Banknote market size to grow at a CAGR 2.97% by 2027: Driven by the implementation of central bank policies for clean banknotes - Technavio

NEW YORK, Feb. 16, 2023 /PRNewswire/ -- The global banknote market size is estimated to increase by USD 1,821.51 million between 2022 and 2027. The market's growth momentum will accelerate at a CAGR of 2.97%. The report includes historic market data from 2017 to 2021. In 2017, the banknote market was valued at USD 8,156.94 million. The report also provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Discover more insights on the market size before buying the full report - Request a sample report.

Banknote market – Vendor analysis
Vendor offerings -

• CCL Industries Inc. - The company offers banknotes under the brand name Guardian.
• China Banknote Printing and Minting Group Co. Ltd. - The company offers banknotes such as Hong Kong dollar and Macau dollar.
• Crane Co. - The company offers banknotes under the brand name Endurance.
• De La Rue plc - The company offers banknotes under the brand name Ignite.
• For details on vendors and their offerings – Buy the report!

Vendor landscape –

The global banknote market is fragmented. A few prominent vendors that offer banknotes in the market are BNB Printing House AD, Bureau of Engraving and Printing, CCL Industries Inc., Central Engraving and Printing Plant, China Banknote Printing and Minting Group Co. Ltd., Crane Co., De La Rue plc, FNMT RCM, Giesecke Devrient GmbH, Goebel Capital GmbH, Hong Kong Note Printing Ltd., Joint Stock Co. Goznak, Koenig and Bauer AG, KOMORI Corp., Orell Fussli AG, PASABAN S.A., Reserve Bank of India, Security Papers Ltd., Security Printing and Minting Corp. Of India Ltd., SPS TechnoScreen GmbH, and Valora S.A. and others.

Leading commercial printers are competing to increase their footprint in the global banknote market. The competition in the market is expected to intensify further during the forecast period owing to the rise in technological innovations and the expansion of vendors' operations to different regions. Vendors are competing on the basis of security features, portfolio, and pricing. Established vendors are investing in designing, developing, planning, and expanding existing banknote printing products to maintain their position in the market.

Banknote market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

Banknote market - Segmentation assessment

Segment overview
Technavio has segmented the market based on type (state-owned and commercial) and method (intaglio printing, offset printing, and letterpress printing). 

• The state-owned segment will account for a significant share of the market's growth during the forecast period. Banknotes are generally printed by state-owned printers of issuing countries, which are also called state print works (SPWs). Many countries adhere to SPWs due to concerns related to national security. Offering banknote printing contracts to printers located in a different country can result in the production of fake currencies and lead to fiscal damage. Hence, the global market is likely to remain dominated by SPWs during the forecast period.

Geography overview
Based on geography, the global banknote market is segmented into APAC, Middle East and Africa, South America, North America, and Europe. The report provides actionable insights and estimates the contribution of all regions to the growth of the global banknote market.

• APAC is estimated to account for 69% of the growth of the global market during the forecast period. This growth is attributed to factors such as the high demand for banknotes from a large population base. Moreover, the use of banknotes is high in cash-based economies such as India. Many countries in APAC print their banknotes outside their national borders. For instance, China Banknote Printing and Minting Corp. has been printing banknotes for various countries, including Thailand, Bangladesh, Sri Lanka, Malaysia, Pakistan, and Nepal. Such factors are likely to fuel the growth of the market in the region during the forecast period.

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Banknote market – Market dynamics

Leading drivers - The implementation of central bank policies for clean banknotes is driving market growth. Central banks of various countries guarantee the efficient circulation of premium-grade banknotes and the removal of unfit banknotes. For example, the Reserve Bank of India (RBI) has implemented the Clean Note Policy to keep banknotes clean and useful while in circulation. This is expected to boost the demand for reprinting banknotes and currencies to replace discarded banknotes, which will drive the growth of the market during the forecast period.

Key trends - The development of various security printing methods is a key trend in the market. Some of the types of security inks and security printing methods include watermarks, holograms, serial numbers, intaglio printing, geometric lathe work, fluorescent dyes, and fluorescent dyes. Moreover, vendors are introducing innovative new security inks to prevent counterfeiting and product piracy. Hence, the introduction of new security inks would prevent fraudulent activities, which will support the growth of the global market during the forecast period.

Major challenges - The increasing use of cryptocurrencies is challenging market growth. Cryptocurrency does not require physical cash, as it is a digital code that can be transferred through digital mediums. Various stores are accepting cryptocurrency to ease transactions. Cryptocurrency software contains information such as time, date, and amount of transaction. Moreover, it is impossible to duplicate cryptocurrencies, which ensure secure transactions. These factors will hinder the growth of the global market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this banknote market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the banknote market between 2023 and 2027
• Precise estimation of the size of the banknote market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the banknote market across APAC, Middle East and Africa, South America, North America, and Europe
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of banknote market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Method
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global banknote market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global banknote market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Process Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Process Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 State-owned - Market size and forecast 2022-2027
• Exhibit 34: Chart on State-owned - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on State-owned - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on State-owned - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on State-owned - Year-over-year growth 2022-2027 (%)

• 6.4 Commercial - Market size and forecast 2022-2027
• Exhibit 38: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)

7 Market Segmentation by Method

• 7.1 Market segments 
• Exhibit 43: Chart on Method - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Method - Market share 2022-2027 (%)

• 7.2 Comparison by Method 
• Exhibit 45: Chart on Comparison by Method
• Exhibit 46: Data Table on Comparison by Method

