보안 인쇄 시장 : 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

The security printing market size was valued at USD 32.76 billion in 2025 and estimated to grow from USD 33.66 billion in 2026 to reach USD 38.16 billion by 2031, at a CAGR of 2.54% during the forecast period (2026-2031).

Persistent counterfeiting pressure on banknotes, passports and tax banderoles is compelling issuers to layer multiple overt, covert and forensic features. Personal identification documents are advancing more quickly than cash, helped by biometric-passport rollouts and national digital-ID programs. Polymer substrates are gaining traction because they last 2.5-4 times longer than cotton paper, trimming lifecycle costs even after factoring in their 30-40% price premium. Contactless authentication via RFID and NFC tags is now a mainstream requirement in passports and secure ID cards, creating fresh demand for inline digital-inkjet personalization. Meanwhile, central-bank "green banknote" policies are nudging suppliers toward recycled cotton, lower-emission inks and solvent-free varnishes, opening a sustainability-linked product niche within the security printing market.

Global Security Printing Market Trends and Insights

Rising Incidence of Forgery and Counterfeiting

Counterfeit seizures are climbing, spurring faster adoption of optically variable inks, 3D security ribbons and micro-optic threads. The European Central Bank withdrew 554,000 fake euro notes in 2024, equivalent to 18 counterfeits per million genuine notes.Germany's Bundesbank registered a 28% annual rise in counterfeits, while the U.S. USD 100 note remains the world's most forged series. Passport fraud is also persistent, even after the introduction of ICAO-compliant RFID chips, driving continued demand for holographic overlays and laser engraving. Higher-value notes in emerging markets enlarge the payoff for counterfeiters, reinforcing the security-feature arms race.

Government Mandates for Secure IDs and E-Passports

National programs are boosting volume demand for secure polycarbonate data pages, laser engraving and contactless smart-card inlays. India began issuing biometric chip passports in November 2025 with the goal of producing 10 million units per year by 2027. The European Union's eIDAS 2.0 framework obliges member states to deploy digital-ID wallets tied to secure element chips, catalyzing equipment upgrades across 27 authorities. Indonesia's Home Affairs Ministry selected IDEMIA for a high-volume NIK card contract, while the United States REAL ID deadline of May 2025 kept state driver-license bureaus on a sustained procurement cycle. Mandatory features differ by income tier, splitting the supplier landscape between premium biometric offerings and cost-optimized fraud deterrence.

Shift Toward Cashless Payments and CBDCs

Digital alternatives are eroding long-run demand for physical currency in high-income markets. Ninety-four percent of central banks surveyed by the BIS were researching CBDCs in 2024, with retail launches expected within six years. Sweden's e-krona tests and the European Central Bank's digital euro project foreshadow double-digit contractions in banknote volumes by 2035. China's e-CNY has amassed 260 million wallets, although rural cash reliance tempers the impact. Everywhere that contactless payments take hold, paper tickets and cheques disappear, forcing printers to pivot toward identity documents and brand-protection labels.

Other drivers and restraints analyzed in the detailed report include:

1. Adoption of Polymer Banknote Substrates for Durability and Security
2. Growing Circulation of High-Denomination Banknotes in Emerging Markets
3. High Capex for Next-Gen Security Presses

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Banknotes generated the largest slice of the security printing market in 2025, yet personal identification documents are growing faster and reshaping capital investment priorities. Large passport tenders in India, France and the United Kingdom locked in multi-year demand for chip-inlay assembly lines, laser engraving and polycarbonate lamination. The security printing market size for ID documents is benefiting from eIDAS 2.0 in Europe and rising KYC requirements in Asia, encouraging suppliers to expand regional card-personalization hubs. Meanwhile, cheque printing is in structural decline after volumes in the United Kingdom dropped from 3.9 billion in 1990 to 219 million in 2023. Transit ticketing is migrating to NFC-enabled smartphones, but brand-protection banderoles for tobacco and alcohol are expanding as regulators impose serialization. Tax-stamp tenders under the EU Tobacco Products Directive illustrate how secure print volumes can grow even as traditional cash instruments stagnate.

In cash-centric regions, high-denomination banknotes keep intaglio press lines running near capacity, preserving the security printing market share of legacy equipment suppliers. Nigeria, India and the BEAC bloc collectively issued more than 250 billion notes in 2025, underlining the resilience of physical currency outside the OECD. However, retender cycles are getting longer and order sizes more variable because central banks anticipate eventual CBDC substitution. Suppliers are therefore diversifying into ID documents and track-and-trace labels, which require similar covert features but carry higher margins per square meter of substrate.

