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.
A 2021 report by Truth & BrandMapp indicates that the average middle-class adult in South Africa is a member of around nine loyalty programs. This statistic is based on the responses of over 33,000 individuals from households with a monthly income of at least US$ 661.26 (~ZAR 10,000), indicating the increasing popularity of such programs in the country and driving demand for loyalty card printing. In Australia, as of December 2021, there were around 13.16 million credit cards in use, with a national debt accruing interest of US$ 13.18 billion (~AUD 18.5 billion). In Japan, the number of issued debit cards reached approximately 456.45 million in the financial year 2020, indicating an addition of around 2 million cards to the count reported in the previous year.
Meanwhile, in China, the number of registered vehicle drivers reached approximately 400 million in 2020, which has led to an increase in driving license production and contributed to the security printing market growth in Asia. In India, there were over 859 million active debit cards and around 57 million credit cards as of September and August 2020, respectively. The growing demand for plastic cards in these regions is driving the growth of the security printing market.
The Asia & Africa security printing market is dominated by China, followed by Australia, India, Japan, South Korea, and the Rest of Asia. The African market is divided into North Africa and South Africa, with North Africa holding a larger share in 2020. Key players in this market include Al Madina Development & Supply L.L.C., Al Ghurair Investment LLC, Hypertech Holograms L.L.C, JMBR Group, and Lithotech.
Ballot paper requirements for election governing bodies such as the Australian Electoral Commission (AEC), Election Commission of India (ECI), Electoral Commission of South Africa, and National Election Commission of the Republic of Korea are met by the security printing market. In 2018, Bharat Electronics Limited (BEL) and Electronics Corporation of India Limited (ECIL) collaborated to explore the possibilities of replacing Voter Verified Paper Audit Trail (VVPAT) slips with more moisture-resistant materials. However, trade barriers in this market due to distinct rules, norms, regulations, and policies of different countries act as a limiting 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
The COVID-19 pandemic had a severe impact on countries such as India, South Korea, and Vietnam. India, in particular, was hit hard by a second wave of the pandemic, resulting in a high number of fatalities and a significant decline in the number of security applications verified in 2020. However, despite the pandemic, the security printing market in Asia experienced some demand due to elections held in various countries. For instance, legislative elections were held for 253 constituencies in South Korea on April 15, 2020, and general elections took place in Japan on October 31, 2021. These elections required the production of ballot papers, which supported the growth of the security printing market in Asia to some extent. On the other hand, due to the work-from-home policies implemented by many offices, the demand for plastic cards used as identity cards decreased significantly in various Asian countries. For example, the issuance of new credit cards in India fell by almost 47% on a year-on-year basis and over 21% on a month-on-month basis, affecting the production of credit cards. With vaccination rates increasing across the region, the situation is expected to improve, leading to the normalization of the Asia security printing market growth.
To determine the size of the Asia & Africa security printing market, both primary and secondary sources were utilized. The secondary research involved an exhaustive search of internal and external sources to gather qualitative and quantitative information on the market. Additionally, multiple primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, valuation experts, research analysts, and key opinion leaders to validate the data and obtain analytical insights.
Al Ghurair Printing & Publishing LLC, Lithotech, JMBR Group, Shave & Gibson, and Uniprint are the top five players in the Asia & Africa security printing market. Factors such as overall revenue, security printing service portfolio, geographical reach, market initiatives, technology upgrades, partnerships, and other market-related activities were considered while listing the key players.