Electroactive Polymers Market is likely to touch US$5.69 bn by 2024

The global electroactive polymers market is highly fragmented in nature owing to the presence of multiple number of small and large players in the market. A study conducted by Transparency Market Research, the three major companies in the market accounted for 20.4% share in the recent years. This result gives lurking opportunities to the regional players. Leading companies in the market are Heraeus Deutschland GmbH & Co. KG, PolyOne Corporation, and BASF SE.

According to a TMR analysts, there is considerable amount of difference between electroactive polymer products, which provides scope for various companies to offer specialization. This is considered to be a positive ongoing trend which curtails players from putting efforts in various product types and helps them concentrating on core competencies. This practice is generally undertaken by regional players, but it has been noticed that now several large players are concentrating on multiple electroactive polymers taking help of hefty capital resources. However, the market is known to face threat from the entry of new players, particularly in Asia Pacific as the concept is completely new there.

On the basis of application, the market is segregated into electrostatic discharge, sensors, plastic transistors, paints, inks, plastic transistors, antistatic packaging, and actuators. Of these electromagnetic interference protection and electrostatic discharge is anticipated to hold a major share in the market owing to the rising threat of electrostatic discharges and electromagnetic interferences in semiconductors and in consumer electronic devices. On the basis of geography, the market is dominated by North America due to the presence of major players in the region.

According to Transparency Market Research, the global electroactive polymers market is predicted to rise at a robust CAGR of 7.6% during the forecast period 2016 – 2024. The market was valued at US$3.15 bn in 2016 and is likely to touch US$5.69 bn by the end of the assessed period.

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Rise in Automotive Industry to Stoke Market Demand

The major application of electroactive polymers resides in safeguarding an electronic equipment against electrostatic discharge and electromagnetic interference. ESD and EMI are considered as the leading cause for the failure of electronic device. In order to fight this, the emergence of electroactive polymers as a protective technology is likely to foster the growth of the market. Apart from this, the electroactive polymers is likely to receive high demand from lighter materials for application in automotive and actuators sensors. Keeping this in mind, it is not wrong to say that aggressive growth in automotive industry to creative lucrative growth opportunities for the market. The major automotive industry players are targeting to manufacture commercial and passenger vehicle with enhanced performance.

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Lack of Awareness Restraints the Market Growth

However, on the flip side, the market is likely to face a strong threat owing to lack of awareness of using electroactive polymers. The global electroactive polymers market is still at an initial stage showing future potentials for manufacturers. Lack of awareness particularly in the developing countries such as India, Japan, Korea, and South Africa is likely to deter the growth of the market. However significant knowledge in Europe and North America is likely to carry the market in positive direction.

This review is based on a TMR report, titled “Electroactive Polymers Market (Product Type - Conductive Polymers, ICP, and IDP; Application - ESD & EMI Protection, Actuators, Sensors, Antistatic Packaging, Plastic Transistors, Coatings, and Inks) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”

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