Plastic Card Market

Plastic Card Market Study by Chip Enabled Cards, Regular Cards, and Smart Cards for Payments, Government/Health, Transportation, Gifts, and Access from 2024 to 2034

Analysis of Plastic Card Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Plastic Card Market Outlook (2024 to 2034)

The global plastic card market has been projected at a value of US$ 18.4 billion in 2024 and is forecast to reach a value of US$ 37.2 billion by 2034, with a projected CAGR of 7.3% from 2024 to 2034.

Plastic cards offer secure payment options through features like EMV chips and contactless payments, which enhance their global acceptance. Many credit and debit cards come with loyalty programs, rewards, and cashback incentives, motivating consumers to use them more frequently.

Key Market Growth Drivers

  • Although digital transactions are becoming more prevalent, plastic cards continue to be extensively used for both online and offline transactions, thereby driving market expansion.
  • Expansion of e-commerce platforms and online shopping contributes to the increased demand for plastic cards, serving as a convenient payment method for online transactions.
  • Continual technological advancements, including biometric authentication and integration with digital wallets, improve the functionality and security of plastic cards, thus stimulating growth.
  • Plastic cards are instrumental in endeavors to achieve financial inclusion by granting individuals in underserved or remote areas access to banking services and electronic payment options.
  • Plastic cards provide secure payment options, integrating technologies such as EMV chip technology and contactless payments, which enhance their acceptance worldwide.
  • Urbanization and globalization are boosting the demand for convenient payment methods, driving the popularity of plastic cards in both advanced and emerging economies.
Report Attributes Details
Plastic Card Market Size (2024E) US$ 18.4 Billion
Forecasted Market Value (2034F) US$ 37.2 Billion
Global Market Growth Rate (2024 to 2034) 7.3% CAGR
North America Market Share (2024E) 22.9%
Sales of Smart Cards (2024E) US$ 6.1 Billion
Sales of Chip-enabled cards (2034F) US$ 17.7 Billion
Key Companies Profiled
  • Gemalto N.V.
  • Arroweye Solutions
  • Teraco
  • Gemalto
  • American Banknote Corporation
  • CardLogix Corporation
  • TAG Systems SA
  • Marketing Card Technology
  • Toppan Printing
  • Giesecke & Devrient
  • CPI Card Group
  • Perfect Plastic Printing Corporation
  • IDEMIA

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What are the Key Plastic Card Market Trends?

“Technological Advancements Enhancing Functionality and Security of Plastic Cards”

The proliferation of e-commerce and online shopping platforms is driving the demand for plastic cards as a convenient payment option for online transactions. Plastic cards play a vital role in financial inclusion efforts, granting access to banking services and electronic payments for individuals in underserved or remote regions. Continuous technological advancements, such as biometric authentication and digital wallets, are integrated into plastic cards, enhancing their functionality and security.

Urbanization and globalization are leading to the extensive adoption of plastic cards in both developed and developing economies. These cards offer secure payment solutions, incorporating technologies like EMV chips and contactless payments, which contribute to their global acceptance. Many plastic cards, notably credit and debit cards, include loyalty programs, rewards, and cashback incentives, enticing consumers and promoting card usage.

“Increasing Focus on Security and Fraud Prevention Measures”

Market growth is driven by a heightened emphasis on security and fraud prevention, as more consumers adopt secure payment solutions such as plastic cards embedded with advanced security features. Several plastic cards, notably credit and debit cards, incorporate loyalty programs, rewards, and cashback incentives, acting as motivators for customers and stimulating card utilization.

What are the Challenges Faced by Plastic Card Manufacturers?

“Stringent Data Protection Regulations amid Increasing Cybersecurity Threats”

As cyber threats become more sophisticated, ensuring secure transactions via plastic cards is a major concern for card issuers and financial institutions. Staying abreast of rapid technological changes in payment systems and security features necessitates ongoing investment in research and development, which can be difficult for smaller players. Adhering to evolving regulatory standards regarding data protection, privacy, and financial transactions presents challenges, particularly in regions with strict regulatory frameworks.

“Rising Environmental Concerns Due to More Production of Plastic Cards”

Traditional plastic cards face competition from the rising popularity of digital payment solutions such as mobile wallets and cryptocurrency, compelling card issuers to adapt to shifting consumer preferences. The environmental impact of plastic card production and disposal raises concerns about pollution and waste.

There is growing pressure on the industry to adopt sustainable practices and explore alternative materials for card manufacturing. Effectively combating card fraud, including identity theft and unauthorized transactions, requires ongoing investments in fraud detection and prevention technologies by card issuers and payment networks.

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Country-wise Insights

In Europe, plastic card adoption rates vary among countries. Many countries have adopted EMV chip technology for enhanced security and reduced fraud. Contactless payments are popular, particularly in the UK and Germany.

The plastic card market size in India is growing due to governmental initiatives aimed at fostering financial inclusion and digital transactions. The emergence of RuPay cards has bolstered the utilization of debit cards, while contactless payment methods are experiencing increased acceptance.

Why are Sales of Plastic Cards High in the United States?

