Security Ink Market Size, Share, Growth, Forecast 2030

Security Ink Industry Prospective:

The global security ink market size was worth around USD 3369 million in 2022 and is predicted to grow to around USD 4615 million by 2030 with a compound annual growth rate (CAGR) of roughly 4% between 2023 and 2030.

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Security Ink Market: Overview

Security inks are specialized materials that help maintain the integrity of confidential or important documents including banknotes, cheques, passports, identity cards, certificates, and other private documents. They promote actions that support document authentication and fraud detection by reducing the risk of counterfeiting, tampering, and forgery. In most cases, security ink is used on paper but in certain situations, it can also be used on plastic materials. Under normal conditions, the ink will not be visible to the naked eye and to view the ink, additional support will be required such as the assistance of ultraviolet (UV) rays or any other specific technology. There are several types of security inks available in the commercial market with each type offering certain advantages. For instance, the visible fluorescent ink can be used with traditional ink and the fluorescent ink glows when exposed to UV radiations. This is a key giveaway to distinguish between authentic and fraudulent documents. Similarly, every other type of security ink has certain ways in which they can be separated from compromised documents thus helping officials curb forgery.

Key Insights:

• As per the analysis shared by our research analyst, the global security ink market is estimated to grow annually at a CAGR of around 4% over the forecast period (2023-2030)
• In terms of revenue, the global security ink market size was valued at around USD 3369 million in 2022 and is predicted to grow to around USD 4615 million, by 2030.
• The security ink market is projected to grow at a significant rate due to the increasing cases of bank-related fraud
• Based on application segmentation, banknotes was predicted to show maximum market share in the year 2022
• Based on type segmentation, invisible was the leading type in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Security Ink Market: Growth Drivers

Increasing cases of bank-related fraud to drive market growth

The global security ink market is expected to grow owing to the increase in the number of cases around bank-related frauds, especially transactions occurring using counterfeit banknotes. In February 2023, the Thane district of Maharashtra state in India registered around 7 cases against counterfeit notes worth INR 8 crore. Out of these 7 cases, 6 resulted in 100% detection. In 2015, the Italian government and officials seized a printing press housing over 50 million euros in fake currency. The case was one of the largest such crackdowns in recent history. Transactions in counterfeit notes are extremely harmful to the global economy. It not only impacts national revenue but has severe mental and psychological implications for the victims of such transactions. To curb such harmful events, every national government has launched severe programs and initiatives to control the production and circulation of fake bank notes resulting in higher demand for security inks that are known to act as superior-grade protecting layers against forgery.

Increasing demand for authentic passport protection to push market expansion trend to a new horizon

Regional passports are essential documents for every citizen. With the increase in the number of international travelers with millions of people traveling to new locations every day, the need to distinguish between authentic and fake passports is higher than ever. The British passport is one of the most faked identity documents with over 50% of all cases against fake documents in 2022 being related to the British passport. As international borders become stricter in the backdrop of rising terrorist attacks, efficient security inks are likely to witness higher consumption.

Security Ink Market: Restraints

Modern digital techniques of document verification may act as growth restrictions

The global security ink market growth may be limited due to the increasing investments in modern and digital techniques used for document verification. More countries and entities dealing with confidential documents are moving to advanced technology for safeguarding paper integrity and avoiding any risk of forgery. For instance, smart contracts are the most recent examples of securing confidential data and papers. It works on digitally generated code and no transactions can be made without proper authentication. This method eliminated the need for security ink in several commercial establishments.

Security Ink Market: Opportunities

Rise in the development of advanced security ink to create growth opportunities

As cases of extremist attacks, identity theft, and forging important documents for purposes such as human traffic & illegal migration of people, are on the rise, the security ink industry has initiated the development of more advanced and efficient security inks. In April 2023, NanoMatriX, a Hong Kong-based player in the security ink industry, launched MatriX-Intaglio, a high-security ink. The product targets new inks used in the government and printing sector. It is infrared transparent and cannot be easily copied. It also includes a fluorescent ink feature thus adding to the protection layer. On the other hand, in October 2021, an Indian scientist developed a new security ink that can detect the forgery of branded goods, bank notes, and medicines thus broadening the product applications.

