보안용지 시장 : 시장 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the security paper market size is expected to grow from USD 6.60 billion in 2025 to USD 6.92 billion in 2026 and is forecast to reach USD 8.73 billion by 2031 at 4.78% CAGR over 2026-2031.

This report is Segmented by Application (Currency / Banknotes, Payment Cards and Cheques, and More), Substrate Type (Cotton-Fibre Paper, Polymer Substrate, and More), Security Feature Integration (Watermarks, Security Threads, and More), End User (Central Banks and Mints, Government Document Agencies, Secure Printing Houses, and More), by Geography. The Market Forecasts are Provided in Terms of Value (USD).

Global Security Paper Market Trends and Insights

Rising Fraud and Counterfeiting Incidents

Escalating fraud has become a structural growth pillar for the security paper market. India's 2025 seizure of near-perfect counterfeit INR 500(USD 5.58) notes illustrates how spelling micro-errors are now among the few visible detection clues. The U.S. Department of Homeland Security warns that generative AI will heighten document forgery sophistication, forcing issuers to adopt multi-layer substrates that combine tactile, optical and digital elements. Central banks respond by shortening redesign cycles, which keeps the security paper market in a perpetual upgrade mode. Across Asia-Pacific, polymer trials show counterfeit rejection rates improving by double digits once transparent windows and micro-perforations are introduced, reinforcing confidence in substrate migration. For producers, the arms race translates into steady R&D spend and a premium pricing corridor that buffers margins even when commodity fibres face inflationary spikes.

Expansion of Secure-Document Programmes

Governments are modernising identity infrastructures, intertwining physical credentials with digital verification rails. TOPPAN's 2024 acquisition of HID Citizen Identity Solutions fused traditional security printing with biometric enrolment platforms, offering agencies a single procurement lane. Patent filings exceed 6,000 for blockchain-anchored identity solutions, signalling industry commitment to privacy-preserving, user-centric ID architectures. National projects such as the Philippines' abaca-infused polymer passports demonstrate localisation strategies that embed regional fibres into global-grade substrates. Demand therefore tilts toward hybrid papers that can store encrypted chips while still displaying visible watermarks, cementing a multi-dimensional revenue stream for the security paper market.

Excise-Stamp Mandates for Sin-Tax Goods

Governments are tightening excise controls on tobacco, alcohol and other high-levy items, with U.S. Code Title 26 prescribing explicit stamp standards that only specialised security papers can meet. European Union directives similarly require holographic or UV-tagged stamps, generating niche but recurring orders for security printers. Mandates serve dual objectives-securing tax receipts and curbing illicit trade-which together ensure that stamp volumes remain resilient even when broader print markets decline. Suppliers that can blend overt holograms with covert RFID chips gain competitive advantage, positioning the security paper market for adjacent growth in track-and-trace solutions for pharmaceuticals and beverages.

Other drivers and restraints analyzed in the detailed report include:

1. Polymer and Hybrid Substrate Migration
2. Digital-Payment Substitution
3. High Cost of Advanced Security Features

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

Segment Analysis

Currency and banknotes retained a commanding 47.78% slice of the security paper market in 2025, underpinned by Japan's roll-out of 3D-hologram notes and frequent redesigns across Asia-Pacific. Despite an uptick in digital wallets, cash remains crucial for unbanked populations, giving the security paper market resilient base volumes. Cheques and payment cards hang on as secondary use cases, especially in regions where bank penetration is climbing. Identity and travel documents occupy a growing middle ground because e-passport issuance cycles are accelerating in Europe and North America. Secure packaging and labels, although only a mid-single-digit share today, are projected to rise at an 8.22% CAGR to 2031 as pharmaceutical serialisation laws widen coverage. That trajectory signals a gradual re-balancing of the security paper market away from pure currency dependency.

The segment mix also reflects risk-management strategies. Central banks favour polymer for high-denomination notes yet still specify cotton for lower tiers, spreading sourcing risk. Packaging converters, by contrast, gravitate towards synthetic and recycled fibres that pair security with sustainability. Ticketing and certificate applications retain niche demand in academic and events sectors, providing long-tail revenue. Collectively, these dynamics underline why application diversification is the foremost hedge against structural cash decline for companies active in the security paper market.