• 7.3 Intaglio printing - Market size and forecast 2022-2027
• Exhibit 47: Chart on Intaglio printing - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Intaglio printing - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Intaglio printing - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Intaglio printing - Year-over-year growth 2022-2027 (%)

• 7.4 Offset printing - Market size and forecast 2022-2027
• Exhibit 51: Chart on Offset printing - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Offset printing - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Offset printing - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Offset printing - Year-over-year growth 2022-2027 (%)

• 7.5 Letterpress printing - Market size and forecast 2022-2027
• Exhibit 55: Chart on Letterpress printing - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Letterpress printing - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Letterpress printing - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Letterpress printing - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Method 
• Exhibit 59: Market opportunity by Method ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 69: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.5 South America - Market size and forecast 2022-2027
• Exhibit 73: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.6 North America - Market size and forecast 2022-2027
• Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.7 Europe - Market size and forecast 2022-2027 
• Exhibit 81: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 85: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 India - Market size and forecast 2022-2027
• Exhibit 89: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.10 US - Market size and forecast 2022-2027 
• Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.11 Brazil - Market size and forecast 2022-2027
• Exhibit 97: Chart on Brazil - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Brazil - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Brazil - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Brazil - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 BNB Printing House AD 
• Exhibit 112: BNB Printing House AD - Overview
• Exhibit 113: BNB Printing House AD - Product / Service
• Exhibit 114: BNB Printing House AD - Key offerings

• 12.4 Bureau of Engraving and Printing 
• Exhibit 115: Bureau of Engraving and Printing - Overview
• Exhibit 116: Bureau of Engraving and Printing - Product / Service
• Exhibit 117: Bureau of Engraving and Printing - Key offerings

• 12.5 CCL Industries Inc. 
• Exhibit 118: CCL Industries Inc. - Overview
• Exhibit 119: CCL Industries Inc. - Business segments
• Exhibit 120: CCL Industries Inc. - Key offerings
• Exhibit 121: CCL Industries Inc. - Segment focus

• 12.6 Central Engraving and Printing Plant 
• Exhibit 122: Central Engraving and Printing Plant - Overview
• Exhibit 123: Central Engraving and Printing Plant - Product / Service
• Exhibit 124: Central Engraving and Printing Plant - Key offerings

• 12.7 China Banknote Printing and Minting Group Co. Ltd.
• Exhibit 125: China Banknote Printing and Minting Group Co. Ltd. - Overview
• Exhibit 126: China Banknote Printing and Minting Group Co. Ltd. - Product / Service
• Exhibit 127: China Banknote Printing and Minting Group Co. Ltd. - Key offerings

• 12.8 Crane Co. 
• Exhibit 128: Crane Co. - Overview
• Exhibit 129: Crane Co. - Business segments
• Exhibit 130: Crane Co. - Key offerings
• Exhibit 131: Crane Co. - Segment focus

• 12.9 De La Rue plc 
• Exhibit 132: De La Rue plc - Overview
• Exhibit 133: De La Rue plc - Business segments
• Exhibit 134: De La Rue plc - Key offerings
• Exhibit 135: De La Rue plc - Segment focus

• 12.10 FNMT RCM 
• Exhibit 136: FNMT RCM - Overview
• Exhibit 137: FNMT RCM - Product / Service
• Exhibit 138: FNMT RCM - Key offerings

• 12.11 Giesecke Devrient GmbH 
• Exhibit 139: Giesecke Devrient GmbH - Overview
• Exhibit 140: Giesecke Devrient GmbH - Business segments
• Exhibit 141: Giesecke Devrient GmbH - Key offerings
• Exhibit 142: Giesecke Devrient GmbH - Segment focus

• 12.12 Joint Stock Co. Goznak 
• Exhibit 143: Joint Stock Co. Goznak - Overview
• Exhibit 144: Joint Stock Co. Goznak - Product / Service
• Exhibit 145: Joint Stock Co. Goznak - Key offerings

• 12.13 Orell Fussli AG 
• Exhibit 146: Orell Fussli AG - Overview
• Exhibit 147: Orell Fussli AG - Business segments
• Exhibit 148: Orell Fussli AG - Key offerings
• Exhibit 149: Orell Fussli AG - Segment focus

• 12.14 PASABAN S.A. 
• Exhibit 150: PASABAN S.A. - Overview
• Exhibit 151: PASABAN S.A. - Product / Service
• Exhibit 152: PASABAN S.A. - Key offerings

• 12.15 Reserve Bank of India 
• Exhibit 153: Reserve Bank of India - Overview
• Exhibit 154: Reserve Bank of India - Product / Service
• Exhibit 155: Reserve Bank of India - Key offerings

• 12.16 Security Papers Ltd. 
• Exhibit 156: Security Papers Ltd. - Overview
• Exhibit 157: Security Papers Ltd. - Product / Service
• Exhibit 158: Security Papers Ltd. - Key offerings

• 12.17 Security Printing and Minting Corp. Of India Ltd.
• Exhibit 159: Security Printing and Minting Corp. Of India Ltd. - Overview
• Exhibit 160: Security Printing and Minting Corp. Of India Ltd. - Product / Service
• Exhibit 161: Security Printing and Minting Corp. Of India Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 162: Inclusions checklist
• Exhibit 163: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 164: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 165: Research methodology
• Exhibit 166: Validation techniques employed for market sizing
• Exhibit 167: Information sources

• 13.5 List of abbreviations 
• Exhibit 168: List of abbreviations

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