According to the new research report titled 'Asia & Africa Security Printing Market Forecast to 2028 - COVID-19 Impact and Global Analysis,' the Asia & Africa security printing market is expected to grow from US$ 1,121.79 million in 2021 to US$ 1,574.48 million by 2028. It is estimated to grow at a CAGR of 5.0% from 2021 to 2028.
The security documents segment includes land agreements, business contracts, and financial statements. These documents are some of the major documents kept on high security among small & medium and large enterprises across Asia & Africa. These documents are generally secured with the help of watermarks and holograms. The rising cases of data theft across these regions are driving the demand for always securing such documents. The integration of holograms and watermarks during the printing of the documents mentioned above is contributing to the growth of the Asia & Africa security printing market.
Moreover, the rising construction industry across the Asia & Africa region, coupled with the growing investment by the population on self-owned residential properties, is increasing the number of documents to be secured by households year-on-year. For instance, Singapore has experienced a rise in real estate over the years. According to the Urban Redevelopment Authority (URA), around 41 private residential projects are planned in 2022. Such factors are expected to contribute to the growth of the real-estate sector, thereby directly impacting the rise in the volume of security documents in the Asia & Africa security printing market.
Plastic cards printing in the Asia & Africa security printing market includes printing of documents such as loyalty cards, banking cards, transportation cards, membership cards, health insurance cards, and access & visitor cards. The rise in security concerns across both commercial and public premises to protect documents and employees is influencing the demand for authorized access & visitors cards in the Asia & Africa security printing market. Similarly, retail brands across Asia & Africa are heavily investing in their membership programs. This is driving the demand for membership cards across the retail outlets for their customers, which will significantly impact the Asia & Africa security printing market. Additionally, developing countries like India and China have also experienced a rise in demand for banking cards such as credit cards, debit cards, and traveling cards over the years. For instance, according to the latest data published by the Reserve Bank of India in November 2021, Indian credit card spending jumped 57% on a y-o-y basis in September 2021. These factors are driving the demand for plastic cards, thereby positively impacting the growth of the Asia & Africa security printing market.
The covid-19 pandemic significantly influenced the security printing sector in Asia and Africa. The Asia & Africa security printing market suffered significantly due to supply chain instability, raw material scarcity, a local workforce, and insufficient demand. Many members of the Association of Southeast Asian Nations (ASEAN) limit non-essential operations and activities. It had a detrimental influence on printing security documents, plastic cards, and other major security printing product enterprises. Printing security papers such as passports, bank statements, cheques, and driver's licenses was neither urgent nor necessary. As a result of the respective supply constraints and lower end-user demand, the Asia and Africa security printing market was significantly impacted.
The Asia & Africa security printing market is analyzed based on products and technologies. Based on products, the market is segmented into security documents, plastic cards, ballot papers, and others. Based on the technologies, the Asia & Africa security printing market is segmented into digital printing, sheetfed offset printing, web offset printing, screen printing, and others. In terms of geography, the market is segmented into Asia and Africa. The key companies operating in the market include Al Ghurair Printing and Publishing L.L.C, Al Madina Development & Supply L.L.C., Lithotech, Hypertech Holograms L.L.C, JMBR Group, Oumolat Security Printing LLC, United Security Printing, Pura Group, Gemini Graphics Pvt. Ltd.; and Shave & Gibson Packaging & Security Printing.
In 2019, Ugandan authorities reported that they arrested 14 Egyptians residing in the country with forged residency documents and selling products on the streets without any permission. Furthermore, the growing fraudulent activities is one of the major factors driving the requirement for security printing in the Asia & Africa security printing market. Moreover, with the rapidly growing banking and finance sector, the need for security printing for passbooks, check, and bank statements is increasing substantially in various developing countries of the Asia region.
In February 2022, South Africa's Transport minister Fikile Mbalula announced the introduction of a new driver's license card in the country. In a media address, the transport minister reported that the new card features various security enhancements and international recognition. Thus, driving license patterns and design changes considerably drive the security printing market. Furthermore, with the growing ease of doing business and rising initiatives like 'Make in India,' India is expected to be a lucrative place for the security printing market players. However, in the year 2020, due to the disruption of the supply chain and low production capacity, the COVID-19 pandemic negatively affected the global Asia & Africa security printing market from the supply and demand side.
