PUBLISHER: Grand View Research | PRODUCT CODE: 1363382
PUBLISHER: Grand View Research | PRODUCT CODE: 1363382
The global security printing market size is estimated to reach USD 5.51 billion by 2030, according to a new report by Grand View Research, Inc.. The market is expected to witness growth at a CAGR of 7.4% from 2023 to 2030. Security printing involves producing items like passports, banknotes, product authentication labels, stock certificates, tamper-evident seals, postage stamps, checks, and identity cards.
Security printing finds extensive application in thwarting tampering, forgery, and counterfeiting activities, employing diverse techniques tailored to specific purposes. Anticipated market growth stems from escalating incidents of counterfeiting and forgery, particularly in banknotes, passports, postage stamps, stock certificates, identity cards, and product authentication. The utilization of security printing effectively precludes the falsification and tampering of the mentioned instruments.
The primary verticals for security printing encompass Banking, Financial Services, and Insurance (BFSI), along with industries like personal identification, ticketing, driving licenses, passports, and birth certificate issuance. Various printing techniques in security printing encompass holography, Ultraviolet (UV) printing, intaglio printing, geometric lathe work, micro printing, color-shifting ink, magnetic inks, guilloches, anti-copying marks, and rainbow printing.
Security printing serves as a deterrent against counterfeiters and diminishes occurrences of fraud. Notably, microprinting plays a pivotal role in thwarting the counterfeiting of currencies and bank checks. Moreover, serial numbers facilitate straightforward authentication of valid documents for auditing and monitoring purposes, while also aiding counterfeit detection through check digit tracking. Leveraging magnetic ink character recognition technology significantly enhances accuracy in the automated reading of documents and currencies, thereby minimizing errors.
The growing demand for brand safeguarding is projected to drive market expansion. This trend stems from businesses incurring substantial losses and reputational damage due to brand name counterfeiting. The amplified focus on brand protection is anticipated to foster market growth. Several techniques previously reserved for safeguarding valuable documents are now accessible to commercial printers. These techniques can be implemented across diverse printing platforms, including traditional offset, digital presses, and flexographic methods.
The market is fragmented and has the presence of several key players including Agfa-Gevaert Group; Ennis, Inc.; TROY Group, Inc.; Uniprint; Amgraf, Inc.; and Graphic Dimensions Inc.; and CETIS d.d. These players are adopting strategies such as product launches, partnerships & collaborations, and mergers & acquisitions to gain a competitive edge.
For instance, in February 2023, TROY Group, Inc., a leading secure print solutions provider, launched TROY 4001 and 4101 MICR printers to address the check printing demand of small & medium-sized enterprises and home offices. To meet the low-volume printing needs of SMEs, these printers offer the capability to produce MICR fonts. The TROY E-13B font is designed by the company to meet banking standards globally when used with these printers, and the TROY Magnetic Ink Character Recognition (MICR) toner is secure.