Global Electroactive Polymers Market Expected to Reach US$ 5.69 Bn in 2024 : Transparency Market Research
Transparency Market Research has published a new report titled “Electroactive Polymers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 – 2024.” According to the report, the global electroactive polymers market was valued at US$ 2.95 Bn in 2015 and is anticipated to reach US$ 5.69 Bn in 2024, expanding at a CAGR of 7.6% between 2016 and 2024.
Electroactive polymers, also known as EAP, are polymers with the ability to conduct electricity. Electroactive polymers are broadly classified into conductive polymers, inherently (intrinsically) conductive polymers (ICP), inherently (intrinsically) dissipative polymers (IDP), and others (including ferroelectrets and dielectric elastomers).
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Conductive polymers are processed through the addition of known conductors such as carbon black, metal flakes, antistatic additives, carbon nanotubes into a polymer matrix. This imparts electrical conductivity to the polymers. ICP is manufactured by oxidation or protonation of the conjugated polymer, thereby imparting natural conductivity to the polymer. Electroactive polymers offer several advantageous properties such as easy moldability, light weight, actuating and sensing functions, easy controllability, and quick response time. This has the potential to revolutionize the global electronics and semi-conductor industries.
In terms of demand, conductive polymers accounted for the major share (more than 80%) of the global electroactive polymers market in 2015. This is primarily ascribed to the relatively low price and easy availability of conductive polymers. Research & development of electroactive polymers has gained momentum since the last few years, as these products have achieved commercial acceptance. The market for ICP is expected to exhibit brisk growth rate during the forecast period. The market for electroactive polymers is driven by the expansion of the global electronics industry. The electronics industry accounts for the majority of the applications of electroactive polymers. Electroactive polymers are used in ESD & EMI protection of electronic components and devices, antistatic packaging of electronic devices during transit, actuators, sensors, etc. Demand for electroactive polymers in actuators and sensors application segments have also been boosted by the increasing applications of actuators and sensors in the automotive industry. However, the electroactive polymers market is yet to reach its potential, as technological awareness for these products is low. Potential usage in drug delivery, Li-ion batteries, and new age sound systems offers immense opportunities for the electroactive polymers market.
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In terms of application, ESD & EMI protection accounted for the largest share of the electroactive polymers market in 2015. However, antistatic packaging is estimated to register the fastest growth rate during the forecast period. Actuators and sensors applications are also projected to expand at a brisk pace during the forecast period.
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