Global Electroactive Polymers Market - An Overview
A large number of applications keep the market for electroactive polymers buoyant. From 2016 to 2024, the global electroactive polymers market would grow at a CAGR (Compound Annual Growth Rate) of 7.6%. And, the market worth which was pegged at USD 3.15 bn. in the year 2016 will grow to touch the mark of USD 5.69 bn. by the end of the assessment period.
Few factors that is leading to growth in the market is that there are advancements in technology and growing significance of ferromagnetic and piezoelectric materials. A favourable regulatory framework is also working in favour of the market’s growth over the forecast period.
Besides, increase in production of electronics in countries in the Asia Pacific is also helping the global electroactive polymers market chart a high growth trajectory. Some of these countries are Taiwan, South Korea, Japan, and China. Additionally, nanotechnology is supporting growth in the global electroactive polymers market.
Health Problems can also be solved using biomimetic and artificial muscles. And, this generates demand for electroactive polymers, helping the market grow at a considerable pace over the forecast period. Certain countries such as South Korea have directed efforts towards research and development of medical devices and this will help the market chart a high growth curve.
It is important to note here that these are also used for corrosion inhibiting coatings. These coatings are used on non-ferrous as well as ferrous alloys. Additionally, these are used on actuators, protective fabrics, and metamorphic biomaterials.
One of the biggest industries that are set to drive growth in the global electroactive polymers market is the automotive industry, which is coextensive with electroactive polymers market. An expansion in the former will lead to growth in the latter, as the latter is used to protect equipment against ESD and EMI.
The global electroactive polymers market is quite fragmented and some of the key players that are propelling it to higher growth with their active participation and strategic manoeuvres are Bayer AG, 3M, Parker-Hannifin Corporation, RTP Co., Piezotech S.A, The Lubrizol Corporation, Kenner Material & System Co., Ltd., Celanese Corporation, and Agfa-Gevaert NV, among others.
Electromagnetic Interference Protection and Electrostatic Discharge to Lead the Global Electroactive Polymers Market Growth
The global electroactive polymers market study, compiled into a report by Transparency Market Research, details out growth projections segment wise. The market report is segmented on the basis of product, application, and region. On the basis of product, the sub-divisions include analysis of IDP, ICP, Conductive Polymers, and Others. Others include dielectric elastomers, ferroelectrets, etc. Sub-divisions of the applications segment include Plastic Transistors, Antistatic Packaging, Sensors, Actuators, ESD & EMI Protection, and others. Here, others include batteries, fabrics, and solar cells.
Of all the segments and sub segments in the product and application type, a major share would be accounted for by the electromagnetic interference protection and electrostatic discharge segment. The reason that is attributed to this high performance of the sub-segment is the growth in the associated threats, particularly in consumer electronic devices and in certain semiconductors.
North America to Dominate Global Electroactive Polymers Market over the Forecast Period
The study report on global electroactive polymers market covers North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. And, it is worth pointing out here that owing to presence of strong players in the regional landscape, North America would dominate the global electroactive polymers market.
Increased Production of Electronics to Present Substantial Growth Prospects for the Electroactive Polymers Market
The growth of the global electroactive polymers market is projected to be driven by the rising prominence of ferromagnetic and piezoelectric materials in electronic devices. In addition to that, increased investment in the advancement of novel conductive technologies is likely to augur well for the market in the years to come.
Because of their piezoelectric and conductive qualities, electroactive polymers find utilization in actuators and sensors. Increased demand for production of electronics in countries like Taiwan, China, South Korea, and Japan due to favorable regulatory support is likely to work in favor of the global electroactive polymers market. Besides, increased use of nanotechnology is anticipated to remain one of the important factors of growth.
Growing Importance of Biomimetric and Artificial Muscles to Work in Favor of the Market
The use of electroactive polymers is anticipated to expand as the significance of artificial muscles and biomimetic for solving complicated health problems grows. Electroactive polymers are expected to see increased use for corrosion-inhibiting coatings on non-ferrous as well as ferrous alloys, protective fabrics, actuators, and metamorphic biomaterials in the years to come. Besides that, increasing demand for the commodity in antistatic packaging solutions across a variety of industries is expected to boost sales in the global electroactive polymers market in near future.
Electroactive polymers find utilization in energy storage systems because of their benefits, which include design flexibility, durability, and high power. Heavy portions of aircraft, such as outer panels and wings, may also be replaced with these materials. Electroactive polymers can also be used in underwater robotic applications that require corrosion resistance and fast actuator reaction. Such extensive use of the product is estimated to foster growth of the global electroactive polymers market in the years to come.
Sensing and actuating microfibers refer to electromechanical devices that can be directly incorporated into textiles. It comprises sources of power, electronics, sensors, actuators, and power sources. EAPs can be utilized as smart fabrics because of their low cost and simplicity. In the production of smart fabrics, polyanilines and polypyrrole are used.
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Electroactive Polymers Market– Industry Analysis
Chapter 4 Raw Material Price Trend Analysis
Chapter 5 Electroactive Polymers Market: By Product Segment, 2015–2024
Chapter 6 Electroactive Polymers Market: Application Overview
Chapter 7 Electroactive Polymers Market - Regional Analysis
Chapter 8 Company Profiles
Chapter 9 List of Customers
Chapter 10 Primary Research – Key Findings