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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

·5 min read
ReportLinker
ReportLinker

It is estimated to grow at a CAGR of 5. 0% from 2021 to 2028. As per the Truth & BrandMapp report published in 2021, an average middle-class adult in South Africa is a member of about nine different loyalty programs.

New York, April 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia & Africa Security Printing Market Forecast to 2028 - COVID-19 Impact and Analysis - by Products and Technologies" - https://www.reportlinker.com/p06269974/?utm_source=GNW
This data is based on the responses of over 33,000 individuals who are from households having a monthly income of at least US$ 661.26 (~ZAR 10,000). The increasing inclination toward such programs in South Africa drives the demand for the printing of loyalty cards. As of December 2021, ~13.16 million credit cards were in use in Australia, netting a national debt accruing interest of US$ 13.18 billion (~AUD 18.5 billion). In the financial year 2020, the count of issued debit cards in Japan reached ~456.45 million, denoting the addition of ~2 million cards to the count reported in the financial year 2019. Further, in China, the count of registered vehicle drivers reached ~400 million in 2020. In the last 10 years, the count of drivers in the country has almost doubled, which has triggered the production of driving licenses, thereby contributing to the security printing market proliferation in Asia. As of September 2020, there were more than 859 million active debit cards in India, while there were ~57 million credit cards in the country as of August 2020. Thus, the rising demand for plastic cards is fueling the security printing market growth in Asia and Africa.

In 2020, China held the largest share of the Asia security printing market, followed by Australia, India, Japan, South Korea, and the Rest of Asia.The African security printing market is bifurcated into North Africa and South Africa.

In 2020, North Africa held a larger share of the African security printing market. Al Madina Development & Supply L.L.C., Al Ghurair Investment LLC, Hypertech Holograms L.L.C, JMBR Group, and Lithotech are key players operating in the Asia & Africa security printing market.

Australian Electoral Commission (AEC), Election Commission of India (ECI), Electoral Commission of South Africa, and National Election Commission of the Republic of Korea are the election governing bodies that look after the ballot paper requirement.In 2018, Bharat Electronics Limited (BEL) and Electronics Corporation of India Limited (ECIL) explored the possibilities of replacing the existing Voter Verified Paper Audit Trail (VVPAT) slips with another quality that is more resistant to moisture.

Owing to distinct rules, norms, regulations, and policies of different countries, trade barriers in this market act as a restraining 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

India, South Korea, and Vietnam are among the worst-hit countries due to the COVID-19 pandemic.India was further affected by the second wave of COVID-19, which witnessed a high count of fatalities.

The COVID-19 pandemic and various travel restrictions led to a sharp decline in the count of security applications that were verified by India in 2020.

However, the security printing market in Asia witnessed some demand due to elections in various countries.On April 15, 2020, legislative elections were held for 253 constituencies in South Korea.

On October 31, 2021, general elections were held in Japan as per the schedule.The requirement for ballot papers in these elections supported the security printing market growth in Asia to some extent.

However, with offices giving work from home to their newly hired employees, the requirement for plastic cards that are used as identity cards fell drastically in various Asian countries.As of April 2021, the Reserve Bank of India’s data showed that the issuance of new credit cards came virtually to a standstill and fell almost 47% on a year-on-year (Y-o-Y) basis and over 21% on a month-on-month basis.

This affected the production of credit cards. With growing vaccination rates across the region, the situation is expected to return to normalcy very soon. As the situation normalizes, the Asia security printing market growth also experienced normalization.

The size of the Asia & Africa security printing market has been derived in accordance with primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Asia & Africa security printing market.

Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants who typically participate in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in security printing.

Al Ghurair Printing & Publishing LLC; Lithotech; JMBR Group; Shave & Gibson; and Uniprint, are among the top five market players operating in the Asia & Africa security printing market. The key players are listed by considering factors such as overall revenue (including subsidiary companies), current security printing service portfolio for different applications, geographical reach, market initiatives, high investments in technology upgrades, partnerships, and other market-related activities.
Read the full report: https://www.reportlinker.com/p06269974/?utm_source=GNW

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