular order
Security Printing Market News
- June 2024 - Hitech, a prominent entity in India's security printing sector, strategically acquired a second 9-color pre-owned Rotatek RK 250 plus press. This significant investment enhanced Hitech's production capacity, further elevating its quality and operational efficiency standards. Hitech specializes in the secure printing of critical documents, including question papers, answer sheets, OMR forms, university degrees, certificates, cheques, and other sensitive materials.
- May 2024 - Toppan Gravity Ethiopia (TGE), a joint venture between the Ethiopian government and Japanese conglomerate Toppan Gravity, initiated the construction of a security printing facility in Bole Lemi Industrial Park. This USD 55 million investment, scheduled for completion within a year, aimed to establish a plant capable of producing 5.6 million biometric passports, 28 million banking cards, and physical prints of digital ID cards annually. Kalkidan Arega, CEO of Toppan Gravity Ethiopia, noted that the investment resulted from Ethiopian Investment Holdings identifying a significant market opportunity in the security printing sector.
Security Printing Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of Geo-political and Economic Factor on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Incidences of Forgery
5.1.2 Emergence of RFID-based Solutions
5.2 Market Challenges
5.2.1 Transition Towards Cashless Economy and Digitization
6. MARKET SEGMENTATION
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
6.1.7 Other Application Type
6.2 By Geography***
6.2.1 North America
6.2.2 Europe
6.2.3 Asia
6.2.4 Australia and New Zealand
6.2.5 Middle East and Africa
6.2.6 Latin America
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 ECO3
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
7.1.6 Graphic Security Systems Corporation
7.1.7 Baldwin Technology Company Inc.
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
10. IMPACT OF TECHNOLOGY ON THE SECURITY PRINTING MARKET ECOSYSTEM
Security Printing Industry Segmentation
Security printing involves printing items such as banknotes, cheques, passports, product authentication, stock certificates, postage stamps, and identity cards. The main goal of security printing is to prevent forgery, tampering, or counterfeiting through the printing process under financial, personal ID, and ticket sectors.
The security printing market is segmented by application type (banknotes, payment cards, cheques, personal ID, ticketing, stamps, other application type) and by geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The market sizes and forecasts are provided in value (USD) for all the above segments.
| By Application Type | |
| Banknotes | |
| Payment Cards | |
| Cheques | |
| Personal ID | |
| Ticketing | |
| Stamps | |
| Other Application Type |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Middle East and Africa | |
| Latin America |
Security Printing Market Research FAQs
How big is the Security Printing Market?
The Security Printing Market size is expected to reach USD 31.93 billion in 2024 and grow at a CAGR of 2.71% to reach USD 36.49 billion by 2029.
What is the current Security Printing Market size?
In 2024, the Security Printing Market size is expected to reach USD 31.93 billion.
Who are the key players in Security Printing Market?
ECO3, Graphic Dimensions Inc., Cetis D.D., Printegra (Ennis Inc) and Printech Global Secure Payment Solutions are the major companies operating in the Security Printing Market.
Which is the fastest growing region in Security Printing Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Security Printing Market?
In 2024, the Asia Pacific accounts for the largest market share in Security Printing Market.
What years does this Security Printing Market cover, and what was the market size in 2023?
In 2023, the Security Printing Market size was estimated at USD 31.06 billion. The report covers the Security Printing Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Security Printing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Security Printing Industry Report
Statistics for the 2024 Security Printing market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Security Printing analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Security Printing Market Report Snapshots
