20-Feb-17 The global market for electroactive polymers is expected to progress at a CAGR of 7.6% from 2016 to 2024, with respect to revenue. The revenue is expected to reach US$3.15 bln by the end of 2016 and US$5.69 bln by the end of 2024, as per Transparency Market Research. The development and manufacture of electroactive polymers are largely dependent on their need in electronics and related technologies. Therefore a key driver boosting the demand for electroactive polymers at the moment is the booming production rate of electronic devices around the world. Traditional materials are fast being replaced with electronic alternatives and the manufacturers of electroactive polymers are following suit with ramped up production rates. The demand for electronics is expected to expand even further over the coming years, owing to a massive demand for them from emerging economies, especially from Asia Pacific. Another key application for electroactive polymers is in the automotive industry, where these polymers are used in sensors and actuators. The automotive industry is showing a huge demand for materials that are exceedingly lighter in weight and still uncompromised on strength and durability. One of the ways car makers can achieve this is the use of modern electroactive polymers in various automotive electronic components, including multiple sensors, accelerometers, and accelerator pedal modules. Combined with the high demand for automobiles, this development of electroactive polymers is expected to increase its demand even further over time.
However, the use of electroactive polymers is still stifled considerably due to a general lack of awareness that end users hold about them. Although the advantages of using electroactive polymers are much greater than its problems, the market is currently at a beginner stage. A large portion of the electroactive polymers demand is only coming from North America, while Europe and Asia Pacific are yet to make full use of them.
North America is currently the leading consumer of electroactive polymers and is expected to remain on top till 2024. The development and demand for electroactive polymers have been very weak in other regions due to lack of awareness, thereby concentrating most of the globally prominent players as well as demand within North America itself. By the end of 2024, North America is expected to take up 62.3% of the total value held in electroactive polymers demand, and a giant chunk of this market value comes from the U.S. ICP products are currently in very high demand in North America, while conductive polymers will likely continue to reign supreme in terms of revenue generation till 2024. Europe follows suit in terms of demand for electroactive polymers, while Asia Pacific ranks third. Both regions have had a weaker exposure to the benefits of electroactive polymers and are therefore lagging behind in demand. This is expected to change over time as both regions will create more avenues for the use of electroactive polymers.
The threat of electrostatic discharge and electromagnetic interference ranks very high in the use of electronic equipment, semiconductors, and consumer gadgets. The device’s protection against these problems is highly essential in creating using it to its full potential, and electroactive polymers can help achieve that. Their usage can negate the build-up of static electricity which occurs in traditional polymers. This is the leading application of electroactive polymers so far and is expected to remain in the lead for the immediate future. By the end of 2024, about US$2 bn will be generated globally by electroactive polymers manufacturers in their use as ESD and EMI protective materials.
The key manufacturers of electroactive polymers from a global perspective include PolyOne Corporation, Heraeus Deutschland GmbH & Co. KG, Cabot Corporation, BASF SE, and Celanese.
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