North America Electroactive Polymers Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type, Application

The North America electroactive polymers market is expected to grow from US$ 584.28 million in 2019 to US$ 973.88 million by 2027; it is estimated to grow at a CAGR of 6.7% from 2020 to 2027. 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, and 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.

North America, especially the US, witnessed an unprecedented rise in number of COVID-19 cases, which led to the discontinuation of electroactive polymers manufacturing activities; other chemical and materials manufacturing sector has subsequently impacted the demand for electroactive polymers during the early months of 2020. Moreover, decline in the overall manufacturing activities has led to discontinuation of electroactive polymers components manufacturing projects, thereby reducing the demand for electroactive polymers. Similar trend was witnessed in other North American countries such as Mexico and Canada. However, the countries are likely to overcome this drop in demand with the economic activities regaining their pace, especially in the beginning of 2021.

The inherently conductive polymers segment led the North America electroactive polymers market based on type in 2019. The inherently conductive polymer is a family of specialty conductive thermoplastic compounds, which fulfill uniform and precise surface resistivity throughout a resistivity spectrum from strong electrostatic discharge to strong anti-static. These polymers are quite suited for disk-drive components, wafer processing, and cleanroom applications. They are advantageous in automotive applications that need static discharge protection, like fuel system components. Other automotive uses of these polymers are body attachments, including mirror housings, door handles, bumpers, wheel covers, fenders, and interior parts.

The overall North America electroactive polymers market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America electroactive polymers market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America electroactive polymers market. Key companies operating in the North America electroactive polymers market include Lubrizol Corporation; Arkema Group; Solvay S.A.; Parker Hannifin Corp; Celanese Corporation; Avient Corporation; Agfa-Gevaert Group; Kenner Material & System Co., Ltd.; and 3M.

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