According to our latest market study on “Electroactive Polymer Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Conductive Polymers, Inherently Conductive Polymers, Inherently Dissipative Polymers, Others), and Application (Actuators, Sensors, ESD and EMI Protection, Antistatic Packaging, and Others),” the market was valued at US$ 3,890.00 million in 2019 and is projected to reach US$ 6,449.55 million by 2027; it is expected to grow at a CAGR of 6.6% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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The electroactive polymer market is highly profitable for semiconductor and polymer producers, though the manufacturers would require high initial investment to alter from silicon to polymers. There are several forces that effect the electro-active polymers market. Cost is the most considerable factor prompting the electro-active polymers industry growth. The use of polymers in luminescent and robotics applications is cost-effective than the use of semiconductor and metals materials. The usage of electroactive polymers in the field of biomedicine and biomimetics could help address the global problem of rising healthcare costs.
Lubrizol Corporation; Arkema Group; Solvay S.A.; Parker Hannifin Corp; Celanese Corporation; Avient Corporation; Agfa-Gevaert Group; Kenner Material & System Co., Ltd.; 3M; and Premix Group are among the well-established players in the electroactive polymer market.
Impact of COVID-19 Pandemic on Electroactive Polymer Market
As of December 2020, the US, Brazil, India, Russia, Spain, and the UK are among the worst-affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemical and materials is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns because of this outbreak. China is the global hub of manufacturing and largest raw material supplier for various industries. The shutdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are suppressing the business collaboration and partnership opportunities. Thus, these factors have been restraining the growth of the chemicals and materials industry, and other markets related to this industry.
The global electroactive polymer market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. In 2019, Asia Pacific is the largest market for electroactive polymer. The largest market share of the region is primarily attributed to the presence of well-established players such as 3M, Arkema Group, and Solvay S.A. These countries are experiencing rising demand for the manufacturing and automotive industry. Apart from the electroactive polymers application in the automotive industry, electroactive polymers are extensively utilized in medical devices, aircrafts, electronics & appliances, industrial, and other industries. This wider application of electroactive polymers in the end-use industries in this region is further influencing the market growth.
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The report includes the segmentation of the electroactive polymer market as follows:
Electroactive Polymer Market, by Type
- Conductive Polymers
- Inherently Conductive Polymers
- Inherently Dissipative Polymers
- Others
Electroactive Polymer Market, by Application
- Actuators
- Sensors
- ESD and EMI Protection
- Antistatic Packaging
- Others
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