The Future of Banknotes to 2031

• 193 billion banknotes were printed in 2026. This will increase to 212 billion banknotes by 2031.
• Asia leads on volume. China and India dominate banknote demand.
• DOVIDs are becoming more valuable and technologically sophisticated, worth $605 million in 2026.

Talk of a cashless society hasn’t slowed the banknote industry. Global production will rise from 193 billion notes in 2026 to 212 billion by 2031, up from 177 billion in 2021, driven by demographics and changing end-user behaviour. 

Asia is the largest volume market. China and India dominate, with substantial further demand from Indonesia, Pakistan and Bangladesh. Digital payments are the main constraint on growth. 

Cards, mobile wallets, instant payments and CBDCs will keep reducing transactional cash use through 2031, especially in advanced economies and increasingly in China, India and Brazil. 

This report draws on extensive primary research, including interviews with central banks, high-security printers and state printing works. It delivers exclusive market estimates and forecasts by technology and geography, technology forecasts, a map of the competitive landscape, and the key opportunities across the banknote printing value chain.

KEY QUESTIONS

• How can banknote printers gain a competitive advantage in a digital age?
• What role will CBDCs play in the future of banknotes?
• How is automation driving development in the banknote industry?
• What role do emerging markets play in sustaining physical currency? 

ABOUT THE AUTHOR

Dr James Wojtyk has over 25 years of extensive experience in scientific research, technology innovation, and strategic leadership across Canadian academic, government, and industrial sectors. For three years Dr Wojtyk headed up Research and Development in Currency at the Bank of Canada, integrating new technologies into banknotes, advising on counterfeit threats and fostering international collaborations.

Executive Summary
Introduction and methodology
Macroeconomic landscape
Competitive landscape
Market drivers and trends
Emerging markets
Security
Automation
Geopolitical risks
Sustainability
Digitalisation
Technology developments
Multi-spectral automation
Advanced substrates
Functional security inks
AI-enables detection and analytics
Digitalisation
Advanced micro-optics
Market size and forecasts
Market by substrates
Market by security print and features
DOVIDs
Security inks
Watermarking
Security threads
Intaglio
Micro-lettering
UV/IR features
Market by geography
Western Europe
UK
Eurozone
Eastern Europe
Russia
North America
Canada
USA
South and Central America
Brazil
Asia
China
India
Japan
Middle East
Africa
Australasia

Figures
Global: Banknotes Market, 2021–31 ($ Million; Million Units)
Global: Banknotes Market - By Geographical Markets, 2021–31 ($ Million; Billion Units)
Global: Banknotes Market - By Substrate, 2021–31 ($ Million; Million Units)
Global: Banknotes Substrate Market - By Geographical Market, 2021–31 ($ Million; Billion Units)
Global: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Dovids: Consumption In Bank Notes, 2021–31($ Million; Million Units)
Security Threads: Consumption In Bank Notes, 2021–31($ Million; Million Units)
Intaglio: Consumption In Bank Notes, 2021–31($ Million; Million Units)
Watermarking: Consumption In Bank Notes, 2021–31($ Million; Million Units)
Security Inks: Consumption In Bank Notes, 2021–31($ Million; Million Units)
Uv/Ir Taggants: Consumption In Bank Notes, 2021–31($ Million; Million Units)
Microlettering: Consumption In Bank Notes, 2021–31($ Million; Million Units)
Global: Banknotes Market - By Geographical Markets, 2021–31 ($ Million; Million Units)
Western Europe: Banknotes Market, 2021–31 ($ Million; Million Units)
Eastern Europe: Banknotes Market, 2021–31 ($ Million; Million Units)
Eurozone: Banknotes Market, 2021–31 ($ Million; Million Units)
Uk: Banknotes Market, 2021–31 ($ Million; Million Units)
Russia: Banknotes Market, 2021–31 ($ Million; Million Units)
North America: Banknotes Market, 2021–31 ($ Million; Million Units)
Canada: Banknotes Market, 2021–31 ($ Million; Million Units)
Us: Banknotes Market, 2021–31 ($ Million; Million Units)
Mexico: Banknotes Market, 2021–31 ($ Million; Million Units)
South & Central America: Banknotes Market, 2021–31 ($ Million; Million Units)
Brazil: Banknotes Market, 2021–31 ($ Million; Million Units)
Asia Pacific: Banknotes Market, 2021–31 ($ Million; Million Units)
Asia: Banknotes Market, 2021–31 ($ Million; Million Units)
China: Banknotes Market, 2021–31 ($ Million; Million Units)
India: Banknotes Market, 2021–31 ($ Million; Million Units)
Japan: Banknotes Market, 2021–31 ($ Million; Million Units)
Other Asia: Banknotes Market, 2021–31 ($ Million; Million Units)
Australasia: Banknotes Market, 2021–31 ($ Million; Million Units)
Middle East & Africa: Banknotes Market, 2021–31 ($ Million; Million Units)

Tables
Top Ten National Banknote Markets 2021-2031 (Million Units Printed)
Global: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Western Europe: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Eastern Europe: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Eurozone: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Uk: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Russia: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
North America: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Canada: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Us: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Mexico: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
South & Central America: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Brazil: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Asia Pacific: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Asia: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
China: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
India: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Japan: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Other Asia: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Australasia: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)
Middle East & Africa: Banknotes Market - By Print And Security Features, 2021–31 ($ Million)