Published: Jun, 2018
The presence of several large and small companies has rendered the global electroactive polymers market highly fragmented. As per a study by Transparency Market Research (TMR), the top three companies collectively held 20.4% of the global market in 2015, leaving immense scope for regional players to capitalize on. The leading companies were BASF SE, Heraeus Deutschland GmbH & Co. KG, and PolyOne Corporation.
“There is a significant difference between electroactive polymer products, which enables companies to offer specialization,” said a lead TMR analyst. “This is a welcoming trend as it allows them to focus on core competencies rather than distributing their efforts and resources across multiple product types,” he added. While this practice is widespread among regional players, there are several larger companies focusing on multiple electroactive polymers on the back of huge capital resources. It is important to note that the market also faces significant threat of new entrants, especially in Asia Pacific where electroactive polymers is a relatively new concept. The region therefore holds immense scope for the market’s expansion attracting global and local players alike.
North America to Remain Dominant through Forecast Period
TMR has forecast the global electroactive polymers market to exhibit a CAGR of 7.6% between 2016 and 2024. At this pace, the market’s worth is expected to reach US$5.69 bn by 2024 from US$3.15 bn in 2016. A majority of electroactive polymers produced in a year is used in manufacturing conductive polymers. As per TMR, the share held by conductive polymers is likely to settle at 82.7% of the global market by 2024. It is also important to consider that North America currently accounts for the larger share of the global electroactive polymers consumption. TMR projects North America to hold nearly 62.3% of the overall electroactive polymer by the end of 2024.
Booming Auto Industry Creates Lucrative Prospects
The key application of electroactive polymers lies in protecting an electronic equipment against electromagnetic interference (EMI) and electrostatic discharge (ESD). EMI and ESD are identified as leading causes of electronic device failure. Against this, the advent of electroactive polymers as a protective technology will continue facilitating manufacturers through the course of the forecast period. Besides this, the electroactive polymers market will gain from the rising demand for lighter materials for use in actuators and automotive sensors. Considering this, booming auto industry will fuel growth opportunities for the electroactive polymers market as leading automakers aim to make passenger and commercial vehicles with improved performance and lower emission.
Low Level of Awareness May Restrain Growth
On the downside, the market is still reeling under low product awareness that is limiting the use of electroactive polymers at a global level. The global electroactive polymers market is still at a nascent stage, exhibiting immense scope for manufacturers. A much higher rate of awareness is required among prominent industries in Europe and Asia Pacific to enable the market players tap into available resources.
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.”
The report segments the global electroactive polymers market as:
Electroactive Polymers Market - Product Segment Analysis
- Conductive Polymers
- Others (Including Ferroelectrets, Dielectric Elastomers, etc.)
Electroactive Polymers Market - Application Analysis
- ESD & EMI protection
- Antistatic Packaging
- Plastic Transistors
- Others (Including Fabrics, Solar Cells, Batteries, etc.)
Electroactive Polymers Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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