Electroactive Polymer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Key Highlights

• COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
• The growing electrical and electronics industry is expected to drive market growth during the forecast period. However, it is difficult to extract the electroactive polymer, and it is usually harmful to the environment. However, improper disposal of electroactive polymer products could harm the environment, which is anticipated to slow the market's expansion.
• The rising significance of biomimetic and fake muscles for handling complex medical issues using electroactive polymer will likely provide opportunities for the electroactive polymer market over the next five years. The North American region is expected to dominate the global electroactive polymer market.

Electroactive Polymer Market Trends

Actuators and Sensors to Dominate the Market

• Actuators and sensors are expected to dominate due to their wide usage in electrical and electronic components of sensitive electronics and plastic parts. This is due to their ability to prevent dust attraction and electrostatic discharge. Inherently conductive polymers include polythiophenes, polyanilines, polypyrroles, and polyacetylenes.
• Conductive polymers are used in sensors as these are electronically conductive with relatively high and reversible ion storage capacity. The usage of electroactive polymers provides large electromechanical bending at low voltages. Moreover, their soft and flexible structures also help in working efficiently.
• According to the Ministry of Electronics and IT's 'A call to action for broadening and deepening electronics manufacturing' study, India intends to generate USD 300 billion in electrical and electronics manufacturing by 2026, benefiting the market for electroactive polymers during the forecast period.
• According to India Brand Equity Foundation (IBEF), India exported USD 2,009.07 million worth of electronics in September 2022, up 71.99% year over year. Key export items in this industry include mobile phones, consumer electronics (TV and audio), IT hardware (laptops, tablets), industrial electronics, and auto electronics, supporting the market growth.
• All the aforementioned factors are expected to drive the electroactive polymer market during the forecast period.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region is the largest market for electroactive polymers. Factors such as increasing production of electronic devices and changing consumer preference towards miniaturization of daily use of consumer electronics and gadgets have been driving the electroactive polymer requirements in the region.
• Electronic products in the region have the highest growth rates in the consumer electronics segment of the market in terms of demand. With the increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily, thereby driving the market studied.
• China has the world's largest electronics production base. Electronic products, such as wires, cables, computing devices, and other personal devices, recorded the highest growth in electronics. The country serves the domestic demand for electronics and exports electronic output to other countries, thus, providing a huge market during the forecast period.
• According to the National Bureau of Statistics (NBS) of China, the overall profit of China's electronics manufacturing businesses increased by 38.9 percent year on year in 2021, thus positively impacting the market's growth.
• Furthermore, according to Japan Electronics and Information Technology Industries Association (JEITIA), the overall production value of the Japan electronics sector increased by almost 10% to around USD 100 billion in 2021. The sector includes electronic devices, components, and consumer and industrial electronic equipment.
• Hence, due to the above-mentioned reasons, Asia-Pacific is anticipated to dominate the market studied during the forecast period.

Electroactive Polymer Industry Overview

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support