Cotton-fibre sheets secured 56.10% of the security paper market share in 2025, a position earned through centuries-old manufacturing ecosystems and user familiarity. Yet consecutive droughts in Texas and a 10% output dip in India forced imports to double, inflating input costs and exposing supply vulnerability. Polymer substrates now enjoy clear durability and cost-in-use advantages, encouraging central banks in Libya, Romania and the Philippines to transition core denominations. Hybrid papers marry cotton's tactile feel with polymer film strength, easing psychological barriers among cash users and enabling gradual equipment retrofits.

Recycled-fibre variants register a 9.05% CAGR, the fastest pace in the segment, driven by environmental scorecard pressures from both regulators and corporate sustainability officers. Abaca and linen offer region-specific opportunities, giving issuers a chance to localise supply and cut transport emissions. Looking ahead, lifecycle assessments will dictate substrate selection as much as counterfeit resistance, elevating the strategic value of in-house fibre R&D within the security paper industry.

Complete Report Scope:

• By Application
  • Currency / Banknotes
  • Payment Cards and Cheques
  • ID and Travel Documents
  • Certificates and Ticketing
  • Secure Packaging and Labels
  • Other Application
• By Substrate Type
  • Cotton-fibre Paper
  • Polymer Substrate
  • Hybrid Cotton-Polymer
  • Synthetic Fibres (Abaca, Linen)
  • Recycled-fibre Paper
• By Security Feature Integration
  • Watermarks
  • Security Threads
  • Holograms and OVD
  • UV/IR Fibres and Dyes
  • RFID/NFC Embedded
  • Micro-printing and Nanotext
  • Colour-shifting Inks
• By End User
  • Central Banks and Mints
  • Government Document Agencies
  • Secure Printing Houses
  • Commercial Banks
  • Brand-Protection and Packaging Firms
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Middle East and Africa
    • Middle East
      • Saudi Arabia
      • United Arab Emirates
      • Turkey
      • Rest of Middle East
    • Africa
      • South Africa
      • Nigeria
      • Rest of Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Geography Analysis

Asia-Pacific held 32.10% of 2025 revenue, and the region's security paper market size is forecast to expand at 6.74% CAGR as polymer adoption widens and national ID projects scale. Japan's July 2024 banknote launch proved the commercial viability of 3D hologram portraits, likely setting a new benchmark for neighbours planning redesigns. The Philippines rolled out its first polymer series in January 2025, anchoring its monetary modernisation programme. India's twin dynamics of counterfeit threats and cotton-supply worries are spurring interest in blended substrates that reduce dependence on imported lint.

North America and Europe sit in maturity phase yet still command premium ASPs because issuers demand layered security that meets ISO and ICAO passport stipulations. The European Central Bank's exploration of a digital euro introduces strategic uncertainty, but Romania's 2024 polymer commemorative note confirms that Euro-linked markets remain committed to high-security physical cash for the foreseeable future.

The Middle East and Africa show leap-frog potential; Libya's 2025 polymer switch is a bellwether for neighbouring states. Gulf issuers such as the UAE embrace durable polymer substrates to cope with harsh climates. South America, led by Brazil and Argentina, is expected to prioritise tax-stamp revamps to stem illicit alcohol flows, giving the security paper market a fresh revenue pipeline in excise applications.

1. Giesecke+Devrient Currency Technology GmbH
2. De La Rue plc
3. Fedrigoni Group
4. Crane Currency
5. Oberthur Fiduciaire SAS
6. Papierfabrik Louisenthal GmbH
7. Drewsen Spezialpapiere GmbH & Co. KG
8. Domtar Corporation
9. Thomas Greg & Sons Ltd
10. Infinity Security Papers Ltd
11. Simpson Security Papers
12. Ceprohart SA
13. Ciotola SRL
14. A1 Security Print Ltd
15. HUECK FOLIEN GmbH
16. Security Papers Ltd (Pakistan)
17. Portals Paper Ltd
18. Sequana (Arjowiggins Security assets)
19. Security Fibres Ltd
20. Euro-Banknote Production GmbH

