ALBANY, New York, September 27, 2018 /PRNewswire/ --
Owing to the presence of a large number of companies, the vendor landscape of the global electroactive polymers market has been rendered highly fragmented and competitive. In 2015, the leading three companies, namely Heraeus Deutschland GmbH & Co. KG, BASF SE, and PolyOne Corporation collectively accounted for a mere 20.4% of the overall market.
A number of electroactive polymers manufacturers are paying attention to the introduction of new patents and development of novel and innovative products to stay relevant in the market. These players are also likely to shift their focus towards emerging regions owing to the immense potential offered by them. Moreover, the rising environmental concerns regarding the emission of hazardous greenhouse gasses is leading to the greater inclination towards bio-based polymers. Several players are likely to capitalize the growing trend.
According to the report, the global electroactive polymers market will register a promising 7.6% CAGR over the period between 2016 and 2024, rising to a revenue opportunity of US$5.69 bn by 2024 from a valuation of US$3.15 bn in 2016. In terms of products, the segment of conductive polymers is likely to account for a whopping 82.7% of the overall market by the end of the forecast period. Geographically, the market in North America is likely to account for an impressive 62.3% of the market by 2024.
Staggering Rise in Demand from Automotive Sector to Drive Market
The increasing use of electroactive polymers in the automotive sector and in the development of products associated with the touchscreen technology are likely to remain the primary factors stimulating the demand for electroactive polymers in the next few years. These polymers are lightweight and cost-effective and offer low density as well as high toughness, large actuation strain constant, and inherent vibration damping. Their unique properties are also making them attractive for use in various biomimetic applications such as biologically inspired intelligent robots.
The booming demand for ferromagnetic and piezoelectric materials and the increasing investments in the development of conductive technologies is anticipated to augur well for the growth of the market in the forthcoming years. The growing preference for polymers to metals and semiconductors is also providing vast growth opportunities to the sector and several new polymer and semiconductor manufacturers are investing in the global electroactive polymers market.
However, the lack of reliable electroactive polymers infrastructure is inhibiting the growth of the global market. Moreover, the market is also likely to reel under the low level of awareness among consumers and attempts from manufacturers to increase the same among potential consumers will be required for manufacturers to make the most of the growth opportunities the market has to offer.
This analysis of the global electroactive polymers market is based on a recent market research report by Transparency Market, 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."
For the study, the market has been segmented as follows:
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