Global Banknote Market to Grow Amid Rising Demand for Security and Polymer Notes

CALIFORNIA CITY, Calif. - Sept. 6, 2024 - PRLog -- Makreo Research projects robust growth in the global banknote market, forecasting a compound annual growth rate (CAGR) of 6% from 2023 to 2028. This expansion is driven by increasing currency circulation, advanced security needs, and a growing shift towards polymer banknotes.

Increasing Demand for Enhanced Security in the Banknote Market
The rise in counterfeit currency is propelling demand for advanced security measures in banknotes. Financial institutions are investing in sophisticated currency security technologies, such as cash sorters, to ensure authenticity and prevent fraud. These solutions offer advanced features, providing an additional layer of protection.

Polymer Banknote Market: A Sustainable and Secure Alternative
Polymer banknotes are gaining popularity due to their superior durability and environmental benefits. As of February 2021, 15% of global banknote denominations were made from polymer, up from 7% in 2019. Countries like Canada and Australia are leading the transition to polymer, which offers a lifespan over two times longer than traditional paper notes.

U.S. Banknote Production and Economic Policy Shifts
U.S. banknote production peaked in 2018 with 7,539 million notes, largely due to changes in mortgage policies and economic factors. The COVID-19 pandemic further influenced banknote production due to a cash shortage, underscoring the need for increased liquidity in the market.

Mexico's Transition from Banknotes to Coins
Mexico is modernizing its currency system by replacing the 20-peso banknote with a coin. This move aims to enhance currency durability and align with global best practices in currency production.

Eurozone Banknote Market and Croatia's Integration
Despite a decline in cash usage, demand for euro banknotes remains strong, driven by their status as a global reserve currency. Croatia's integration into the eurozone in 2023 underscores the region's economic stability, with the country adopting the euro as part of its deepening economic ties with the EU.

Key Market Developments
Recent innovations include Samoa's upgrade of its tala banknotes, De La Rue's stake increase by Crystal Amber Fund, and G+D's collaboration with JCM Global to enhance cash processing solutions.

Comprehensive Study on the Global Banknote and Polymer Banknote Market
Makreo Research's report, "Global Banknote Market Analysis and Forecast 2028 – Edition 2024," provides an in-depth analysis of banknote production, counterfeit prevention, and the growing adoption of polymer banknotes. The study also assesses the impact of digital currency trends and offers regional insights, including the effects of the COVID-19 pandemic on the banknote industry.

Download the free sample report:
Global Banknote Market Analysis and Forecast 2028 (https://www.makreo.com/report/global-banknote-market-anal...)