Security inks still anchor more than one-third of feature revenues, but electronic components are climbing the value stack. RFID and NFC tags, each costing USD 2-4 in a passport versus about USD 0.30 for a hologram, now dominate the bill of materials for e-passports. Chip shortages in 2024 exposed supply-chain fragility, pushing issuers to dual-source between NXP, Infineon and domestic fabs in India and China. Optically variable devices such as Surys kinegrams remain critical for first-line verification, yet covert taggants and machine-readable elements drive bulk profitability. Stegano varnish, introduced by Koenig and Bauer in 2025, embeds covert spectra that are invisible to the naked eye but detectable under defined wavelengths, enabling press-side application without an extra finishing step. This convergence of overt, covert and forensic features is standard practice as central banks layer 10-15 distinct elements on each denomination to frustrate counterfeiters.

Serialisation systems meeting GS1 and EU Tobacco Products Directive standards are the fastest-growing micro-segment. Each cigarette pack in the European Union now carries a unique identifier, generating demand for inline digital printheads capable of 600-dpi microtext at 120 meters per minute. Domino and Videojet have captured early share in this niche, while Memjet and Xaar pitch higher-resolution alternatives for premium tax stamps and pharmaceuticals. These trends are gradually eroding the dominance of analog security inks and tilting future growth toward hybrid electronic-print feature sets.

The Security Printing Market Report is Segmented by Application (Banknotes, Payment Cards, Cheques, and More), Security Feature (Security Inks (UV, OVI, Optically Variable), Holograms and DOVIDs, and More), Printing Technology (Intaglio, Offset/Lithography, and More), Substrate (Cotton-Based Paper, Polymer, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Geography Analysis

Asia-Pacific remains the revenue anchor for the security printing market, reflecting China's output above 90 billion banknotes per year and India's 140 billion notes in circulation. Growth is helped by Indonesia's plan to raise banknote volumes 3% annually through 2030 and by Japan's new series introduced in 2024, which were 30% distributed by mid-2025. Suppliers benefit from a dense ecosystem of substrate mills, intaglio press assembly plants and semiconductor fabs, allowing regional sourcing of RFID chips and optically variable pigments.

Africa is predicted to outpace every other region at a 3.46% CAGR to 2031. Kenya's five-year contract with Giesecke+Devrient and Ethiopia's e-passport joint venture with Toppan show a push for sovereign autonomy in currency and ID document manufacture. Nigeria's redesign, Somalia's new 1,000-shilling notes and the BEAC bloc's "type 2020" series bolster regional press utilization rates. Upfront capex remains a hurdle, but multilateral lenders and export-credit agencies are underwriting several turnkey plants, accelerating technology transfer into the continent.

Europe illustrates the digital transition. Despite a robust base of 12 national euro printers, cash usage in Sweden and Norway is near single digits, and the ECB's digital euro pilot may curb circulation after 2028. Nevertheless, the region will sustain demand for biometric passports, tax stamps compliant with the Tobacco Products Directive and serialized pharmaceutical labels, allowing the security printing market to pivot from cash to secure civil documents. North America mirrors this dual track: the United States Bureau of Engraving and Printing still turns out 7.6 billion notes annually, but brand-protection labels and high-security driving licenses are rising fastest.

South America faces currency volatility that complicates forecast volumes. Brazil's Casa da Moeda has halted some export contracts to prioritize domestic hyperinflation mitigation, while Argentina's peso collapse widened tender gaps for polymer note trials. The Middle East is upgrading its own plants; the UAE's recyclable polymer Dh500 note and Saudi Arabia's capacity expansion aim to cut dependence on European suppliers. Each geography thus exhibits a unique mix of growth drivers and structural drag, reinforcing the need for diversified product portfolios within the security printing market.

1. Giesecke+Devrient GmbH
2. De La Rue plc
3. SICPA Holding SA
4. Koenig and Bauer AG
5. CCL Secure Pty Ltd
6. Oberthur Fiduciaire SAS
7. Crane Currency (Crane NXT Co.)
8. Toppan Inc.
9. IDEMIA Group S.A.S.
10. Komori Corporation
11. Note Printing Australia Ltd
12. Canadian Bank Note Company, Limited
13. Landqart AG
14. Orell Fussli Holding Ltd (Orell Fussli Security Printing Ltd)
15. China Banknote Printing and Minting Corporation
16. Security Printing and Minting Corporation of India Ltd (SPMCIL)
17. Korea Minting, Security Printing and ID Card Operating Corp. (KOMSCO)
18. HID Global Corp. (Citizen Identity Solutions)

