Plastic Cards Market Size, Share, Growth, and Industry Analysis, By Type (Smart Cards and Regular Cards), By Application (Payment Cards, Government/Health, SIM Cards, Transportation Cards, Gift Cards, Access Cards & Others) and Regional Forecast to 2032

Updated On: 04 November 2024

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PLASTIC CARDS MARKET REPORT OVERVIEW

The Plastic Cards Market Size was Valued at US$ 16640 Million in 2023. The Market is likely to Surpass US$ 35153.7 Million by 2032 at a CAGR of 7.7% During the Forecast period [2024-2032].

Plastic cards are used nearly far and wide. The way we trade and pierce different services has been fully converted by these little, blockish bits of strong plastic. These plastic sensations, whether they're credit cards, debit cards, identity cards, or class cards, give ease and security. They contain important data on glamorous strips or integrated chips, making it simple for us to make deals, withdraw cash, and confirm our individualities. Plastic cards are a popular option for both individualities and organizations since they're portable, Light weight, and resistant to wear and tear. Still, with the increased attention being paid to environmental sustainability, it's essential to look at options that have a minimum ecological effect.

The market for plastic cards is still expanding gradationally as a result of a number of reasons that are boosting the demand for this product. First out, plastic cards are getting a necessary element of our everyday lives due to their ease and rigidity. Plastic cards offer a smooth and secure sale experience for anything from internet shopping to contactless payments. Also, as individualities look for easier payment options, the development of e-commerce and digital banking has increased demand for plastic cards. Also, the expansive use of incitement schemes, class services, and fidelity programmers’ has increased the need for plastic cards. As a result, the plastic cards market size is growing as further companies and customers recogniz their advantages.

COVID-19 Impact: Market Grows by Pandemic due to Encouraging The Adoption Of More Secure And Convenient Payment Options

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing upper-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The market for plastic cards has been significantly impacted by the COVID- 19 outbreak. There has been a perceptible change in consumer behaviour as a result of the wide perpetration of lockdowns and limitations. While online deals increased during this time, in- person purchases dropped as a result of lower bottom business and enterprises over the spread of contagions. As a result, there was a brief decline in the demand for physical payment cards like credit and debit cards. Though contactless payment systems, which substantially calculate on plastic cards with NFC (Near Field Communication) technology, were formerly getting more popular, the epidemic also sped up their acceptance. The need for new or advanced plastic cards with contactless capabilities has surged as a result of the transition towards contactless payments, which has been motivated by safety enterprises.

LATEST TRENDS

"Deployment of Cutting-Edge Technologies to Enhance Usefulness and Security Drive the Market Growth"

A latest trend in the global plastic card market is the deployment of cutting-edge technologies to enhance usefulness and security. The use of slice- edge technology to ameliorate functionality and security is one significant development in the plastic card business. New plastic card- related particulars and technologies are being introduced as digital invention progresses. For instance, to add an additional layer of protection, plastic cards are being combined with biometric identification capabilities like point or face recognition. This lowers the threat of fraud by allowing druggies to authenticate deals using their specific biometric data. In order to address environmental enterprises, top enterprises in the sector are also looking at using eco-friendly accoutrements in the product of cards. To lessen the impact of plastic cards on the terrain, results made of recycled or biodegradable plastic are being offered. A smooth and streamlined payment experience is handed through the integration of plastic cards with digital hold alls and mobile payment apps. This emulsion of sustainability and technology emphasizes the market's energy and the leaders in the field's ongoing attempts to acclimatize and develop.

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PLASTIC CARDS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into smart cards and regular cards.

• Smart Cards: Smart cards are portable, secure bias bedded with microprocessors that store and process data. They enhance authentication, payment deals, and access control, perfecting security and convenience in colorful operations, similar as banking and identification.

• Regular Cards: Regular cards, similar as credit and debit cards, are plastic payment instruments used for deals. They give convenience for copping goods and services, frequently linked to bank accounts for easy access to finances.

By Application

Based on application the global market can be categorized into Payment Cards, Government/Health, SIM Cards, Transportation Cards, Gift Cards, Access Cards and Others.

• Payment Cards: Payment cards, including credit, debit, and repaid cards, enable consumers to make electronic deals. They give convenience, security, and prices, easing purchases and managing charges in a cashless frugality.

• Government/Health: Plastic cards in government and health sectors enhance identification, service access, and benefits distribution. They streamline processes like healthcare services, social security, and voting, perfecting effectiveness, security, and stoner experience for citizens.

• SIM Cards: Plastic SIM cards facilitate mobile communication by securely storing subscriber information. They enable networking services, authenticate users, and allow access to mobile data, thereby connecting millions of users encyclopedically to communication networks.