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 fraud and counterfeiting incidents
  • 4.2.2 Expansion of secure-document programmes (e-passports, ID)
  • 4.2.3 Polymer and hybrid substrate migration
  • 4.2.4 Excise-stamp mandates for sin-tax goods
  • 4.2.5 RFID/NFC-integrated "smart paper" adoption
  • 4.2.6 Tamper-evident packaging for high-value goods
• 4.3 Market Restraints
  • 4.3.1 Digital-payment substitution
  • 4.3.2 High cost of advanced security features
  • 4.3.3 Sustainability pressure on cotton fibre sourcing
  • 4.3.4 Climate-driven fibre supply disruptions
• 4.4 Supply-Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces Analysis
  • 4.7.1 Threat of New Entrants
  • 4.7.2 Bargaining Power of Buyers
  • 4.7.3 Bargaining Power of Suppliers
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Intensity of Competitive Rivalry

5 MARKET SIZE AND GROWTH FORECASTS (VALUE)

• 5.1 By Application
  • 5.1.1 Currency / Banknotes
  • 5.1.2 Payment Cards and Cheques
  • 5.1.3 ID and Travel Documents
  • 5.1.4 Certificates and Ticketing
  • 5.1.5 Secure Packaging and Labels
  • 5.1.6 Other Application
• 5.2 By Substrate Type
  • 5.2.1 Cotton-fibre Paper
  • 5.2.2 Polymer Substrate
  • 5.2.3 Hybrid Cotton-Polymer
  • 5.2.4 Synthetic Fibres (Abaca, Linen)
  • 5.2.5 Recycled-fibre Paper
• 5.3 By Security Feature Integration
  • 5.3.1 Watermarks
  • 5.3.2 Security Threads
  • 5.3.3 Holograms and OVD
  • 5.3.4 UV/IR Fibres and Dyes
  • 5.3.5 RFID/NFC Embedded
  • 5.3.6 Micro-printing and Nanotext
  • 5.3.7 Colour-shifting Inks
• 5.4 By End User
  • 5.4.1 Central Banks and Mints
  • 5.4.2 Government Document Agencies
  • 5.4.3 Secure Printing Houses
  • 5.4.4 Commercial Banks
  • 5.4.5 Brand-Protection and Packaging Firms
• 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 Europe
    • 5.5.2.1 Germany
    • 5.5.2.2 United Kingdom
    • 5.5.2.3 France
    • 5.5.2.4 Italy
    • 5.5.2.5 Russia
    • 5.5.2.6 Rest of Europe
  • 5.5.3 Asia-Pacific
    • 5.5.3.1 China
    • 5.5.3.2 India
    • 5.5.3.3 Japan
    • 5.5.3.4 South Korea
    • 5.5.3.5 Rest of Asia-Pacific
  • 5.5.4 Middle East and Africa
    • 5.5.4.1 Middle East
      • 5.5.4.1.1 Saudi Arabia
      • 5.5.4.1.2 United Arab Emirates
      • 5.5.4.1.3 Turkey
      • 5.5.4.1.4 Rest of Middle East
    • 5.5.4.2 Africa
      • 5.5.4.2.1 South Africa
      • 5.5.4.2.2 Nigeria
      • 5.5.4.2.3 Rest of Africa
  • 5.5.5 South America
    • 5.5.5.1 Brazil
    • 5.5.5.2 Argentina
    • 5.5.5.3 Rest of South America

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 for key companies, Products and Services, and Recent Developments)
  • 6.4.1 Giesecke+Devrient Currency Technology GmbH
  • 6.4.2 De La Rue plc
  • 6.4.3 Fedrigoni Group
  • 6.4.4 Crane Currency
  • 6.4.5 Oberthur Fiduciaire SAS
  • 6.4.6 Papierfabrik Louisenthal GmbH
  • 6.4.7 Drewsen Spezialpapiere GmbH & Co. KG
  • 6.4.8 Domtar Corporation
  • 6.4.9 Thomas Greg & Sons Ltd
  • 6.4.10 Infinity Security Papers Ltd
  • 6.4.11 Simpson Security Papers
  • 6.4.12 Ceprohart SA
  • 6.4.13 Ciotola SRL
  • 6.4.14 A1 Security Print Ltd
  • 6.4.15 HUECK FOLIEN GmbH
  • 6.4.16 Security Papers Ltd (Pakistan)
  • 6.4.17 Portals Paper Ltd
  • 6.4.18 Sequana (Arjowiggins Security assets)
  • 6.4.19 Security Fibres Ltd
  • 6.4.20 Euro-Banknote Production GmbH

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-space and Unmet-Need Assessment