Electroactive Polymers Market Size Forecast to Reach $4.1 Billion by 2026
Electroactive Polymers Market size is forecast to reach $4.1 billion by 2026, after growing at a CAGR of 8.1% during 2021-2026. Electroactive polymers such as polyvinylidene fluoride have various advantages over electromechanical ceramics, such as flexible, lightweight, fracture tolerant, piezoelectric effect and easy to mold, owing to which in recent years, electroactive polymers (EAPs) have drawn much attention as actuating materials for robots, micro machines, and many other applications. The rapid growth of the energy generation industry has increased the demand for electroactive polymers; thereby, fueling the market growth. In addition, factors such as new sensor demand, evolving EAP applications in molecular electronics, and the strong commercial value of electroactive polymer-based actuators are also expected to significantly drive the market for electroactive polymers during the forecast period.
Electroactive Polymers Market COVID-19 Pandemic
The outbreak of Covid-19 is having a huge impact on the economy of electronic devices. The COVID-19 pandemic caused an unprecedented increased demand for some medical devices, as well as significant disruptions in the manufacturing and supply chain operations of global medical devices. The FDA monitors the supply chain of medical products and works closely with producers and other stakeholders to assess the risk of disruption and to prevent or reduce its impact on patients, health care providers, and the general public's health. In addition, there is a delay in imports and exports of medical devices due to the import-export restriction by the governments in various regions. All these factors are having a major impact on the electroactive polymers market during the pandemic.
Electroactive Polymers Market Segment Analysis – By Type
The conductive polymers segment held the largest share in the electroactive polymers market in 2020 and is growing at a CAGR 8.5% over 2021-2026. The significant class of functional materials that have certain useful properties of both organic polymers (such as strength, plasticity, flexibility, strength, elasticity) and semiconductors (such as electric conductivity) are conducting polymers (CPs). The conductive polymers are often used in miniature boxes that have the ability to open and close, micro-robots, surgical tools, surgical robots that assemble other micro-devices. In addition, conductive polymers (CPs) are extensively used as an alternative to metallic interfaces within biomedical devices as a way of imparting electroactivity to normally passive devices such as tissue scaffolds. Thus, all these extensive characteristics of conductive polymers are the key factor anticipated to boost the demand for conductive polymers in various regions during the forecast period.
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Electroactive Polymers Market Segment Analysis – By Application
The actuator segment held the largest share in the electroactive polymers market in 2020 and is expected to grow with a CAGR of 7.2% for forecast period. To maximize the actuation capability and durability, effective fabrication, shaping, and electrode techniques are being developed. Many engineers and scientists from many different disciplines are attracting attention with the impressive advances in improving their actuation strain. Due to their inherent piezoelectric effect, ferroelectric polymers, such as polyvinylidene fluoride (PVDF), are largely used in manufacturing electromechanical actuators. For biomimetic applications, these materials are especially attractive, as they can be used to make intelligent robots and other biologically inspired mechanisms. To form part of mass-produced products, many EAP actuators are still emerging and need further advancements. This requires the use of models of computational chemistry, comprehensive science of materials, electro-mechanical analytical tools, and research into material processing. Which will eventually drive is the electroactive polymers market during the forecast period.
Electroactive Polymers Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the electroactive polymers market in 2020 up to 38%, owing to the escalating medical device industry in the region. A key factor behind the growth of the region's electroactive polymer market is the large demand for electroactive polymers for the manufacture of advanced implant devices for medical conditions. According to Invest India, the Indian medical device sector is projected to register a CAGR of 14.8% and is expected to reach $11.9 billion in 2021-22, and the sector is projected to reach $ 65 bn industry by 2024. According to the most recent official figures from the Ministry of Health, Labour and Welfare (MHLW), the Japanese medical devices market in 2018 was roughly $29.3 billion, up about 6.9 percent from 2017 in yen terms. And from 2018 to 2023, the medical device market in Japan is estimated to show an increment of 4.5% CAGR in yen terms. Furthermore, North America also holds a prominent market share of the electroactive polymers market due to the escalating medical device industry. According to the Select USA, the United States medical device market is anticipated to rise to $208 billion by the year 2023. Thus, with the expanding medical device industry, the demand for electroactive polymers will also subsequently increase, which is anticipated to drive the electroactive polymers market in the Asia Pacific and North America during the forecast period.