Reasons to Buy
The security documents segment includes land agreements, business contracts, and financial statements. These documents are some of the major documents kept on high security among small & medium and large enterprises across Asia & Africa. These documents are generally secured with the help of watermarks and holograms. The rising cases of data theft across these regions are driving the demand for always securing such documents. The integration of holograms and watermarks during the printing of the documents mentioned above is contributing to the growth of the Asia & Africa security printing market.
Moreover, the rising construction industry across the Asia & Africa region, coupled with the growing investment by the population on self-owned residential properties, is increasing the number of documents to be secured by households year-on-year. For instance, Singapore has experienced a rise in real estate over the years. According to the Urban Redevelopment Authority (URA), around 41 private residential projects are planned in 2022. Such factors are expected to contribute to the growth of the real-estate sector, thereby directly impacting the rise in the volume of security documents in the Asia & Africa security printing market.
Plastic cards printing in the Asia & Africa security printing market includes printing of documents such as loyalty cards, banking cards, transportation cards, membership cards, health insurance cards, and access & visitor cards. The rise in security concerns across both commercial and public premises to protect documents and employees is influencing the demand for authorized access & visitors cards in the Asia & Africa security printing market. Similarly, retail brands across Asia & Africa are heavily investing in their membership programs. This is driving the demand for membership cards across the retail outlets for their customers, which will significantly impact the Asia & Africa security printing market. Additionally, developing countries like India and China have also experienced a rise in demand for banking cards such as credit cards, debit cards, and traveling cards over the years. For instance, according to the latest data published by the Reserve Bank of India in November 2021, Indian credit card spending jumped 57% on a y-o-y basis in September 2021. These factors are driving the demand for plastic cards, thereby positively impacting the growth of the Asia & Africa security printing market.
The covid-19 pandemic significantly influenced the security printing sector in Asia and Africa. The Asia & Africa security printing market suffered significantly due to supply chain instability, raw material scarcity, a local workforce, and insufficient demand. Many members of the Association of Southeast Asian Nations (ASEAN) limit non-essential operations and activities. It had a detrimental influence on printing security documents, plastic cards, and other major security printing product enterprises. Printing security papers such as passports, bank statements, cheques, and driver's licenses was neither urgent nor necessary. As a result of the respective supply constraints and lower end-user demand, the Asia and Africa security printing market was significantly impacted.
The Asia & Africa security printing market is analyzed based on products and technologies. Based on products, the market is segmented into security documents, plastic cards, ballot papers, and others. Based on the technologies, the Asia & Africa security printing market is segmented into digital printing, sheetfed offset printing, web offset printing, screen printing, and others. In terms of geography, the market is segmented into Asia and Africa. The key companies operating in the market include Al Ghurair Printing and Publishing L.L.C, Al Madina Development & Supply L.L.C., Lithotech, Hypertech Holograms L.L.C, JMBR Group, Oumolat Security Printing LLC, United Security Printing, Pura Group, Gemini Graphics Pvt. Ltd.; and Shave & Gibson Packaging & Security Printing.
Key Findings of Study:
In 2019, Ugandan authorities reported that they arrested 14 Egyptians residing in the country with forged residency documents and selling products on the streets without any permission. Furthermore, the growing fraudulent activities is one of the major factors driving the requirement for security printing in the Asia & Africa security printing market. Moreover, with the rapidly growing banking and finance sector, the need for security printing for passbooks, check, and bank statements is increasing substantially in various developing countries of the Asia region.
In February 2022, South Africa's Transport minister Fikile Mbalula announced the introduction of a new driver's license card in the country. In a media address, the transport minister reported that the new card features various security enhancements and international recognition. Thus, driving license patterns and design changes considerably drive the security printing market. Furthermore, with the growing ease of doing business and rising initiatives like 'Make in India,' India is expected to be a lucrative place for the security printing market players. However, in the year 2020, due to the disruption of the supply chain and low production capacity, the COVID-19 pandemic negatively affected the global Asia & Africa security printing market from the supply and demand side.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia & Africa security printing market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Asia & Africa security printing market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the functional foods market as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Asia & Africa Security Printing Market Landscape
5. Asia & Africa Security Printing Market – Key Market Dynamics
6. Security Printing Market– Regional Analysis
7. Asia & Africa Security Printing Market Analysis – by Products
8. Asia & Africa Security Printing Market Analysis – by Technologies
9. Asia & Africa Security Printing Market – Geographic Analysis
10. Asia & Africa Security Printing Market – COVID-19 Impact Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
List Of Tables
List Of Figures
Executive Summary
The Asia & Africa security printing market is expected to grow from US$ 1,121.79 million in 2021 to US$ 1,574.48 million by 2028. It is estimated to grow at a CAGR of 5.0% from 2021 to 2028.As per the Truth & BrandMapp report published in 2021, an average middle-class adult in South Africa is a member of about nine different loyalty programs. This data is based on the responses of over 33,000 individuals who are from households having a monthly income of at least US$ 661.26 (~ZAR 10,000). The increasing inclination toward such programs in South Africa drives the demand for the printing of loyalty cards. As of December 2021, ~13.16 million credit cards were in use in Australia, netting a national debt accruing interest of US$ 13.18 billion (~AUD 18.5 billion). In the financial year 2020, the count of issued debit cards in Japan reached ~456.45 million, denoting the addition of ~2 million cards to the count reported in the financial year 2019. Further, in China, the count of registered vehicle drivers reached ~400 million in 2020. In the last 10 years, the count of drivers in the country has almost doubled, which has triggered the production of driving licenses, thereby contributing to the security printing market proliferation in Asia. As of September 2020, there were more than 859 million active debit cards in India, while there were ~57 million credit cards in the country as of August 2020. Thus, the rising demand for plastic cards is fueling the security printing market growth in Asia and Africa.