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Rising Incidence of Forgery and Counterfeiting
  • 4.2.2 Growing Circulation of High-Denomination Banknotes in Emerging Markets
  • 4.2.3 Adoption of Polymer Banknote Substrates for Durability and Security
  • 4.2.4 Government Mandates for Secure IDs and E-Passports
  • 4.2.5 AI-Enabled Inline Inspection Reduces Spoilage
  • 4.2.6 Central-Bank "Green Banknote" Sustainability Programs
• 4.3 Market Restraints
  • 4.3.1 Shift Toward Cashless Payments and CBDCs
  • 4.3.2 High Capex for Next-Gen Security Presses
  • 4.3.3 Shortages of Specialty Security Inks and Substrates
  • 4.3.4 Carbon-Footprint Scrutiny of Currency Production
• 4.4 Industry Value/Supply-Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces Analysis
  • 4.7.1 Bargaining Power of Suppliers
  • 4.7.2 Bargaining Power of Buyers
  • 4.7.3 Threat of New Entrants
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Intensity of Competitive Rivalry
• 4.8 Impact of Macroeconomic Factors on the Market

5 MARKET SIZE AND GROWTH FORECASTS (VALUE)

• 5.1 By Application
  • 5.1.1 Banknotes
  • 5.1.2 Payment Cards
  • 5.1.3 Cheques
  • 5.1.4 Personal Identification Documents
  • 5.1.5 Ticketing and Transit Passes
  • 5.1.6 Postage and Fiscal Stamps
  • 5.1.7 Brand-Protection and Tax Banderoles
• 5.2 By Security Feature
  • 5.2.1 Security Inks (UV, OVI, Optically Variable)
  • 5.2.2 Holograms and DOVIDs
  • 5.2.3 Watermarks and Security Threads
  • 5.2.4 RFID and NFC Tags
  • 5.2.5 Track-and-Trace Serialisation
• 5.3 By Printing Technology
  • 5.3.1 Intaglio
  • 5.3.2 Offset/Lithography
  • 5.3.3 Screen and Flexo
  • 5.3.4 Digital Inkjet
  • 5.3.5 Gravure
• 5.4 By Substrate
  • 5.4.1 Cotton-Based Paper
  • 5.4.2 Polymer
  • 5.4.3 Hybrid Paper-Polymer
  • 5.4.4 Synthetic and Composite Films
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 South America
    • 5.5.2.1 Brazil
    • 5.5.2.2 Argentina
    • 5.5.2.3 Rest of South America
  • 5.5.3 Europe
    • 5.5.3.1 United Kingdom
    • 5.5.3.2 Germany
    • 5.5.3.3 France
    • 5.5.3.4 Italy
    • 5.5.3.5 Russia
    • 5.5.3.6 Spain
    • 5.5.3.7 Rest of Europe
  • 5.5.4 Asia-Pacific
    • 5.5.4.1 China
    • 5.5.4.2 Japan
    • 5.5.4.3 India
    • 5.5.4.4 Australia and New Zealand
    • 5.5.4.5 Indonesia
    • 5.5.4.6 Thailand
    • 5.5.4.7 Rest of Asia-Pacific
  • 5.5.5 Middle East
    • 5.5.5.1 United Arab Emirates
    • 5.5.5.2 Saudi Arabia
    • 5.5.5.3 Rest of Middle East
  • 5.5.6 Africa
    • 5.5.6.1 South Africa
    • 5.5.6.2 Nigeria
    • 5.5.6.3 Rest of Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products and Services, Recent Developments)
  • 6.4.1 Giesecke+Devrient GmbH
  • 6.4.2 De La Rue plc
  • 6.4.3 SICPA Holding SA
  • 6.4.4 Koenig and Bauer AG
  • 6.4.5 CCL Secure Pty Ltd
  • 6.4.6 Oberthur Fiduciaire SAS
  • 6.4.7 Crane Currency (Crane NXT Co.)
  • 6.4.8 Toppan Inc.
  • 6.4.9 IDEMIA Group S.A.S.
  • 6.4.10 Komori Corporation
  • 6.4.11 Note Printing Australia Ltd
  • 6.4.12 Canadian Bank Note Company, Limited
  • 6.4.13 Landqart AG
  • 6.4.14 Orell Fussli Holding Ltd (Orell Fussli Security Printing Ltd)
  • 6.4.15 China Banknote Printing and Minting Corporation
  • 6.4.16 Security Printing and Minting Corporation of India Ltd (SPMCIL)
  • 6.4.17 Korea Minting, Security Printing and ID Card Operating Corp. (KOMSCO)
  • 6.4.18 HID Global Corp. (Citizen Identity Solutions)

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-Space and Unmet-Need Assessment