North America Polymer Banknote Substrate Market and Forecast to 2031 - Analysis by Geography (Canada)

North America Polymer Banknote Substrate Market Size

North America's adoption of polymer banknotes currently lags behind regions such as Oceania and certain European markets. Within the continent's leading economies, Canada has successfully completed a comprehensive transition to polymer banknotes across all denominations in circulation. This strategic shift was primarily motivated by the imperative for enhanced durability, superior anti-counterfeiting security features, and a reduction in overall lifecycle costs. Conversely, both the United States and Mexico predominantly continue to utilise cotton-based paper banknotes. Concurrently, several Caribbean nations have judiciously implemented polymer banknotes for select denominations, indicating a more targeted approach to their integration.

North America Polymer Banknote Substrate Industry Insights

United States Banknote Production Trends and Market Drivers

• Total US Federal Reserve paper banknote production trends indicate that production declined to 4.7 billion notes in 2025 from 5.8 billion notes in 2024, representing the lowest production volume recorded over the past six years.

• Production peaked at 7.0 billion notes in 2021, driven by elevated cash demand during the pandemic and increased replacement requirements. 

• Since then, production volumes have gradually normalized as demand for replacement currency moderated and the Bureau of Engraving and Printing (BEP) optimized production schedules.

Leading Geographies in the North America Polymer Banknote Substrate Market

Canada accounted for the largest share of the North America polymer banknote substrate market in 2026, supported by its complete transition to polymer banknotes across all circulating denominations and sustained replacement demand. The Caribbean region also represented a significant share of the market, contributing more than 44%, driven by widespread polymer banknote adoption across several island economies, ongoing currency modernisation initiatives, and the regular issuance of polymer denominations with enhanced security features. This reflects the Caribbean region polymer banknote market share and adoption.

Canada Banknotes in Circulation

• By the end of 2024, the Bank of Canada had more than 3 billion banknotes in circulation, with the total value of banknotes continuing to increase in 2025. Among all denominations, the CAD 100 banknote remained the largest by value.

• The volume and value of banknotes in circulation in Canada remained substantial through 2024 and 2025, with the CAD 100 denomination accounting for the largest share of the total value in circulation.

• Canada maintained a high volume of banknotes in circulation through 2025, reflecting steady currency demand, while the CAD 100 denomination continued to dominate the value of banknotes in circulation.

Scope of the Study for North America Polymer Banknote Substrate Market

Makreo Research has published a comprehensive report titled "North America Polymer Banknote Substrate Market and Forecast to 2031 - Analysis by Geography (Canada)." The study provides a rigorous assessment of the polymer banknote substrate market North America, encompassing market performance, adoption rates, and the evolving landscape of banknote production and circulation. The analysis evaluates substrate technologies and banknote security features and counterfeit prevention mechanisms, alongside future market opportunities through 2031. Furthermore, the report examines the strategic transition from traditional paper to polymer, guided by central bank currency management strategies and evolving printing trends that define substrate demand across the region.

The report begins by evaluating the overall market development, focusing on the structural elements shaping the industry, including -

Revenue and Country Analysis

• The study provides a comprehensive analysis of the North America polymer banknote substrate market, evaluating historical market performance, key industry developments, and the banknote printing market forecast 2031.

• It examines polymer banknote adoption, market size, substrate demand, and country-level developments, highlighting how central bank currency management strategies, alongside central banks, government institutions, and banknote printing authorities, are influencing market growth.

Banknote Production, Circulation and Security Features Analysis

• A dedicated section focuses on banknote production, circulation trends, printing expenditure, and central bank currency management strategies, assessing their influence on the North America polymer banknote substrate market.

• The report analyses banknote security features and counterfeit prevention, production costs, and technological advancements, highlighting innovations in substrate materials and advanced anti-counterfeiting technologies for banknotes adopted by central banks.

Canada Polymer Banknote Substrate Market Analysis

• The report provides a detailed assessment of Canada's polymer banknote substrate market, covering polymer banknote adoption, production, circulation, denomination-wise analysis, substrate characteristics, and security features.

• It also examines the transition from paper to polymer banknotes, Bank of Canada polymer currency issuance and circulation trends, and the Bank of Canada's initiatives to enhance polymer banknote durability and sustainability metrics, security, and operational efficiency.

Future Outlook

The report concludes with detailed forecasts for the North America polymer banknote substrate market through 2031, highlighting future adoption trends, technological developments, and growth opportunities across the region, in line with the banknote printing market forecast 2031.

Geography Assessed