“Rising Preference for Cashless Transactions”

Attribute United States
Market Value (2024E) US$ 2.7 Billion
Growth Rate (2024 to 2034) 7.8%
Projected Value (2034F) US$ 5.7 Billion

The United States is estimated to hold a substantial plastic card market share in 2024, with credit and debit cards being extensively adopted, offering various options such as rewards and co-branded cards. Apart from this, EMV chip technology and contactless payments are common in the country.

The rising inclination toward cashless transactions, alongside the growing consumer expenditure patterns, drives the preference for plastic cards as a favored payment method. Plastic cards provide consumers with a convenient and widely accepted payment option for various transactions, both online and offline, which contributes to their continuous growth in the market.

Why are Plastic Card Manufacturers Thriving in China?

“Nationwide Acceptance of Plastic Card Payments by Merchants”

Attribute China
Market Value (2024E) US$ 3.2 Billion
Growth Rate (2024 to 2034) 8% CAGR
Projected Value (2034F) US$ 7 Billion

China's ever-increasing urbanization has spurred increased consumer expenditure and a greater demand for cashless payment methods, including plastic cards. The Chinese government actively promotes cashless transactions and financial inclusion through initiatives like the digital currency electronic payment (DCEP) project and the advocacy of mobile payment platforms such as Alipay and WeChat Pay.

Renowned for its technological prowess, China has integrated advanced features like contactless payments and mobile banking apps, thereby bolstering the plastic card market growth. Merchants nationwide are increasingly receptive to plastic card payments, enhancing their convenience and accessibility for consumers.

Category-wise Insights

Demand for contactless payments has risen, particularly amidst the COVID-19 pandemic, as consumers prioritize safer and more hygienic payment methods. There has been a discernible shift in consumer preferences towards digital and cashless transactions, with plastic cards serving as a pivotal tool in this evolving landscape. Plastic cards play a pivotal role in providing access to banking services and electronic payments, particularly in underserved or remote areas, thereby advancing financial inclusion initiatives across the world.

Why are Chip-enabled Cards So Popular across the World?

“Chip Cards Offer Superior Fraud Protection and Secure Data Storage & Processing”

Attribute Chip-enabled Cards
Market Value (2024E) US$ 8.6 Billion
Growth Rate (2024 to 2034) 7.5% CAGR
Projected Value (2034F) US$ 17.7 Billion

Sales of chip-enabled cards have increased over the years, primarily attributed to the widespread adoption of EMV (Europay, Mastercard, and Visa) technology. EMV chip cards, featuring embedded microchips for secure data storage and processing, offer superior protection against fraud compared to traditional magnetic stripe cards.

Across various countries and regions, regulatory mandates have been enforced to combat card-present fraud, compelling the adoption of chip-enabled cards. These mandates, combined with heightened consumer awareness of payment security, have spurred the global uptake of chip technology.

The transition from magnetic stripe cards to chip-enabled ones has been gradual, facilitated by financial institutions issuing chip cards to replace existing magnetic stripe ones. Chip-enabled cards also support contactless payment functionality, allowing consumers to conduct transactions by simply tapping their cards on contactless-enabled terminals.

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Competitive Landscape

The competitive landscape has been influencing adoption, usage, and preferences for plastic cards among users. This landscape encompasses factors such as market share, customer preferences, and strategies adopted by different players in the plastic card industry.

Key players in the plastic card industry are Gemalto N.V., Arroweye Solutions, Teraco, Gemalto, American Banknote Corporation, CardLogix Corporation, TAG Systems SA, Marketing Card Technology, Toppan Printing, Giesecke & Devrient and CPI Card Group.

  • Credit card usage in India is experiencing a constant increase, with the total count surpassing 100 million, indicating its increasing popularity. According to the most recent data from the Reserve Bank of India (RBI) in December 2023, there were 97.9 million active credit cards, with a notable increase of 1.9 million new additions during that month.
  • According to data by RBI, spending on RuPay credit cards surpassed Rs 10,000 crore for the first time in December 2023, driven by strong growth in credit card transactions conducted through the Unified Payments Interface (UPI).

Segmentation of Plastic Card Market Research

  • By Technology :

    • Chip-enabled Cards
    • Regular Cards
    • Smart Cards
  • By Application :

    • Payment Cards
    • Government/Health
    • SIM Cards
    • Transportation Cards
    • Gift Cards
    • Access Cards
  • By Region :

    • North America
    • Europe
    • Latin America
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

How big is the plastic card market in 2024?

The global plastic card market is estimated at US$ 18.4 billion in 2024.

What is the sales value of plastic cards in China in 2024?

Sales of plastic cards in China are set to reach US$ 3.2 billion in 2024.

What is the size of the market in the United States?

The United States market is valued at US$ 2.7 billion in 2024 and is forecasted to reach US$ 5.7 billion by 2034.

What share of the market is projected to be occupied by smart cards over the forecast period?

Smart cards are projected to occupy 34.3% share of the market by 2034.

What are the statistics listed for Japan and South Korea?

Smart card sales in Japan and S. Korea are projected to increase at CAGRs of 7.7% and 7.3%, respectively.

Are plastic cards harmful to the environment?

Plastic cards contribute to the accumulation of global plastic waste, with billions manufactured annually.

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Plastic Card Market

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