Increasing demand for anti-counterfeiting products will drive the microprinting market growth over the forecast period.
According to the Organization for Economic Co-operation and Development (OECD) and the EU’s Intellectual Property Office, the trade in counterfeit and pirated goods accounts for 3.3% of the global world trade. Germany-based Mechanical Engineering Industry Association (VDMA) states that the maximum number of counterfeits come from China, followed by Germany.
This prevalence of plagiarism is forcing industries to implement security features to assure the authenticity of consumer product, and packages and logistics, resulting in microprinting market growth. The technology which prints characters and patterns invisible to the naked eye have emerged as an affordable security solution for a number of industry verticals.
The growing demand for cost-effective printing technology is further accelerating the microprinting market growth. The packaging industries require high-quality secured prints that can be used to identify and differentiate different packaged goods. The technique enables easy product identification and avoids product duplicity, which helps in improving the brand image of industries.
The adoption of microprinting technique is growing rapidly in the banking and financial services sector owing to the rise in counterfeiting of currencies and checks. According to Reserve Bank of Australia estimates, around 30,000 counterfeits are reported per year. The bank is incorporating innovative security features to secure currency from counterfeiting. For instance, in February 2019, Reserve Bank of Australia released an AUD20 banknote with a rolling-color effect and microprint features to improve security and ease of identification. The industry is adopting this technology for various banking documents such as check slips, currency/banknotes, financial or payment cards and ID cards among others, thereby augmenting the microprinting market growth.
North America microprinting market will expand at a CAGR of over 4% over the forecast timespan. The technique is being used in corporate and government sectors for printing employee identification cards and licenses as a security measure. The availability of affordable scanning and printing solutions has led to an increase in counterfeiting of the USD. For instance, in January 2018, the U.S. Department of the Treasury reported around USD 70 million fake currency floating across the country; 75% of the counterfeited currency consisted of USD 100 bank notes. This has led the government to incorporate the technique in the currency notes to prevent counterfeiting activities, thereby augmenting the microprinting market.
Players in the microprinting market include Zebra Technologies Corporation, Xerox Corporation, Wuhan Willita Marking and Packing Technology, Videojet Technologies, Source Technologies, Micro Printing Systems., Matica Technologies AG, Linx Printing Technologies, InkJet, Hewlett-Packard Company, Evolis, Control Prin, and Canon Finetech Nisca, among others. The major players are engaged in manufacturing printing solutions that help in protecting sensitive documents from unauthorized duplication.