Electroactive Polymers Global Market Report 2024

The electroactive polymers market size has grown strongly in recent years. It will grow from $4.74 billion in 2023 to $5.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The expansion in the historical period can be attributed to the growing need for advanced materials, heightened utilization in actuators and sensors, increased demand in consumer electronics, urbanization and industrial growth, and rising applications in medical devices.

The electroactive polymers market size is expected to see strong growth in the next few years. It will grow to $6.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated expansion in the forecast period can be ascribed to the emergence of smart textiles, miniaturization and wearable devices, the rapid growth in robotics, flexible electronics, increased utilization in energy storage devices, and the rise of biocompatible electroactive polymers. Key trends expected in the forecast period encompass the integration of artificial intelligence, a focus on eco-friendly and recyclable materials, advancements in 3D printing technology, increasing cross-industry collaborations, and integration with advanced manufacturing techniques.

The anticipated surge in electronic device production is poised to propel the electroactive polymer market in the foreseeable future. Electronic devices, utilizing electronic components and circuits for specific functions, benefit from the enhanced functionality, flexibility, and lightweight characteristics offered by electroactive polymers. These polymers contribute to advancements in sensors, actuators, energy storage, and flexible electronics. For example, data released by Invest India, a national investment promotion agency, indicates that domestic electronics production in India reached $87 billion in 2022 and is projected to reach $300 billion by 2026. Additionally, LG, a South Korea-based consumer electronics company, reported a sales growth of 12.9% in 2022, exceeding approximately $52.70 billion. Consequently, the increased production of electronic devices is expected to drive the future electroactive polymer market.

The growing prevalence of IoT-linked devices is anticipated to foster the expansion of the electroactive polymers market. Internet of Things (IoT)-linked devices, embedded with sensors, software, and connectivity features for data exchange through the internet, benefit from electroactive polymers' unique ability to convert electrical energy into mechanical movement. This characteristic makes electroactive polymers particularly suitable for various IoT applications. As of November 2022, a report by Ericsson, a Sweden-based telecommunication company, reveals that broadband IoT (4G/5G) connections, linking the majority of cellular IoT devices, reached 1.3 billion in 2022. Broadband IoT connections are predicted to constitute nearly 60% of cellular IoT connections by the end of 2028, with Northeast Asia leading with over 2 billion connections in 2023. Hence, the increasing prevalence of IoT-linked devices is propelling the growth of the electroactive polymers market.

Prominent players in the electroactive polymers market are investing in advanced technologies, particularly battery technologies, to cater to larger customer bases, boost sales, and augment revenue. Battery technology encompasses the methods, materials, and systems involved in battery design, development, and manufacturing. For example, in February 2022, PolyJoule Inc., a US-based energy storage company, introduced its Ultra-Safe Conductive Polymer Battery Technology. This innovative technology bridges the gap between traditional lead-acid batteries and modern lithium-ion cells, showcasing extended service life and reduced balance of plant costs without requiring HVAC thermal management. PolyJoule's conductive polymer cells, utilizing proprietary conductive polymers and organic, non-metallic materials tailored for stationary power applications, prioritize safety, longevity, levelized costs, and environmental considerations.

Key players in the electroactive polymers market are strategically forming partnerships to advance musculoskeletal well-being in work environments. These strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. In March 2022, FIGUR8, a US-based medical software company, collaborated with the Quick Coupling Division of Parker Hannifin Corporation, a US-based provider of electroactive polymer technology. This partnership aims to innovate engineering solutions promoting musculoskeletal health, utilizing Parker's electroactive polymer (EAP) sensors and FlexSense sensing technology to transform the measurement of human body movement.

In September 2022, Datwyler Group, a Switzerland-based machinery manufacturing company, acquired CT Systems AG for an undisclosed amount. This acquisition enables Datwyler Group to expand its industrial-scale production of electroactive polymers. CT Systems AG, a Switzerland-based engineering company, specializes in the production of a diverse range of electroactive polymers.

Major companies operating in the electroactive polymers market report are Panasonic Corporation, Bayer AG, 3M Company, Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Covestro AG, Parker-Hannifin Corporation, Solvay SA, Arkema Group, Celanese Corporation, Danfoss AS, Lubrizol Corporation, Avient Corporation, Cabot Corporation, Milliken and Company, Agfa-Gevaert NV., Datwyler Group, Ferro Corporation, RTP Company Inc., Konarka Technologies Inc., Piezotech SAS., Electrovaya Inc., Novasentis Inc., Kenner Material and System Co. Ltd., Premix Group, Saint-Gobain, PolyGroup Inc., PolyDrop Inc., Integral Technologies Inc., Cactus Materials Inc.

Asia-Pacific was the largest region in the electroactive polymer market in 2023. The regions covered in the electroactive polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electroactive polymers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of electroactive polymers include conductive polymers, inherently conductive polymers, inherently dissipative polymers, and other variations. Conductive polymers, a specific type of electroactive polymers, demonstrate electrical conductivity and find applications in batteries, sensors, capacitors, actuators, electrostatic discharge protection, electromagnetic interference shielding, and other uses across diverse industries such as chemical and petrochemical, oil and gas, energy and power, automotive, food and beverages, healthcare, among others.

The electroactive polymers research report is one of a series of new reports that provides electroactive polymers market statistics, including the electroactive polymers industry's global market size, regional shares, competitors with electroactive polymers market share, detailed electroactive polymers market segments, market trends and opportunities, and any further data you may need to thrive in the electroactive polymers industry. This electroactive polymers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The electroactive polymer market consists of sales of electronic electroactive polymer, ionic electroactive polymer, conductive polymer actuators, and carbon nanotube actuators. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.