Security Ink Market: Challenges

Possibility of security ink counterfeiting could disrupt the growth trend

Although security inks are generally designed to be difficult to produce or copy, there is always a risk of individuals copying the ink itself. This is because, with time, counterfeiters are evolving in terms of technology. They are either developing new systems to copy security ink or have access to such technologies. If they can reproduce security inks, the purpose of this security method is defeated thus causing a huge loss in the global market.

Security Ink Market: Segmentation

The global security ink market is segmented based on application, printing method, type, and region.

Based on application, the global market segments are official identity documents, banknotes, security labels, tax banderoles, and others. In 2022, the banknotes segment generated the highest revenue. These notes are one of the world’s most traded notes. They are responsible for running national economies and hence are always under the target of counterfeiters and fraudsters. Security inks are crucial in determining if a certain note is authentic or fake. Central banks associated with regional governments are spending millions on ensuring that fake notes are not circulated in the economy by adopting advanced security tools and these inks are extremely helpful in this vision. A recent report stated that India loses nearly INR 100 crore every day due to banking-related fraud.

Based on printing method, the security ink industry is divided into flexographic, offset, letterpress, intaglio, silk screen, and others.

Based on type, the global market divisions are magnetic, invisible, erasable, thermochromic, biometric, infrared, optically variable, biometric, and others. The invisible segment was the fastest-growing unit in 2022 in the security ink industry. This type of ink is highly efficient in securing document integrity. It is not visible to the normal eye in every condition and contains specific chemicals that make the ink visible only under certain conditions or lighting. Due to their invisible nature, they are difficult to reproduce. The biometric segment may grow at the fastest CAGR during the forecast period. In 2022, the European Central Bank managed to remove 376,000 counterfeit euro banknotes from circulation in the economy.

Security Ink Market: Report Scope

Security Ink Market: Regional Analysis

Asia-Pacific to register the highest growth during the projected period

The global security ink market is expected to witness the highest growth in Asia-Pacific due to the higher adoption of security inks as a protection layer on several confidential and private documents. In recent times, banknote fraud in Asian countries has surged at a rapid rate forcing the government and central banks to adopt efficient measures that can curb such events. The recent demonetization by the Indian government led to further demand for security inks in the Indian economy. Regional market players are experimenting with novel security inks that can meet the challenging demand for document forgery in Asian territories.

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North America is expected to deliver significant CAGR due to the prevalence of product awareness and consumption. Moreover, the US government has invested significantly in ensuring that crucial documents such as passwords and identification cards are not easily forged. The scrutiny has increased in recent times due to extreme and violent attacks in the country. Europe will also grow at a rapid rate. However, the region has adopted other digital ways to improve document security which limits the regional growth avenues.

Security Ink Market: Competitive Analysis

The global security ink market is led by players like:

• Sun Chemical Corporation
• ICPA Holdings SA
• Letong Ink Corporation
• ALTANA AG
• Gleitsmann Security Inks
• Tracer Technology Systems
• Ferro Corporation
• Pulse Roll Label Products Ltd
• Sakata INX Corporation
• Kao Corporation
• Microtrace
• Ruian Xinye Security Label Material Co. Ltd.
• General Press Corporation
• Gans Ink & Supply Co.
• Shanghai Baihao Security Technology Co. Ltd.

The global security ink market is segmented as follows:

By Application

• Official Identity Documents
• Banknotes
• Security Labels
• Tax Banderoles
• Others

By Printing Method

• Flexographic
• Offset
• Letterpress
• Intaglio
• Silk Screen
• Others

By Type

• Magnetic
• Invisible
• Erasable
• Thermochromic
• Biometric
• Infrared
• Optically Variable
• Biometric
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa