Westford, USA, Nov. 29, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the security paper market will attain a value of USD 23.68 Billion by 2031, with a CAGR of 5.6% over the forecast period (2024-2031). The security paper authenticates an original document. It is the most extensively used technique of authenticating forgery, counterfeiting, and tampering of a document; it is an automobile that is propelled by its extensive use of printing government, legal, and monetary documents. The production of counterfeit documents and currency notes causes heavy losses for governments, organizations, and people. The demand for the product is expected to be fueled by the very fast-growing need for anti-counterfeit technology in applications, including bank cheques and currency printing.
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Browse in-depth TOC on "Security Paper Market"
- Pages - 157
- Tables - 70
- Figures – 75
Security Paper Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $15.31 Billion |
| Estimated Value by 2031 | $ 23.68 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Collaborations With Security Firms |
| Key Market Drivers | Focus on Privacy and Data Protection |
Dominance of Hybrid Paper in Security Paper Market Due to Extensive Applications Across BFSI Industries
Hybrid paper, with its diversified applications in the sectors of banking, financial services, and insurance, holds a more than half revenue share in the global market in 2023. The special qualities render paper well-suited for documents of importance, such as legal documents, passports, visas, and currency notes. Increased requirements for safe materials with a long usage life and the demand for protection from counterfeits continue to strengthen hybrid paper as one of the most wanted solutions in various sectors.
Government Initiatives, Including UID Program and PMJDY Aids Legal & Government Documents Segment to Grow
The legal and government documents category is expected to growth at the fastest rate during the forecast period due to various government initiatives, namely, the UID program and Pradhan Mantri Jan Dhan Yojana of the Government of India. Expansion in the Asia-Pacific market is expected to be heavily influenced by China's Plan for Advancing the Development of Financial Inclusion. Most R&D establishments and companies possess robust data security programs to safeguard digital data. However, businesses are undergoing extreme strife in order to prevent data breaches originating from traditional paper-based files.
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Asia-Pacific is Powerhouse for Security Paper Demand, Owing to Cash Transactions
Asia-Pacific has the largest security paper market share, driven by factors such as a rising population, a deep preference for cash transactions, and several government initiatives focused on the quick expansion of BFSI infrastructures. It also encompasses tremendous migration contributed by better education and job opportunities abroad. Demand will increase upward trends in the demand for security paper, mainly utilized for such important documents as passports and visa applications. Hence, with more traveling and migration in the coming years, this sector is set to rise splendidly during the forecast period.
Security Paper Market Insights
Drivers
- Rising Use in Identity Verification
- Focus on Privacy and Data Protection
- Demand for Authentication
Restraints
- Intellectual Property Risks
- Shift Toward Cashless Transactions
- Fraud and Counterfeiting Evolution
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Segments covered in Security Paper Market are as follows:
- Component
- Substrates, Watermarks, Threads, Holograms, Others
- Application
- Bank Notes, Passports, Identity Cards, Certificates, Legal & Government Documents, Cheques, Stamps, Others
Key Players Operating Within the Security Paper Industry
- Goznak
- De La Rue Plc
- Document Security Systems
- Real Casa De La Moneda
- Ciotala SRL
- Pura Group
- EPL House
- Dipa ZRT.
- Portals Paper Ltd.
- HG Technology SDN BHD
Key Questions Covered in the Global Security Paper Market Report
- What are the factors driving the growth of the market?
- What key players are operating within the market?
- Which region is the largest shareholder of the market?
- What are the key security paper market trends?
- What will the size of the market be by 2031?
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This report provides the following insights:
- Analysis of key drivers (rising use in identity verification, focus on privacy & data protection), restraints (fraud evolution, shift toward cashless transactions) opportunities (public-private partnerships, focus on brand protection), and challenges (variability in regulations, risk of fraud) influencing the growth of the security paper market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the security paper market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the security paper market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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