Security Paper Market by Application, by Components and Geography – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026

The Global Security Paper Market is expected to reach USD 14.2 Billion by 2023, registering a CAGR of 6.2% during 2020-2026. Rapidly rising demand for anti-counterfeit due to increase in the number of fraud and counterfeiting cases coupled with cash-based payments and rising need to maintain integrity of documents across business units are factors driving the market growth.

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Security Paper Market Trends, Drivers and Opportunities:

The foremost driving factor responsible for the market growth is forgery practices and existence of counterfeit currency in economies around the world. The government in various countries have been experiencing the attacks on economy time to time, hence in order to counter these attacks governments and other related institutions such as financial institutions and passport offices have mandated security checks of inventories pertaining to government documents and currency at various points. Also, addition of certain clauses such as valid proof of authentication for foreigners and travelers fuels the demand for security paper in the forecast timespan.

One of the major trends observed in the market is rise in demand for tax stamps constitutes as a significant expansion followed by steady consumption rate of tobacco. On contrary, personal ID market is expected to witness a moderate growth rate owing to increase in use of digital channels over manual inspection. The market is expected to exhibit lucrative opportunities such as rise in supply of security inks and threads which are undergoing adoption of digital technologies for production of watermarks and holograms.

Vendors in the payment card domain are collaborating with third parties to encourage biometric technologies. For instance, MasterCard recently collaborated with a Norwegian firm Zwipe that features in fingerprint scanning. The company is also working with Royal Bank of Canada and Bionym that uses cardiac rhythms to validate a user’s identity.

In another instance, American Express (AMEX) has launched a facial recognition feature to validate mobile payments. It uses biometrics that adds aesthetics to payment provider’s appeal in new segments such as heavy mobile users who wish to employ digital payments.