Rising awareness regarding counterfeiting in various sectors is expected to increase microprinting market share over 2019-2025. Increasing fraudulent activities with regards with official documents is encouraging implementation of security printing techniques to detect counterfeiting.
According to OECD (Organization for Economic Co-operation & Development), the trade in pirated and counterfeit goods accounts for 3.3% of global trade. The increased frequency of plagiarism is forcing industries to employ security features to assure authenticity of documents, consumer products, logistics & packages, etc., which is resulting in enhancing microprinting market trends.
How will advanced techniques employed by the government propel microprinting industry outlook?
In 2018, the GDRFA (General Directorate of Residency and Foreigner Affairs) of Dubai detected over 1,000 forged travel documents at Dubai International Airport, hence forcing the government to adopt unique techniques for protection against counterfeiting in important travel documents. The Government of India is also using the smaller than 0.25mm text technique as a security feature in passports.
For designing passports with high security printing, many companies are offering unique techniques. Such factors are projected to drive the microprinting market growth over the forecast timeline.
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How will microprinting industry profit from packaging application?
Microprinting techniques are witnessing expansive growth owing to increased usage in various packaging applications. China is a key market due to the expansive growth of e-commerce along with development in consumer electronics manufacturing. The country also exports a large number of consumer electronics products across the globe.
With growing e-commerce sector, industries are adopting techniques for proper packaging, product information and easy product identification, in order to prevent counterfeiting.
Will North America emerge to be a region witnessing significant growth in microprinting industry?
The availability of affordable printing and scanning solutions has led to an increase in counterfeiting of the currency. For instance, in 2018, the United States Department of the Treasury reported around $70 million forged currency floating across the country, which led the government to integrate microprinting technique in currency notes to prevent forging activities, thereby expanding the microprinting market size.
The introduction of $100 currency notes with microprinting feature will help in improving the security and authenticity of the currency notes by making it impossible to replicate. North America microprinting market is estimated to grow at a CAGR of over 4% over the forecast time period.