A new report by Reports and Data indicates that the global Watermarked Security Papers market is expected to reach USD 24.67 Billion by 2026. Security papers have features that help identify or authenticate a document as being genuine rather than counterfeit. Security paper typically has a watermark, and other features have been integrated to prevent tampering with documents, such as when amounts are altered on a cheque.
The increasing incidence of document counterfeiting and fraud is one of the major factors contributing to the growth of the security paper market. The government, along with organizations such as banks and passport offices, is working to make their documents more secure by deploying security papers to prevent fraud attacks.
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The rise in disposable income has led to an increase in foreign travel, which has increased the demand for visas and passports, supporting the growth of the Watermarked Security Papers market. Additionally, consumers are becoming more aware of fraud and the need for protection against counterfeiters, which is expected to boost market demand in the future.
Central banks worldwide are mandated to protect the integrity of banknotes through new designs and security features. They assess the demand for banknotes and coins, plan the supply and distribution of sufficient quantities of banknotes and coins, and ascertain the quality of banknotes in circulation by withdrawing soiled banknotes in a timely manner. This mandate is expected to drive market growth in the forecast period.
According to the report, the hybrid paper segment contributed to the largest market share in 2018 and is expected to have a CAGR of 6.0% in the forecast period. Banknotes contributed to the largest market share in 2018 and are likely to witness a growth rate of 6.2% in the forecast period. The Asia Pacific region dominated the market in 2018 and is expected to grow at a rate of 6.7% in the forecast period. The report also identifies key participants in the security paper market.
The global security paper market has been segmented by Reports and Data on the basis of type, security feature, application, and region.
Security Paper Market: notable innovation
The Watermarked Security Papers market has witnessed significant innovation in recent years to enhance the security features of these papers. One of the most notable innovations is the integration of hybrid papers, which comprise special chemical components and glow in ultra-violet light to prevent chemical and mechanical forgery. Other innovations include the use of holograms, watermarks, threads, and other security features to assist in the identification and authentication of original documents. Additionally, the mandate of central banks to protect the integrity of banknotes through new designs and security features has led to the development of advanced security papers in the market.
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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