Electroactive Polymers Market Research Report - Forecast to 2023
Posted by Rishab Gupta on March 27th, 2020
Some of the prominent players operating in the global electroactive polymers market are Solvay (Belgium), Parker-Hannifin Corporation (U.S.) Agfa-Gevaert Group (Belgium), 3M (U.S.), Merck Sharp & Dohme Corporation (Germany), The Lubrizol Corporation (U.S.), NOVASENTIS, INC (U.S.), Premix (Finland), PolyOne Corporation (U.S.), and Kenner Material & System Co., Ltd (China).
Electroactive Polymers Market
Electroactive Polymers Industry is anticipated to grow at average CAGR during the forecast period 2017-2023.
Electroactive polymers are also known as EAP. They are a class of polymers that undergo a change in shape and size when an external electrical field is applied to it. The major advantages of electroactive polymers are lightweight, easy manufacturing, and available low cost. Electroactive polymers are extensively used in various applications such as actuators, sensors, ESD & EMI protection, drug delivery systems, robotics, and electrostatic plastics among others.
The global electro-active polymers market is expected to exhibit a CAGR of over 7% during the review period. The growing industrialization and urbanization in the developing regions across the globe is expected to boost the market growth during the forecast years. Moreover, the growing demand from the automobile and electronics sector among others is further anticipated to contribute to the growth of the segment.
Among the various product type in electroactive polymers market, inherently conductive polymers were the leading segment of the market in 2016 and are anticipated to witness a burgeoning growth during the forecast years. The growing applications in robotics, coatings, energy harvesting, smart fabrics and pharmaceuticals among others are extensively contributing to the growth of the market.
Inherently conductive polymers possess excellent properties such as enhanced transparency, environmental stability, and high processibility. Moreover, the low cost of production is also adding to the growth of the segment. Inherently conductive polymer segment is anticipated to be the fastest growing segment during the given period. On the basis of the application, electrostatic discharge segment accounted for the largest market share in 2016 whereas, the actuator application is projected to be the fastest growing during the forecast period. The growing application in the electrical & electronics and the automobile industry is positively affecting the growth of the segment.
The electroactive polymers market is spanned across five regions: Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa. Among these, Asia Pacific is expected to show a burgeoning growth and is anticipated to be the fastest growing market during the review period. The rapid growth of industries and urbanization is fuelling the growth of the electroactive polymers in the developing countries of Asia Pacific. Moreover, the emergence of the region as a favorable manufacturing hub is further expected to fuel the market growth. Furthermore, augmenting electrical & electronics and automobile sector is further adding to the demand for electroactive polymer in the region. China, India, and Japan are the largest consumers of electroactive polymers in this region. North America is anticipated to be the largest market followed by Europe. The developed end-user industries such as transportation and electronics among others are significantly driving the growth of the market. According to the Statistica, the revenue from consumer electronic sales grew to 339 billion dollars in 2017 from 318 billion in 2016.
The European market is the second largest market mainly driven by the developed electrical & electronics and automobile sector. The growing demand for actuators and sensors in the well-developed automobile industry is anticipated to fuel the market growth in the region. The key countries attributing to this growth are Germany, Italy, and France.
The global electro-active polymers market is segmented into product type and application. On the basis of the product type, the market is segmented into conductive polymers, inherently dissipative polymers, inherently conductive polymers, and others. On the basis of the application, the global electroactive polymers is further segregated into actuators, sensors, ESD & EMI protection, antistatic packaging, and others.
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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About the AuthorRishab Gupta
Joined: November 25th, 2019
Articles Posted: 303
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