NEW YORK, Oct. 20, 2016 /PRNewswire/ -- The global conductive polymers market is expected to reach USD 6.5 billion by 2024, according to a new report by Grand View Research, Inc. Rising awareness towards antistatic packaging as a protection medium for electronic devices and appliances is projected to fuel the demand for conductive polymers. Favorable outlook towards the electronics industry in China, Japan, South Korea and Singapore as a result of new product launches including smartphones by market players such as Samsung and LG is expected to have a significant impact on growth over the forecast period.
Capacitors are projected to witness substantial volume gains at a 9.4% CAGR from 2016 to 2024. Rising demand for capacitors owing to providing its excellent performance over a wide temperature range and lifecycle intervals is expected to promote the usage of conductive materials over the forecast period.
Further key findings from the report suggest:
Nylon accounted for 16.7% of the global volume market share in 2015 and is likely to witness growth on account of its low price as compared to other engineering polymers including ABS and PPS. Furthermore, the product is also widely used for manufacturing conductive tapes for wiring harness and engine systems, which may result in tight raw material supply to manufacturers.
Demand for conductive polymers in batteries was 26.7 kilo tons in 2015. Rising awareness towards energy storage in manufacturing and household sectors to ensure uninterrupted power supply is projected to increase the requirement of conducting materials over the next eight years.
Europe is expected to witness revenue growth at a CAGR of 8.9% from 2016 to 2024. The increasing application of biomimetics in healthcare applications, particularly in Germany and UK, is likely to play a significant role in increasing the demand for conductive materials over the forecast period.
The U.S. conductive polymers market was valued at USD 1.21 billion in 2015. Technological advancement in the healthcare sector on account of increasing expenditure for the development of new products including artificial muscles is expected to play a significant role in increasing the demand for the product. Furthermore, increasing investment towards the development of ICP-drug delivery systems for the treatment of skin care and hematology disorders is expected to open new industry avenues over the next eight years.
Major manufacturers include Heraeus, Covestro, 3M, SABIC, Enthone, Hyperion Catalysis, Solvay, and Premix. In March 2016, Germany-based Covestro launched a new grade of polycarbonate "Makrolon TC8030" for thermal conductivity applications required in cooling of LED components. This product launch is expected to enable the company to cater to the growing requirements of high-performance and energy-efficient LED lamps.
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