In 2020, China held the largest share of the Asia security printing market, followed by Australia, India, Japan, South Korea, and the Rest of Asia. The African security printing market is bifurcated into North Africa and South Africa. In 2020, North Africa held a larger share of the African security printing market. Al Madina Development & Supply L.L.C., Al Ghurair Investment LLC, Hypertech Holograms L.L.C, JMBR Group, and Lithotech are key players operating in the Asia & Africa security printing market.
Australian Electoral Commission (AEC), Election Commission of India (ECI), Electoral Commission of South Africa, and National Election Commission of the Republic of Korea are the election governing bodies that look after the ballot paper requirement. In 2018, Bharat Electronics Limited (BEL) and Electronics Corporation of India Limited (ECIL) explored the possibilities of replacing the existing Voter Verified Paper Audit Trail (VVPAT) slips with another quality that is more resistant to moisture. Owing to distinct rules, norms, regulations, and policies of different countries, trade barriers in this market act as a restraining factor.
Al Ghurair Printing & Publishing LLC; Lithotech; JMBR Group; Shave & Gibson; and Uniprint are among the key market players profiled in this research study.
Impact of COVID-19 Pandemic on Asia & Africa Security Printing Market
India, South Korea, and Vietnam are among the worst-hit countries due to the COVID-19 pandemic. India was further affected by the second wave of COVID-19, which witnessed a high count of fatalities. The COVID-19 pandemic and various travel restrictions led to a sharp decline in the count of security applications that were verified by India in 2020.
However, the security printing market in Asia witnessed some demand due to elections in various countries. On April 15, 2020, legislative elections were held for 253 constituencies in South Korea. On October 31, 2021, general elections were held in Japan as per the schedule. The requirement for ballot papers in these elections supported the security printing market growth in Asia to some extent. However, with offices giving work from home to their newly hired employees, the requirement for plastic cards that are used as identity cards fell drastically in various Asian countries. As of April 2021, the Reserve Bank of India's data showed that the issuance of new credit cards came virtually to a standstill and fell almost 47% on a year-on-year (Y-o-Y) basis and over 21% on a month-on-month basis. This affected the production of credit cards. With growing vaccination rates across the region, the situation is expected to return to normalcy very soon. As the situation normalizes, the Asia security printing market growth also experienced normalization.
The size of the Asia & Africa security printing market has been derived in accordance with primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Asia & Africa security printing market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants who typically participate in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in security printing.
Al Ghurair Printing & Publishing LLC; Lithotech; JMBR Group; Shave & Gibson; and Uniprint, are among the top five market players operating in the Asia & Africa security printing market. The key players are listed by considering factors such as overall revenue (including subsidiary companies), current security printing service portfolio for different applications, geographical reach, market initiatives, high investments in technology upgrades, partnerships, and other market-related activities.
Companies Mentioned
- Al Ghurair Printing and Publishing LLC
- Al Madina Development & Supply L.L.C.
- Lithotech
- Hypertech Holograms L.L.C
- Jmbr Group
- Oumolat Security Printing LLC
- United Security Printing
- Pura Group
- Gemini Graphics Pvt. Ltd.
- Shave & Gibson Packaging & Security Printing
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 148 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 1121.79 Million |
| Forecasted Market Value ( USD | $ 1574.48 Million |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Africa, Asia Pacific |
| No. of Companies Mentioned | 10 |
