Security Inks Market Type (Invisible, Biometric, Fluorescent, Thermochromic), Printing Method (Offset, Intaglio, Flexographic, Silk Screen, Letterpress), Application (Banknotes, Tax Banderoles, Security Labels), and Region - Global Forecast to 2027
Updated on : March 10, 2023
Security Inks Market
Security Inks Market was valued at USD 3.2 billion in 2022 and is projected to reach USD 3.9 billion by 2027, growing at a cagr 4.1% from 2022 to 2027. The reprinting of banknotes is a continuous process to ensure proper circulation. This is the main driving factor for the market. On the other hand, factors such as stringent government regulations and digitalization hinder the growth of the market.
Global Security Inks Market Trends
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Security Inks Market Dynamics
DRIVER: Need for security inks for consumer safety
Security inks offer consumers and manufacturers greater confidence by protecting them from theft or product tampering. Governments can fight counterfeiting and fraud by incorporating security inks into currency, official travel documents, and labels and tax stamps. These inks provide different security features with a range of applications. They are widely used for industrial printing on porous and many non-porous substrates for documents, tax stamps, anti-counterfeiting of designer products, consumer goods, etc. The need for printing with invisible and fluorescent inks (types of security inks) to prevent fraud and conform with regulations for consumer safety is driving increasing interest in these inks.
RESTRAINT: Growth in digitization
The security inks market acts as a restraining factor from digitization and technological convergence of content. The compelling reason for technological convergence is the speedy digitization of all types of content and converting content into computer-readable digital code. The catalyst for the transformation toward a digital age is likely to come from governments, consumers, and businesses. From 2022 to 2026, governments and businesses will continue investing in new digital technologies, accelerating the trend toward fully digital societies and also adopting greater digitalization in many types of security documentation. Hence, growing digitization and technological convergence can be considered restraints for the security inks market. However, these factors may also generate new opportunities for security printing organizations to invest in new product developments to overcome the threat.
OPPORTUNITIES: Increased identity theft
An increase in the number of identity thefts acts as a significant market opportunity for security inks. Fraudsters use forged documents for illegal purposes such as trafficking commodities and migrants, human smuggling across borders illegally, committing violent crimes, extremism, and terrorist acts, and getting privileges and money. Scammers use another personality to evade economic duties and responsibilities and commit illicit crimes without being held accountable and by transferring blame to the genuine person. This complex problem of identity fraud is continuously growing.
CHALLENGES: Stringent environmental regulations in North American and European countries
Europe and North America are strictly regulated by environmental laws regarding the production of chemical and petro-based products. This is affecting the production capacities of manufacturers in Europe and North America. Solvents used in the printing industry are frequently not or only partially retrieved from exhaust air streams generated by dryer systems. Hence, vapors from solvents pollute the air in printing buildings as well as outside. High-boiling mineral oils, glycol ethers, and other solvents often used in embossed steel dye printing are considered harmful to human health. As a result, regulations act as a major restraint to the overall growth of the market.
Security labels is the fastest growing application segment of the security inks market in the forecast period
Security labels is the fastest growing segment in the applications of security inks market for the forecast period between 2022 and 2027, in terms of both value and volume. Manufacturers of security labels are expanding their operational capacities and investing heavily in advanced technologies to provide the best products to brands for the protection of actual products from counterfeit ones, which, in turn, provides a much-needed boost to the global security labels market's expansion.
Asia Pacific is expected to be the largest regional market during the forecast period.
The Asia Pacific market is expected to be the largest regional segment for the security ink market due to increasing cases of forgery and counterfeiting. According to research by PwC on fraud in 2018 which focused on Vietnam and discovered that 51% of the 7,000 respondents in 123 areas had experienced economic fraud in the previous two years. Moreover, the Government of India declared demonetization without warning, which has raised the need for security inks in this region.
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The security inks market is dominated by a few globally established players such as SICPA Holding SA (Switzerland), DIC Corporation (Sun Chemical) (Japan), Kao Collins Corporation (US), Chromatic Technologies Inc. (US), Ink Tec Inc. (US), among others.