• Transportation Cards: Transportation cards, similar as conveyance and trip cards, simplify chow payments for public transportation. They enable flawless access to motorcars, trains, and galleries, enhancing convenience and effectiveness for commuters and trippers

• Gift Cards: Gift cards are repaid cards used for copping goods or services at specific retailers. They offer flexible gifting options, allowing recipients to choose what they desire, and enhance client loyalty through promotional incentives.

• Access Cards: Access cards are secure identification tools used to grant entry to confined areas or systems. They frequently employ technologies like RFID and glamorous stripes, ensuring safety and monitoring in surroundings similar as services and events.

• Others: Plastic cards find Operations in colorful sectors, including retail for fidelity programs, education for pupil identification, and entertainment for class access. They enhance client engagement, streamline deals, and improve security across diligence.

DRIVING FACTORS

"Increased Digitalization Of Financial Services Drive the Market Growth"

One of the key driving factors in the global plastic cards market growth is the increased digitalization of financial services. The need for plastic cards as a secure payment system has increased as further people and businesses use digital banking, e-commerce, and online deals. Users may readily access their digital finances and make purchases in actual stores thanks to plastic cards, which give a solid connection between the digital and physical worlds. Additionally, the variety and ease of use that plastic cards provide, such as contactless deals and interoperability with a number of different payment platforms has increased demand for them. The demand for flawless integration between the digital and physical worlds of fiscal deals is anticipated to fuel growth in the plastic card assiduity as the digital geography continues to develop and change.

"Growing Use of Incentive and Loyalty Programmes by Businesses Expand the Market"

Another significant factor driving the market for plastic cards is their growing use of incentive and loyalty program by businesses. Loyalty programs have become an effective marketing strategy for retaining customers and fostering brand loyalty. Plastic cards serve as an accessible medium for customers to access and redeem their loyalty points, discounts or exclusive offers. Businesses recognize the value of offering substantiated prices and impulses to attract and retain customers, and plastic cards play a pivotal part in easing these programs. The ease of use and portability of plastic cards make them an ideal tool for guests to share in fidelity programs across various merchandisers. As businesses continue to invest in fidelity programs to enhance client engagement, the demand for plastic cards as a means to pierce and manage these programs is anticipated to grow.

RESTRAINING FACTORS

"Rising Use of Mobile Payment Applications and Digital Wallets to Impede Market Growth"

One of the key restraining factors in the global plastic cards market is the rising use of mobile payment applications and digital wallets. The growing use of mobile payment apps and digital hold alls is a crucial restraint on the market expansion for plastic cards. With the popularity of smartphones and the ease they give, people are choosing digital payment options more constantly. Mobile payment operations make it easy and amicable to make purchases, doing down with the need for actual plastic cards. Because there's lower demand for physical cards as a result of this transition towards digital payment styles, the traditional plastic card business faces challenges.

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PLASTIC CARDS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa

"Asia Pacific Region Dominating the Market due to presence of Major Manufacturing Hub"

Asia-Pacific has emerged as the most dominant region in the global plastic cards market share due to several factors. The area offers a large development occasion for plastic card operation due to its enormous population, fast urbanization, and rising disposable income. The growth of e-commerce, retail, and digital payments in nations like China, India, and Japan is boosting the need for plastic cards market share. Governments in the area are also advancing digitization and fiscal addition, which is accelerating the acceptance of plastic cards. The region's specialized improvements and the actuality of significant manufacturing centres both contribute to its supremacy. As a result, Asia- Pacific is well- deposited to control a substantial portion of the market or expand snappily.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The plastic cards market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

LIST OF MARKET PLAYERS PROFILED

• Gemalto (Netherlands)
• American Banknote Corporation (U.S.)
• Giesecke & Devrient (Germany)
• IDEMIA (France)
• Inteligensa Group (U.S.)
• CPI Card Group (U.S.)
• Perfect Plastic Printing Corporation (U.S.)
• Goldpac Group (China)
• Marketing Card Technology (China)
• TAG Systems SA (Span)
• Toppan Printing (Japan)
• Teraco (South Africa)
• Arroweye Solutions (U.S.)
• QARTIS (Portugal)
• Tactilis (Singapore)
• CardLogix Corporation (U.S.)

INDUSTRIAL DEVELOPMENT

July 2024: The DVLA and Thales Cut Carbon Footprint of UK Driving License and Residence Cards. Thales is using eco-design principles, energy efficiency, recycling, and ultimately carbon offsetting to minimize carbon emissions as part of its worldwide low-carbon strategy. DVLA remains on track to meet UK government target of net zero emissions by 2050. United Kingdom government’s Driver and Vehicle Licensing Agency (DVLA) partner with Thales to reduce the carbon footprint of its driving license as well as tachograph and residence cards.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.