Security Paper Market to expand at a rapid pace - Real Casa de la Moneda, Goznak, Security Paper Limited, China Banknote Printing and Minting Corporation (China)
- Security papers are used in the sale and purchase of land and property. The global market for security paper is expected to expand significantly in the next few years.
- Demand for security paper has been rising owing to the rise in usage of holograms and paper fibers in business documents. Government documents have also become immensely important for a wide range of operations, and the use of security paper therein has propelled the market.
Drivers of Security Paper Market
- The need to maintain integrity of documents across business units has been rising across the globe. Security papers, in essence, refer to marks, signs, or watermarks that can be used to authenticate documents as original. Furthermore, security papers may come in the form of paper fibers and substrates that can be used to identify if the document has been tampered or not. Security papers are often blended with substrate materials in order to ensure that any form of tampering or fraudulent documentation becomes easily evident.
- The global market for security paper is projected to expand at a rapid pace, as business processes use multiple documentations. The business sector has been a key consumer of security paper. Manufacture of improved and more reliable security papers is likely to result in the growth of the global market for security papers.
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Restraints of Security Paper Market
- Dearth of universal directives pertaining to applications of security paper is expected to restrain the market during forecast period. Every country has different directives pertaining to applications of security paper. Companies find it difficult to deal with these country-wise regulations. This discourages investment in the security paper market, thereby restraining the market.
COVID-19 Impact on Security Paper Market
- The COVID-19 outbreak is hampering the demand for security paper in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. In turn, this has led to a decline in in demand for security paper across the globe.
- Key players operating in the security paper market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of security papers.
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Asia Pacific to Hold Major Share of Security Paper Market
- In terms of geography, security paper market can be segmented into North America, Asia Pacific, Europe, Middle East & Africa and Latin America
- Demand for security paper in North America has been rising due to the need to ensure optimal security across business longitudes. Documentation is a key component in several business processes. This has given an impetus to the growth of the global market for security paper. The market for security paper in Asia Pacific is also projected to expand at a fast pace in the next few years.
- North America and Europe are expected to hold significant share of the global security paper market during the forecast period. With the increasing counterfeit cases in European countries, governments are seeking innovative ideas for new technologies and methods that could help make banknotes more secure. This is expected to provide new opportunities to the market.
- The trend of paper ballots voting systems in the U.S. is likely to boost the security paper market in North America.
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Security Paper Market Key Players
Major players operating in the security paper market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include:
- Real Casa de la Moneda
- Goznak
- Security Paper Limited
- China Banknote Printing and Minting Corporation (China)
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