Electroactive Polymer Market worth US$ 6,449.5 million by 2027 - Exclusive Research by The Insight Partners

NEW YORK, Nov. 10, 2021 /PRNewswire/ -- According to The Insight Partners study on "Electroactive Polymers Market to 2027 – Global Analysis and Forecast – by Type, Application, and Geography," the electroactive polymer market is projected to reach US$ 6,449.5 million by 2027 from US$ 3,890.0 million in 2019; it is expected to grow at a CAGR of 6.6% from 2020 to 2027. The growing importance of ferromagnetic and piezoelectric materials in electronic applications and rising expenditure on the development of new conductive technologies are projected to boost the market.

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In 2019, Asia-Pacific held the largest share of the global electroactive polymers market. The market growth in this region is attributed to the presence of various major producers of electroactive polymers and the growing demand for electronic applications from countries such as South Korea, China, Japan, India, and China. Moreover, the easy accessibility of raw materials in the Asia Pacific region has attracted numerous global organizations and investors to set up their production facilities in the region, thereby driving the growth of the Asia Pacific electroactive polymers market.

Wide Range of Applications of Electroactive Polymers and Components Made from Them

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.

Impact of COVID-19 Pandemic on Electroactive Polymer Market

As of May 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the worst-affected countries by the COVID-19 pandemic. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemicals & materials is among the major industries suffering serious disruptions such as supply chain breaks and production facility shutdowns. The shutdown of various plants and factories in regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and chemicals and materials sales. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaboration and partnership opportunities. All these factors are restraining the growth of various businesses related to the chemicals & materials industry, including electroactive polymer market.

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Electroactive Polymer Market: Segmental Overview

By technology, the electroactive polymer market is segmented into conductive plastic, inherently conductive polymer, inherently dissipative polymer, and Others. In 2019, the conductive plastic segment accounted for the highest growth rate in the market. The electrically conductive & static dissipative plastics guard components from failures also breakage prompted by uncontrolled electrostatic discharge (ESD) in electronics production & logistics. The electroactive plastics guarantee longer operating life for electronic devices. Conductive particles such as graphite and nanofillers are uniquely attractive to be applied as cases of electronic devices with electrostatic discharge properties (ESD) and electromagnetic shielding (EMI). Another attractive employment with a high technology result of conductive plastics is their potentialities as electronic sensors, actuators, which also react against an external stimulus, in this case, a deformation.

Based on application, the electroactive polymer market is segmented into actuators, sensors, ESD and EMI protection, antistatic packaging, robotics, and others. The ESD and EMI protection segment led the market with the largest share in 2019 and robotics segment accounted for highest growth rate in 2019. Electroactive polymers are applied in energy storage devices on accounts of their advantages, such as high capacity, flexibility, and design versatility. EAP technology based on the electric field determined deformation of polymer dielectrics has assuring opportunities since it has high strains & energy densities. This technology has mainly aided in generating human-like robots. EAPs have been employed in artificial muscles; their ability to emulate the procedure of biological muscles with high fracture toughness, large actuation strain & inherent vibration-damping draw the attention of scientists in this field

Electroactive Polymer Market: Competitive Landscape and Key Developments

The Lubrizol Corporation; Arkema; Solvay; PARKER HANNIFIN CORP; Celanese Corporation; Avient Corporation; Agfa-Gevaert Group; Kenner Material & System Co., Ltd.; 3M; and Premix Group are among the key market players. Major players in the electroactive polymer market are focused on strategies such as mergers and acquisitions and product launches to expand their geographic reach and consumer base.

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