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.
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.
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Developments in science and technology, especially in the electronics and semiconductors sector, have led to the advent of smart polymers that are capable of changing shape when stimulated by current. Smartphone is a key example of smart electronics that use components made from electroactive polymers, such as batteries, capacitors, proximity sensors, fingerprint sensors, and touchscreen sensors. Electroactive polymers also find use in smart computers, laptops, and tablets. With the ongoing research and development activities, companies are likely to come up with the use of electroactive polymers in computers for blind people via braille. Electroactive polymers are being used in electronic devices to expand the character limit while using braille and thus help the visually impaired people in communicating. According to a report by The Insight Partners, the global smart electronics market is expected to register a notable CAGR of ~7% during 2020–2027, thus depicting a strong potential for electroactive polymers in smart electronics.
Impact of COVID-19 Pandemic on Electroactive Polymer Market
As of March 2021, 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.
WIDE RANGE OF APPLICATIONS OF ELECTROACTIVE POLYMERS AND COMPONENTS MADE FROM THEM IS GOING TO INFLUENCE THE ELECTROACTIVE POLYMER MARKET GLOBALLY
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.
Electroactive polymers are capable of changing size and shape when subjected to an electric field. Owing to this ability of changing size and shape, they are being used in a wide range of applications. Superior redox activity, conductivity, synthetic versatility, and other mechanical properties of electroactive polymers render them fit for use in batteries and electrochemical capacitors. They are being explored for their use as electrodes in batteries due to their ability to undergo reversible reduction and oxidation. Actuators and sensors are the major applications of electroactive polymers, and as these devices are used widely in many electronic devices and equipment, these polymers have wide application in industries such as healthcare, power generation, and electronics. Electroactive polymers are lightweight, low cost, and low driving voltage materials that have increasingly high demand in the automation and electronics industries. As compared to conventional motion-generating devices, these polymers offer enhanced efficiency, reduced wear and tear, lower power consumption features to actuators and sensors, among others, along with decreasing their costs.
These polymers have a wide potential in biotechnological applications such as active catheters, (bio)sensors, actuators, biomechanics, artificial muscles, and drug-delivery systems, mainly due to their simple processability, down-scalability, and low specific gravity. Anti-static packaging is another major application of electroactive polymers as they help in shielding the packaged devices from electromagnetic disturbances. Electrical devices emit electromagnetic frequencies which can interfere with the functioning of other electrical devices present in proximity. Hence, electroactive polymers are used in anti-static packaging and coating to restrict the interference caused by such electromagnetic frequencies. Thus, the wide application scope of electroactive polymers is boosting the market growth.