Electroactive Polymers Market Drivers
Increasing Automotive Production
In the automotive industry, electroactive polymers are used as actuators and sensors. For materials that are light in weight but strong and durable such as an electroactive polymer, there is high demand. By using modern electroactive polymers in numerous automotive electronic components, such as multiple sensors, accelerometers, and accelerator pedal modules, car manufacturers are attempting to achieve lightweight properties. China is the world's largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects the production of cars to reach 35 million by 2025. According to the International Trade Administration (ITA), in 2019 the Mexican market for electric, plug-in vehicles, and hybrid vehicles reached 25,608 units, representing a 43.8% growth over 2018. Thus, increasing automation production will require more electroactive polymers for manufacturing various automotive components, which will act as a driver for the electroactive polymers market during the forecast period.
Increasing Application of Electroactive Polymers
Textiles called sensing and actuating microfibers can be directly woven into electromechanical systems such as sensors, actuators, electronics, and power sources. They can be used as smart fabrics because of the flexibility and low cost of electroactive polymers. In developing intelligent fabrics, polypyrrole and polyaniline are used. In addition, using electroactive polymers in robotics for muscle development is better, as it is more cost-effective than the semiconductor and metal materials. And robotics is widely used; hence the demand for electroactive polymers will also positively affect the market growth. Furthermore, electroactive polymers market growth is increasing owing to its wide usage in areas such as medical devices, damped harmonic oscillator, electric displacement field, electrostatic discharge/electromagnetic interference, high-strain sensors, and biomimetic. Hence, the increasing application of electroactive polymers acts as a driver for the electroactive polymers market.
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Electroactive Polymers Market Challenges
Environmental Hazards Related to the Electroactive Polymers
Raw materials which are used to produce electroactive polymers (EAPs) are difficult to extract and often harmful to the environment. The disposal of waste generated by electroactive polymers is one of the major concerns (EAPs). Improper disposal of EAP products could harm the environment and ultimately impact the food chain. Manufacturers of EAPs may experience increased costs associated with the disposal of certain electroactive polymers (EAPs) that cannot be disposed of by biodegradation. The government has, therefore, enforced strict regulations on the use of such polymers. Besides, the environmental regulations on the use of petroleum products restrict the growth of the EAPs market. These factors are hampering the electroactive polymer market growth.
Electroactive Polymers Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the electroactive polymers market. Major players in the electroactive polymers market are Solvay, Parker Hannifin, Agfa-Gevaert, 3M, Merck, Lubrizol, Novasentis, Premix, PolyOne Corporation, Celanese Corporation, and KEMET Corporation.
Key Takeaways
Asia-Pacific dominates the electroactive polymers market, owing to the increasing demand for the electroactive polymers industry in the region. The increasing urbanization coupled with the rising population in APAC is the major factor driving the demand for electroactive polymers.
Electroactive polymers are extensively used for corrosion-preventing coatings in ferrous and non-ferrous alloys, actuators, damped harmonic oscillator, metamorphic biomaterials, and protective fabrics points. These properties of electroactive polymers are projected to increase market growth.
Electroactive polymers due to its unique properties find application in different end-use industries. These are lighter in weight, more durable, and have better conductive properties, unlike conventional materials (metals). During the forecast period, this factor is anticipated to drive the market.
Due to the Covid-19 pandemic, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as energy generation and automotive are disruptively stopped, which is hampering the electroactive polymers market growth.
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