Banknote Market Report 2024

The banknote market size has grown strongly in recent years. It will grow from $12.5 billion in 2023 to $13.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth during the historic period can be attributed to advancements in printing technology, economic instability, inflation rates, a rising demand for secure currency, the expansion of international trade, changes in government policies, and the growth of global financial systems.

The banknote market size is expected to see exponential growth in the next few years. It will grow to $16.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth expected during the forecast period can be attributed to advancements in digital payment technologies, changing consumer preferences for digital currencies, potential regulatory changes, the rise of financial inclusion initiatives, a growing demand for high-security features, and ongoing improvements in anti-counterfeiting measures. Major trends for this period include the increased adoption of polymer banknotes, a greater focus on innovative banknote design, the integration of advanced security features, a rising demand for cash-handling automation technologies, and the use of data analytics and AI.

The rise in cash transactions is expected to drive growth in the banknote market. A cash transaction involves the exchange of physical currency, such as coins or banknotes, for goods or services. The increase in cash transactions is attributed to economic instability, use in the informal economy, security concerns, and small-scale purchases. Banknotes support cash transactions by offering a widely accepted and convenient medium of exchange. For instance, in September 2023, UK Finance, a UK-based financial services company, reported that the total number of cash transactions in the UK grew to 6.4 billion in 2022, up from 6 billion in 2021. Consequently, the increase in cash transactions is fueling the growth of the banknote market.

Leading companies in the banknote market are concentrating on developing advanced products, such as commemorative polymer banknotes, to enhance security features and extend the lifespan of currency. Commemorative polymer banknotes, printed on durable polymer, offer increased longevity and resistance to wear compared to traditional paper notes. These banknotes often feature unique designs and themes that honor historical events, cultural heritage, or notable figures, serving both as functional currency and collectible items. For example, in February 2023, CCL Secure, an Australia-based company specializing in polymer banknotes, partnered with Polish Security Printing Works (PWPW), a Poland-based producer of banknotes, to introduce the Guardian 20 złoty banknote. This 20-złoty banknote utilizes advanced polymer technology to enhance durability and wear resistance. It features a vibrant design celebrating Polish heritage, with high-resolution printing and advanced security elements, including micro printing, color-shifting inks, and embedded holograms to prevent counterfeiting.

In April 2023, Authentix, a US-based provider of authentication and information services, acquired Royal Joh. Enschedé for an undisclosed amount. This acquisition is intended to bolster Authentix's capabilities in secure printing and anti-counterfeiting technologies, expand its product range, and extend its global presence in combating counterfeit goods and brand fraud. Royal Joh. Enschedé, based in the Netherlands, is known for manufacturing custom banknotes.

Major companies operating in the banknote market are Banque de France, Barry-Wehmiller Companies, Giesecke+Devrient GmbH, Bank of Canada, THE ROYAL MINT LIMITED, SICPA HOLDING SA, Bundesdruckerei GmbH, De La Rue plc, Crane Currency, Landqart AG, Note Printing Australia Limited (NPA), Orell Füssli AG, Oberthur Fiduciaire, Hueck Folien GmbH, CCL Secure, Banknote World, Hungarian Banknote Printing Company, Polish Security Printing Works, Arjowiggins Security, Advast Suisse AG, South African Bank Note Company, Tumba Mill.

North America was the largest region in the banknote market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banknote market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the banknote market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A banknote is a form of paper currency issued by a central bank or government that functions as a medium of exchange. It represents physical currency, facilitating the exchange of goods and services. The banknote standardizes and simplifies the monetary exchange process, providing a stable and widely accepted medium for economic transactions and value storage.

The main types of banknotes are state-owned and commercial. State-owned refers to government-operated entities responsible for designing, printing, and distributing currency notes within a country. These organizations also help maintain national economic stability by regulating the money supply. Banknotes are made from various materials, such as paper and polymer, and are used in different printing techniques, including intaglio, offset, and letterpress printing.

The banknote market research report is one of a series of new reports that provides banknote market statistics, including banknote industry global market size, regional shares, competitors with a banknote market share, detailed banknote market segments, market trends, and opportunities, and any further data you may need to thrive in the banknote industry. This banknote market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The banknote market consists of sales of currency handling equipment, color-shifting inks, watermarks, holograms, and security threads. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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