Security Inks Market Report Scope
Report Metric |
Details |
Years Considered for the study |
2020-2027 |
Base year |
2021 |
Forecast period |
2022–2027 |
Units considered |
Value (USD) and Volume (Kiloton) |
Segments |
By Type |
Regions covered |
Asia Pacific, Europe, North America, Middle East & Africa, South America |
Companies profiled |
SICPA Holding SA (Switzerland), DIC Corporation (Sun Chemical) (Japan), Kao Collins Corporation (US), Chromatic Technologies Inc. (US), and Ink Tec Inc. (US). A total of 20 players have been covered. |
This research report categorizes the security inks market based on Type, Printing Method, Application, and Region.
By Type:
- Invisible
- Biometric
- Fluorescent
- Thermochromic
- Optically Variable
- Magnetic
- Reactive
- Erasable
- Infrared
- Others
By Printing Method:
- Offset
- Intaglio
- Flexographic
- Silk Screen
- Letterpress
- Others
By Application:
- Banknotes
- Tax Banderoles
- Security Labels
- Official Identity Documents
- Others
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In December 2022, Fujifilm has entered into an asset purchase agreement with Inspirata, Inc. to acquire the company's Digital Pathology Business.
- In July 2022, DIC corporation acquired Guangdong TOD New Materials Co., Ltd. Coating and resin business. This acquisition will help DIC to expand its Asian market coating resins capacity, focused particularly on China—the world's largest coating resins market.
- In June 2022, SICPA Morocco inaugurated today its new regional coding centre for highly secure tax stamps in the industrial zone of Sidi Bernoussi in Casablanca.
Frequently Asked Questions (FAQ):
What is the total CAGR expected to be recorded for the security inks market during 2022-2027?
Security inks market registered a CAGR of 4.1% during the forecast period 2022-2027.
What are the driving factors for the security inks?
Need for security inks for consumer safety, increased occurrences of forgery and counterfeiting practices, and growth in banking and financial sectors to drive the security inks market.
Which are the significant players operating in the security inks market?
SICPA Holding SA (Switzerland), DIC Corporation (Sun Chemical) (Japan), Kao Collins Corporation (US), Chromatic Technologies Inc. (US), Ink Tec Inc. (US), among others are the significant players operating in security inks market.
Which region will lead the security inks market in the future?
Asia Pacific will lead the security inks market in future. .
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The study involves four major activities in estimating the current market size of security inks. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation methods were used to estimate the size of the segments and sub-segments of the overall market.
Secondary Research
In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, have been referred to for identifying and collecting information for this study. These secondary sources also included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; gold standard & silver standard websites; regulatory bodies; trade directories; and databases.
Primary Research
The security inks market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations. The demand side of this market is characterized by the development in application areas, such as banknotes, tax banderoles, security labels, official identity documents, and others. The supply side is characterized by advancements in technology. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Following is the breakdown of primary respondents:
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Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the security inks market. These methods were also used extensively to estimate the sizes of various sub-segments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the market have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Security Inks Market Size: Bottom-up Approach
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Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Report Objectives
- To analyze and forecast the security inks market size in terms of value and volume
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing market growth
- To define, describe, and forecast the market by type, printing method, application, and region
- To forecast the market size with respect to five main regions, namely, Asia Pacific, the Middle East & Africa, Europe, North America, and South America
- To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To analyze competitive developments such as investments, expansions, new product developments, partnerships, collaborations, and mergers & acquisitions in the market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies2.
Note: 1. Micromarkets refer to further segments and subsegments of the security inks market included in the report.
2. Core competencies of companies were captured in terms of key developments and key strategies adopted by them to sustain their position in the market.
Available Customizations
MarketsandMarkets offers customizations according to the specific needs of the companies with the given market data.
The following customization options are available for the report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company
Regional Analysis
- Further breakdown of the security inks market, by country
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in Security Inks Market