Security paper is a paper which comprises features that act to authenticate a document. It is widely used for printing currency, legal and government documents. The use of security paper exemplifies the importance of the document and helps in distinguishing between authentic and counterfeit documents. —
The rise in counterfeiting has augmented growth. Companies, governments and individuals face major losses due to counterfeit documents and currency. This has resulted in the development of various security features. The major challenge this industry faces is growing digitization in the developed markets and richer classes in the emerging economies. Moreover, digitization ensures authenticity of the document and is an expeditious process.
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Security Paper Market Taxonomy
On basis of Security Feature, the security paper market is segmented into the following:
On basis of Application, the security paper market is segmented into the following:
The hybrid papers include inks, threads and fibers which help distinguish them from ordinary paper. Other security features such as watermarks and holograms are used when the risk associated with counterfeiting is minimum. Tear resistance, threaded paper, UV fibers are used when the documents need to withstand wear, tear and require longer lifespans.
The largest application of security paper is currency which employs multiple security features in the same paper. With rise in counterfeiting, demand for improved security features has increased.
Security Paper Market Outlook
Asia Pacific is the largest market for security paper. India and China are the two largest populations in the world, the use of security paper across all applications is growing in these countries. These countries are also the largest in terms of currency printed. With increasing population and strong economic growth, the security paper industry is expected to flourish in the forecast period. In addition, around 98% of economic transactions in India are done by cash.
North America is the second largest market in security paper. The US dollar is the world’s most used reserve currency. Additionally, it is also the most traded on the foreign exchange market.
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Europe is a shrinking market for security paper, due to increased digitization in both government and private dealings. Moreover, use of plastic currency i.e. credit and debit cards has reduced demand for paper currency. Sweden is poised to become the first country to shift to completely digitized currency.
Africa is estimated to be the significant market of security paper, as low income groups tend to use paper currency due to lack of bank accounts and stable income source. Middle East despite having high public digital penetration lags in business as well as in government affairs digitization is also showing a surge towards digitization, which will have a negative impact on the security paper industry.
Latin America is witnessing slow growth due to political and social instability in many countries. This has resulted in an economic slowdown in the region leading to a security paper industry slowdown as well.
In 2016, the demonetization drive in India was a major event in the security paper industry. Around 84% of India’s currency was stripped of its status as legal tender and reprinted. The reprinted currency included new design and added security features. This enabled the security paper market to grow tremendously over the years.
Major players in the security paper market are China Banknote Printing and Minting Corporation, Ciotola S.R.L., Document Security Systems, Inc., EPL House for Security Printing, Security Paper Limited, Sequana Group, De la Rue plc, Giesecke & Devrient, Fedrigoni Group and Goznak
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