The electroactive polymer market presents a compelling investment opportunity in a rapidly evolving sphere. Reaching pre-pandemic levels, the sector is primed for sustainable growth, driven by a burgeoning electrical and electronics industry. The market, however, bears its own set of challenges, primarily in the extraction process of the electroactive polymer which can potentially exert adverse impacts on the environment if improperly disposed.
This makes our market research report indispensable for business executives, providing a balanced and informed perspective on opportunities and barriers in the electroactive polymer market. A key opportunity lies in the burgeoning importance of biomimetics and artificial muscles in resolving complex medical challenges using electroactive polymers. From trends in actuator and sensor dominance to regional overviews focusing on North American and APAC markets, the report equips decision-makers with must-know insights to navigate a dynamic market landscape.
This research report presents an analysis of major players like Solvay, The Lubrizol Corporation, Parker Hannifin Corp., Premix Group, and Arkema and provides additional benefits like an Excel format market estimate sheet and three months of analyst support. Invest in our report for a trajectory towards enlightened decision-making in the electroactive polymer market.
- COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- The growing electrical and electronics industry is expected to drive market growth during the forecast period. However, it is difficult to extract the electroactive polymer, and it is usually harmful to the environment. However, improper disposal of electroactive polymer products could harm the environment, which is anticipated to slow the market's expansion.
- The rising significance of biomimetic and fake muscles for handling complex medical issues using electroactive polymer will likely provide opportunities for the electroactive polymer market over the next five years. The North American region is expected to dominate the global electroactive polymer market.
Electroactive Polymer Market Trends
Actuators and Sensors to Dominate the Market
- Actuators and sensors are expected to dominate due to their wide usage in electrical and electronic components of sensitive electronics and plastic parts. This is due to their ability to prevent dust attraction and electrostatic discharge. Inherently conductive polymers include polythiophenes, polyanilines, polypyrroles, and polyacetylenes.
- Conductive polymers are used in sensors as these are electronically conductive with relatively high and reversible ion storage capacity. The usage of electroactive polymers provides large electromechanical bending at low voltages. Moreover, their soft and flexible structures also help in working efficiently.
- According to the Ministry of Electronics and IT's 'A call to action for broadening and deepening electronics manufacturing' study, India intends to generate USD 300 billion in electrical and electronics manufacturing by 2026, benefiting the market for electroactive polymers during the forecast period.
- According to India Brand Equity Foundation (IBEF), India exported USD 2,009.07 million worth of electronics in September 2022, up 71.99% year over year. Key export items in this industry include mobile phones, consumer electronics (TV and audio), IT hardware (laptops, tablets), industrial electronics, and auto electronics, supporting the market growth.
- All the aforementioned factors are expected to drive the electroactive polymer market during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is the largest market for electroactive polymers. Factors such as increasing production of electronic devices and changing consumer preference towards miniaturization of daily use of consumer electronics and gadgets have been driving the electroactive polymer requirements in the region.
- Electronic products in the region have the highest growth rates in the consumer electronics segment of the market in terms of demand. With the increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily, thereby driving the market studied.
- China has the world's largest electronics production base. Electronic products, such as wires, cables, computing devices, and other personal devices, recorded the highest growth in electronics. The country serves the domestic demand for electronics and exports electronic output to other countries, thus, providing a huge market during the forecast period.
- According to the National Bureau of Statistics (NBS) of China, the overall profit of China's electronics manufacturing businesses increased by 38.9 percent year on year in 2021, thus positively impacting the market's growth.
- Furthermore, according to Japan Electronics and Information Technology Industries Association (JEITIA), the overall production value of the Japan electronics sector increased by almost 10% to around USD 100 billion in 2021. The sector includes electronic devices, components, and consumer and industrial electronic equipment.
- Hence, due to the above-mentioned reasons, Asia-Pacific is anticipated to dominate the market studied during the forecast period.
Electroactive Polymer Industry OverviewThe global electroactive polymer market is partially consolidated in nature. Some of the major players in the market include Solvay, The Lubrizol Corporation, Parker Hannifin Corp., Premix Group, and Arkema, among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Electrical and Electronics Industry
4.1.2 Other Drivers
4.2.1 Environmental Hazard Caused by Improper Disposal of Electroactive Polymer Products
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Vlaue)
5.1.1 Conductive Plastics
5.1.2 Inherently Conductive Polymer
5.1.3 Inherently Dissipative Polymer
5.2.1 Actuators and Sensors
5.2.2 Energy Generation
5.2.3 Automotive Devices
5.2.7 Other Applications
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Parker Hannifin Corp
6.4.2 PolyOne Corporation
6.4.4 Kenner Material and System Co. Ltd.
6.4.6 The Lubrizol Corporation
6.4.7 Premix Group
6.4.10 NOVASENTIS, INC.
6.4.11 Wacker Chemie AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Use of Electroactive Polymer for Biometric and Artificial Muscles
A selection of companies mentioned in this report includes:
- Parker Hannifin Corp
- PolyOne Corporation
- Kenner Material and System Co. Ltd.
- The Lubrizol Corporation
- Premix Group
- NOVASENTIS, INC.
- Wacker Chemie AG