Security Paper Market Will Reach Nearly USD 24.67 Billion By 2026, Expanding at a CAGR of 6.4%

The global security paper market is expected to reach USD 24.67 Billion by 2026, according to a new report by Reports and Data. Security papers include features, which assist in identification or authentication of a document as original as opposed to a fake one. One of the most common forms of security paper is the watermark, and there are many features which have been integrated to prevent any attempt to tamper with the document such as when amounts are altered on a cheque.

One of the major factors contributing to the growth of the market is the increasing incidences of document counterfeiting and fraud. In an attempt to curb these fraud attacks, the government along with other organizations including banks, and passport offices, among others are putting in efforts to make their paper works and documents more secure by the deployment of security papers.

An increase in the level of disposable income has been instrumental in the increase in the number of foreign tours, which in turn, has developed higher demand for visas and passports, thereby supporting the growth of the market in the upcoming years. Further, rising awareness about frauds among consumers and the growing need for protection against counterfeiters is expected to boost the market demand in the forecast period.

The mandate of central banks across the globe to protect the integrity of banknotes through new design and security features, assess the demand for banknotes and coins, plan the supply and distribution of sufficient quantity of banknotes and coins and ascertain quality of banknotes in circulation by the timely withdrawal of soiled banknotes which will drive the market growth in the forecast period.

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