The global electroactive polymers market is being used extensively across the globe with a rising number of applications. The automotive industry is one of the key application segments, which is projected to accelerate the growth of the market in the next few years. Moreover, the rising use of electroactive polymers in the healthcare segment is estimated to support the development of the global electroactive polymers market in the next few years. Furthermore, innovations in the electroactive polymers field is predicted to offer potential opportunities for the players in the coming few years.
Increasing Use of Smart Fabrics to Drive Electroactive Polymers Market
In 2016, the global market for electroactive polymers was worth US$3.15 bn and is predicted to reach a value of US$5.69 bn by the end of 2024. The market is further anticipated to exhibit a promising 7.60% CAGR between 2016 and 2024, states a research study that has been presented by Transparency Market Research.
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The rising popularity and demand for smart fabrics is the key factor estimated to encourage the growth of the global electroactive polymers market in the next few years. The ease of synthesis, low cost of materials, flexibility, and lightweight are the major factors that are likely to support the overall growth in the next few years. In addition to this, the rising number of biomimetic appliances is projected to ensure the growth of the market in the near future. On the other hand, the lack of extensive communization of EAPS and the rising environmental impact are predicted to curb the market growth in the near future. Nevertheless, the development of new products and advancements in this field are projected to push the growth over the next few years.
North America to Lead Global Electroactive Polymers Market in Near Future
North America holds a key share of the global electroactive polymers and is expected to lead the market in the next few years. The rising contribution from the U.S. and the existence of several leading players are likely to support the growth in the near future. In addition to this, the rise in the demand for inherently conductive polymers is another factor that is predicted to enhance the market growth in the coming few years. Furthermore, Europe and Asia Pacific are projected to witness healthy growth in the near future. The key players are making efforts to create an awareness among consumers concerning the advantages of electroactive polymers, thus supporting the market growth in the near future.
The global market for electroactive polymers is enjoying a high level of competition with a huge number of players operating worldwide. The participation of several new players local as well as international is anticipated to enhance the market growth and strengthen the competitive scenario of the market in the near future. The increasing investments by the leading players for developments and research activities, which is predicted to ensure the market growth in the next few years. In addition to this, these players are targeting developing economies, which holds immense growth opportunities in the coming years. Some of the leading players in the electroactive polymers market across the globe are The Lubrizol Corporation, BASF SE, Heraeus Deutschland GmbH & Co. KG, PolyDrop, LLC, Cabot Corporation, IonPhasE, Premix Oy, PolyOne Corporation, and Celanese Corporation.