Banknote Global Market Report 2025

A banknote is a form of paper currency issued by a central bank or government that functions as a medium of exchange. It represents physical currency, facilitating the exchange of goods and services. The banknote standardizes and simplifies the monetary exchange process, providing a stable and widely accepted medium for economic transactions and value storage.

The main types of banknotes are state-owned and commercial. State-owned refers to government-operated entities responsible for designing, printing, and distributing currency notes within a country. These organizations also help maintain national economic stability by regulating the money supply. Banknotes are made from various materials, such as paper and polymer, and are used in different printing techniques, including intaglio, offset, and letterpress printing.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sharp rise in U.S. tariffs and the ensuing trade tensions in spring 2025 are having a considerable impact on the financial sector, particularly in the areas of investment strategies and risk management. The increased tariffs have intensified market volatility, leading institutional investors to adopt more cautious approaches and driving greater demand for hedging solutions. Banks and asset managers are encountering higher costs in cross-border transactions as disrupted global supply chains and declining corporate earnings weigh on equity market performance. At the same time, insurance providers are facing elevated claims risks linked to supply chain interruptions and trade-related business losses. Furthermore, reduced consumer spending and weaker export demand are limiting credit growth and dampening investment appetite. In response to these challenges, the sector must focus on diversification, accelerate digital transformation, and strengthen scenario planning to manage the heightened economic uncertainty and safeguard profitability.

The banknote market research report is one of a series of new reports from The Business Research Company that provides banknote market statistics, including banknote industry global market size, regional shares, competitors with a banknote market share, detailed banknote market segments, market trends, and opportunities, and any further data you may need to thrive in the banknote industry. This banknote market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The banknote market size has grown strongly in recent years. It will grow from $13.15 billion in 2024 to $13.84 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to advancements in printing technology, economic instability, inflation rates, increasing demand for secure currency, the growth of international trade, shifts in government policies, and the expansion of global financial systems.

The banknote market size is expected to see strong growth in the next few years. It will grow to $17 billion in 2029 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to advancements in digital payment technologies, evolving consumer preferences for digital currencies, potential regulatory changes, the rise of financial inclusion initiatives, increasing demand for high-security features, and ongoing developments in anti-counterfeiting measures. Major trends in the forecast period include the increasing adoption of polymer banknotes, the growing emphasis on the innovative design of banknotes, the integration of advanced security features, the rising demand for cash-handling automation technologies, and the use of data analytics and AI.

The forecast of 5.3% growth over the next five years reflects a slight reduction of 0.2% from the previous projection. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through higher currency production costs, as specialized security inks and anti-counterfeiting materials, primarily sourced from Germany and Canada, become significantly more expensive to procure. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The rise in cash transactions is expected to drive growth in the banknote market. A cash transaction involves the exchange of physical currency, such as coins or banknotes, for goods or services. The increase in cash transactions is attributed to economic instability, use in the informal economy, security concerns, and small-scale purchases. Banknotes support cash transactions by offering a widely accepted and convenient medium of exchange. For instance, in September 2023, UK Finance, a UK-based financial services company, reported that the total number of cash transactions in the UK grew to 6.4 billion in 2022, up from 6.0 billion in 2021. Consequently, the increase in cash transactions is fueling the growth of the banknote market.

Leading companies in the banknote market are concentrating on developing advanced products, such as commemorative polymer banknotes, to enhance security features and extend the lifespan of currency. Commemorative polymer banknotes, printed on durable polymer, offer increased longevity and resistance to wear compared to traditional paper notes. These banknotes often feature unique designs and themes that honor historical events, cultural heritage, or notable figures, serving both as functional currency and collectible items. For example, in February 2023, CCL Secure, an Australia-based company specializing in polymer banknotes, partnered with Polish Security Printing Works (PWPW), a Poland-based producer of banknotes, to introduce the Guardian 20 zloty banknote. This 20-zloty banknote utilizes advanced polymer technology to enhance durability and wear resistance. It features a vibrant design celebrating Polish heritage, with high-resolution printing and advanced security elements, including micro printing, color-shifting inks, and embedded holograms to prevent counterfeiting.

In April 2023, Authentix, a US-based provider of authentication and information services, acquired Royal Joh. Enschede for an undisclosed amount. This acquisition is intended to bolster Authentix's capabilities in secure printing and anti-counterfeiting technologies, expand its product range, and extend its global presence in combating counterfeit goods and brand fraud. Royal Joh. Enschede, based in the Netherlands, is known for manufacturing custom banknotes.

Major companies operating in the banknote market are 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 Fussli 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

North America was the largest region in the banknote market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banknote market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the banknote market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The banknote market consists of sales of currency handling equipment, color-shifting inks, watermarks, holograms, and security threads. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Banknote Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on banknote market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for banknote ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The banknote market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

• Markets Covered:1) By Type: State-Owned; Commercial
• 2) By Material: Paper; Polymer
• 3) By Application: Intaglio Printing; Offset Printing; Letterpress Printing
• Subsegments:
• 1) By State-Owned: National Currency Banknotes; Central Bank-Issued Banknotes; Government-Backed Banknotes
• 2) By Commercial: Private Bank-Issued Banknotes; Commercial Banknotes (Issued by Private Banks for Local Circulation); Emergency Or Temporary Commercial Banknotes
• Companies Mentioned: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 Fussli 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
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.