- Electroactive polymers comprise different synthetics that undergo changes in shape or size under applied electrical voltage or charge. A recent study by Grand View Research, Inc. estimates the electroactive polymers market at around USD 6.4 billion by 2022.
These polymers offer benefits like low power usage, control ease, rapid response time, high energy density, and high force output. These advantages work well for the market and steer its revenue. Electroactive polymers also utilize low-cost source materials.
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Electronic applications are incorporating ferromagnetic and piezoelectric materials. This, coupled with surging funds for the development of new and beneficial technologies will also drive the market ahead. Electroactive polymers are apt for utilization in biomimetics and artificial muscles and help solve complex health issues. This will also augment the sales of the electroactive polymers market.
The product segments include Conductive Polymers (CPs), Inherently Dissipative Polymers (IDPs), Inherently Conductive Polymers(ICPs), and others. Conductive polymers accounted for more than 79% of the total volumes in 2014. They are used in bio-sensors, organic solar cells, and actuators.
IDPs contributed in excess of 10 kilo tons to the market volumes in 2014. ICPs, with a CAGR of 10.1% from 2015 to 2022, will be the fastest-growing segment. This can be attributed to their importance in manufacturing OLEDs – Organic Light Emitting Diodes. The ‘others’ segment includes dielectric, piezoelectric, and ferroelectric elastomers.
Applications of the electroactive polymers market include sensors, actuators, antistatic packaging, Electrostatic Dissipation (ESD) & Electromagnetic Interference (EMI) protection, and others. Antistatic packaging will grow at a CAGR of 10% from 2015 to 2022. It is mainly used in electrical components and medical devices. ESD and EMI protection led the applications market in 2014. It contributed revenues worth USD 953 million in 2014.
The geographical segmentation of the worldwide electroactive polymers market is done on the basis of North America, Europe, Asia Pacific, and Latin America & Middle East & Africa. North America accounted for about 59% of the global demand in 2014. Europe contributed volumes over 44.80 kilo tons in the aforementioned year.
The strong presence of automobile manufacturers in Italy, Germany, and France will trigger the usage of conductive polymers in fuel engines. Asia Pacific, with a CAGR of 12% over the next seven years, would experience the fastest growth owing to high investments in manufacturing in India and China.
Information Source: Grand View Research
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