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.

An increase in the instances of fraudulent activities is driving the Asia & Africa security printing market. In Japan, since more foreigners stay beyond their visas due to the high requirement for workers, the police have been encountering instances of fake residence cards in the past few years. According to the National Police Agency, investigators acted on 748 cases of possession, forgery, and other offenses involving residence cards in 2019. This strengthens the requirement for more secure printing technology. As per The Korea Herald, the police booked 12 people in 2018 who were alleged to use forged college transcripts or degrees to get a marital partner or a job. In 2021, A person received a suspended sentence for providing false credentials to secure a home loan worth ZAR 19 million from the Standard Bank in June 2019. In 2021, a 19-year-old was arrested in India for allegedly cheating numerous banks by opening fake accounts using forged documents. The accused had opened at least 10 fake accounts in banks such as ICICI Bank, Axis Bank, IDBI, and Industrial bank and applied for loans in Bajaj Finance and HDFC Bank. Thus, growing instances of fraudulent activities drive the need for innovative and robust security printing solutions in the Asia & Africa security printing market.

Most of the countries in Africa are still in the developing phase and are not as developed as the countries in the Middle East. In 2012, ~22.5% of the African population had access to banking services, and this figure increased to ~34.5% in 2017. In Africa, more than 47.5% of the African population is expected to have access to banking services by the end of 2022. Also, by 2022, ~455 million adults in the region are predicted to have at least one bank account. An increasing number of bank accounts leads to the issuance of passbooks, checkbooks, bank statements, and other important security documents. Thus, the Asia & Africa security printing market is gaining opportunities with a surge in the printing of passbooks, checkbooks, bank statements, and other confidential documents.

Further, small and medium enterprises (SMEs) account for ~80% of jobs across the African continent, which is a significant driver for the economic growth of the Asia & Africa security printing market. As of 2021, Sub-Saharan Africa had ~44 million micro, small, and medium enterprises. The World Economic Forum has predicted that Africa’s workforce will grow by 910 million people during 2010–2050, and 830 million of these candidates would be from sub-Saharan Africa. The growing workforce leads to a rise in the printing of offer letters, salary slips, experience letters, and other significant official documents. Thus, the increasing number of bank accounts and job positions create promising opportunities for the Asia & Africa security printing market.

Impact of COVID-19 Pandemic on Asia & Africa Security Printing Market Growth

In Africa, South Africa, Morocco, and Tunisia were among the worst-hit countries due to the COVID-19 pandemic. South Africa's property sector suffered severely during 2020. Owing to temporary office closures and reduced workforce, South Africa's deeds offices faced difficulties with the unpredictability of the COVID-19 pandemic. As of July 2020, 11 deeds offices in the country experienced backlogs. According to Property24, South Africa's leading property portal, around a 73% drop was observed in the registrations of the deed till July 2020. Reduction in deed registrations impacted the requirement for property registration papers printed in high security. On June 12, 2020, around 27,000 students in the College of Law (CLAW), the largest law faculty in Africa, appeared for an online examination. The online exams negatively affected the need for a hard copy of question papers printed in high-level security. On December 27, 2020, the Central African Republic and Niger held their presidential and parliamentary elections. This supported the production of ballot papers and helped the Asia & Africa security printing market grow to some extent. Owing to ease in restrictions and the opening of production facilities, the Asia & Africa security printing market is expected to grow promisingly in the near future.

Asia & Africa Security Printing Market Segmentation

The Asia & Africa security printing market is analyzed based on products and technologies. Based on products, the Asia & Africa security printing market is segmented into security documents, plastic cards, ballot papers, and others. Based on 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 Asia & Africa security printing market is segmented into Asia and Africa.

The key companies operating in the Asia & Africa security printing market include Al Ghurair  Printing and Publishing LLC, 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 Graaphics Pvt. Ltd.; and Shave & Gibson Packaging & Security Printing.

Asia & Africa Security Printing Market Share – by Region, 2020

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