The banknote market is on a strong upward trajectory, growing from $12.50 billion in 2023 to $13.15 billion in 2024, reflecting a CAGR of 5.2%. This growth is attributed to advancements in printing technology and the need for secure currency amidst economic fluctuations. Expectations indicate the market will reach $16.27 billion by 2028, with a CAGR of 5.5%. Trends to watch include the adoption of polymer banknotes and the incorporation of advanced security features.
Major Driver In The Banknote Market
The increasing volume of cash transactions is projected to propel the growth of the banknote market. Factors such as economic instability and a preference for cash in small transactions contribute to this rise. Banknotes serve as a widely accepted medium of exchange, making them essential for everyday transactions. UK Finance reported a total of 6.4 billion cash transactions in the UK in 2022, up from 6.0 billion in 2021. This trend indicates sustained demand for cash, thereby driving the banknote market.
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Banknote Market Competitive Landscape
Banque de France, Barry-Wehmiller Companies, Giesecke+Devrient GmbH, Bank of Canada, THE ROYAL MINT LIMITED, SICPA HOLDING SA, Bundesdruckerei GmbH, De La Rue plc, Crane Currency, Landqart AG, Note Printing Australia Limited (NPA), Orell Füssli AG, Oberthur Fiduciaire, Hueck Folien GmbH, CCL Secure, Banknote World, Hungarian Banknote Printing Company, Polish Security Printing Works, Arjowiggins Security, Advast Suisse AG, South African Bank Note Company, Tumba Mill
Key Banknote Market Trend
In the banknote market, companies are focusing on advanced security features and durability through commemorative polymer banknotes. CCL Secure and Polish Security Printing Works introduced the Guardian 20 zloty banknote in February 2023, showcasing enhanced durability with a vibrant design that honors Polish heritage while incorporating sophisticated security elements to combat counterfeiting.
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Banknote Market Segmentation
The banknote market covered in this report is segmented –
1) By Type: State-Owned, Commercial
2) By Material: Paper, Polymer
3) By Application: Intaglio Printing, Offset Printing, Letterpress Printing
By Geography:The regions covered in the banknote market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the banknote market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Banknote Global Market Report 2024 furnishes information about the global banknote market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
