There exists a high focus on customization and innovation among players in the global electroactive polymers market as they vie to gain a competitive edge, finds Transparency Market Research (TMR) in a new report. The share of the top five companies operating in the global electroactive polymers market amounted to 25.6% in 2015. These companies are PolyOne Corporation, Heraeus Deutschland GmbH & Co. KG, BASF SE, Cabot Corporation, and Celanese. The market, because it is fragmented, operates on goodwill and long term contracts. The degree of competition varies as per regional demand. There are low entry barriers for new entrants because of a low capital requirement, states TMR. New players are entering the market with differentiated technology offerings. Electroactive ceramics is a substitute product for electroactive polymers, but with limited applications. Thus, there exists a low threat of substitutes for electroactive polymers.
According to the report, the global electroactive polymers market is projected to rise from US$2.94 bn in 2015 to US$5.69 bn by 2024, expanding at a 7.6% CAGR from 2016 to 2024. On the basis of product, the conductive polymer segment will continue to lead and is likely to account for 82.7% of the market by 2024. By application, the ESD and EMI protection segment led in 2015 and will continue to do so through 2024. The segment is anticipated to represent 34.9% of the market by 2024. By region, North America will continue to lead and is expected to be followed by Europe. North America is expected to lead and will likely account for 62.3% of the market by 2024.
Growth in Electronics and Automotive Industries to Drive Market
The electroactive polymers market is directly related to the electronic devices and equipment industry. ESD and EMI protection, sensors, antistatic packaging, and actuators are key applications of electroactive polymers. These applications are related to the development of the electronics industry. With electronics shipments expected to grow at a brisk pace, the global electroactive polymers market will also witness a surge in the coming years. Asia Pacific is estimated to account for a significant demand for electronic products, while North America is currently leading in the consumption of these products. In addition to this, the market will also benefit from the substitution of traditional materials.
Automotive is another industry, owing to the growth of which, the electroactive polymers market will benefit. Some of the applications of electroactive polymers in the automotive sector include, sensors such as knock sensors, accelerator pedal module, yaw-rate sensors, pressure sensor, low-pressure sensors, air-flow sensors, accelerometers, and acceleration sensors.
Low Awareness to Act as Challenge for Electroactive Polymers Market
The electroactive polymers market is currently at the nascent stage and so there is low commercial awareness about the benefits of using conductive polymers over traditional materials such as metals. The market has witnessed high growth only in North America. However, the market has been exhibiting steady growth since the last few years. R&D activities are being carried out to improve the efficiency and eliminate deficiencies of electroactive polymers. Electroactive polymer technology can be used to provide haptic or tactile response for music. Companies such as Artificial Muscle, Inc. have developed a technology to bring the electroactive polymer technology to phones, tablets, and headphones. This technology enables a user to feel vibrations corresponding to the specific complicated sound waves. This is expected to provide attractive opportunities for the electroactive polymers market in the future.
This information is based on the findings of a report published by Transparency Market Research, titled “Electroactive Polymers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global electroactive polymers market is segmented as follows:
Global Electroactive Polymers Market, by Product Type
- Conductive Polymers
Global Electroactive Polymers Market, by Application
- ESD & EMI Protection
- Antistatic Packaging
- Plastic Transistors
- Others (Including coatings, inks etc.)