Electroactive Polymers Market Growth 2022-2030
Electroactive polymers (EAP) are a type of elastomer (flexible, elastic polymer) that changes its shape and size when an external electrical field is applied to it. Due to this interesting property, EAPs are used in various applications including construction materials, automotive parts, plastics, and clothing.
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Moreover, made using a low-cost manufacturing process, electroactive polymers are extremely cost competitive. As a cumulative result of these advantages, EAPs are extensively used in various applications such as actuators, sensors, ESD EMI protection, drug delivery systems, robotics, and electrostatic plastics among others.
Resultantly, electroactive polymers witness a prominence and demand in the market, and its market garners huge accruals, globally. The rapid industrialization and urbanization provide a huge impetus to the growth of the market. Moreover, the growing demand from the burgeoning sectors such as automotive and electronics escalates the market on the global platform.
Considering the rapid expansion, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global electroactive polymers market will garner exponential accruals registering a CAGR of 7% throughout the forecast period.
Additional factors that are boosting the market growth include the growing applications of EAPs in robotics, energy harvesting, coatings, smart fabrics, and medical devices among others. Simultaneously, the increasing demand for EAPs from the transportation the tire manufacturing sector, industrial rubber, and the continually rising demand from the automotive industry.
Conversely, factors such as the volatility in the prices and the demand and supply gap in the raw materials required for the production of EAPs acting as a major tailwind impeding the growth of the market. Nevertheless, the rapidly quadrupling consumer electronic market will support the growth of the market.
Electroactive Polymers Market - Segments
For ease of understanding, the MRFR analysis has been segmented into three key dynamics: -
By Product Type : Conductive Polymers, Inherently Conductive Polymers, and Inherently Dissipative Polymers among others.
By Application : Actuators, Sensors, Antistatic Packaging, and ESD EMI Protection among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Electroactive Polymers Market - Regional Analysis
The North American region, heading with the rapid industrialization accounts for the leading market in the global electroactive polymers market growth. Factors such as the presence of a well-penetrated automotive sector, sustained increase in electronics products as well as in demand, and a growing industrial output are substantiating the growth in the regional market. The US accounting for one of the five largest markets for electroactive polymers stands as the primary growth driver for the regional market.
The electroactive polymers market in the European region accounts for the second-largest market, globally. Presence of well-developed automotive industry alongside the burgeoning electronic market drives the growth of the regional market, creating a massive demand for demand for actuators and sensors. Some of the European countries such as Germany, Italy, and France account for the significant growth contributors for the regional market.
The Asia Pacific electroactive polymers market accounts for the rapidly growing market, globally. The region has emerged as a manufacturing hub due to the rapid expansion of industries such as the automobile and electronics electrical industry.
Moreover, factors such as the increasing industrial machinery application and mass transfer packaging in chemical industries adding to the demand for the electroactive polymer in the region. APAC countries such as China, India, and Japan backed by the largest consumption of the products accounts of the key contributors to the growth of the regional market.
Additional factors boosting the growth of the regional market include the growing population and the increasing per capita income in the region. Furthermore, the raw materials advantage that is continually increasing investments and the number of manufacturing sites in the region is a dominant driving force pushing up the electroactive polymers market in the region.
Electroactive Polymers Market - Competitive Analysis
Fiercely competitive the electroactive polymers market appears to be fragmented due to the presence of several large and small-scale players. Well-established, manufacturers strive to increase the production capacity and develop new products. Moreover, the increasing application areas of electroactive polymers are encouraging the players to invest in RD activities to formulate new products and to develop new technologies.
The players operating in the market strengthen their market presence by expanding their distribution network and regional presence. This, leads them to experience various collaborations with other players and formulate strategic initiatives such as mergers, acquisition, and partnerships, expanding product portfolio.
Industry/ Innovation/ Related News
January 15, 2019 –-- Pliant Energy Systems LLC (the US), a leading global company conceptualizing, patenting, and developing technologies in the fields of energy harnessing and marine robotics announced that its Velox robot, an Agile Amphibious Swimmer which was earlier confined for marine or underwater uses can now be used on lands as well.
This futuristic robot could feature a propulsion system that can recharge itself in the wind and sea waters due to its fins that are made of electroactive polymers. These fins can generate electricity by expanding and contracting. With the electrical current the material moves, much like biological muscles. The robot's biomimetic propulsion is just the beginning.
Although the natural habitat of this robot is underwater, where its surging propulsion system can keep up with any target this amazing robot soon will be the future of amphibious drones.
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