According to the new research report titled "Asia & Africa Security Printing Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, 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.
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.
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