Smart Card Materials Market Projected to Witness a Double-Digit CAGR During 2028
The global market smart card has gained phenomenal momentum in recent years due to increasing usage of smart cards in various industries for various purposes. The growing popularity of smart cards due to the convenience they offer for identification, cashless payments, and tracking amongst other things. Proliferation of BFSI industry that has seen a constant rise in its consumer base has prompted many smart card manufacturers to invest in research and development of durable materials. The need to make smart cards that can withstand harsh weather conditions and rough usage has greatly influenced the choice of materials to be used.
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The strengthening government initiatives across the globe to digitize economies has been an important factor pushing the demand for advanced smart card materials in past few years. Various kinds of materials being used for manufacturing smart cards are biopolymers such as polylactic acid (PLA), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), paper, polyethylene terephthalate glycol (PETG), PVC & ABS blends, teslin, and holographic foil. Recently, integration of chips has given the vendors in the smart card materials market a serious reason to improving their game.
Asia Pacific is expected to show the highest demand for smart cards in the coming years. The sheer magnanimity of the population base that is getting on board with the modern banking systems is expected to augment the demand for smart card materials in this region. Major IT revolution in the developing economies of Asia Pacific such as India and China is projected to a positive influence on this regional market as well. Additionally, remarkable reformation in the healthcare industry, telecommunications sector, national identification processes, access cards, and retail industry is also projected to create many lucrative opportunities for the global smart card materials market in the forthcoming years.
Global Smart Card Materials Market: Overview
The rapidly expanding application avenue of smart cards in various end-use industries has underpinned the evolution of smart card materials market. Relentless efforts to make smart cards more secure and reliable has supported several recent technology advances. The rising consumer adoption of cashless payments has been a pivotal point in numerous emerging and developed economies. There is a constant search for durable manufacturing materials such as types of polycarbonates that can withstand the harsh environmental conditions of use in end-use industries such as telecom, BFSI, and retail industries. New functionalities of smart cards are being explored in NFC-enabled mobile applications and the government sectors, world over. This in influencing the choice of materials for making smart cards in various parts of the world.
Global Smart Card Materials Market: Key Trends
The dynamics of the smart card materials market is notably influenced by the rapidly rising demand for smart cards in various end-use industries. The rising traction of cashless micropayment transactions, especially in developed countries, is boosting the market. The widening area of applications of smart cards for the BFSI and telecommunication industries is notably shaping the contours of the market. The rising use of smart card materials in making payment cards and smart cards for ticketing e-passports, government and corporate identity cards, physical and logical access control applications is a promising development. The global smart cards materials market is also increasingly influenced by the advent of a few notable technologies for the manufacturing of smart cards. The advent of adhesive tape technology for a broad range of smart card materials used in chips is also catalyzing the growth of the market. The availability of adhesives with special properties for meeting the end-user consumer needs is also bolstering the smart card materials market.
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Global Smart Card Materials Market: Potential
The advent of contactless smart cards has harbored some unprecedented changes in the use cases and security features of these cards, thereby unlocking exciting opportunities in the smart card materials market. This rides on the back of the disruptive potential contactless payments are considered to have in the overall payment card ecosystem. The growing popularity of contactless smart cards in developed countries is evident in the growing shift from mobile payments toward contactless payments. The advent of biometric payment smart cards may be considered as a tipping point for the role of technologies, notably RFID, and materials used in smart cards. The focus of industry toward innovation in materials may also pave way to customization of contactless smart cards. Tactilis Pte. Limited, an electronic design and manufacturing company, announced in August 2018 it has begun first volume of shipment developed by Next Biometrics AS. This will bolster new developments in the smart card materials market.
Global Smart Card Materials Market: Regional Outlook
The smart card materials market is witnessing a speedy growth in developing regions. The rapid strides taken by the digital payments industry, notably in several economies of Asia Pacific, is accentuating the global market. The staggering rise in demand for smart card products in emerging economies is also bolstering the overall market growth. Developed regions, such as Europe, are expected to be potentially lucrative for smart card manufacturers. The demand for smart card materials is expected to get large fillip from the burgeoning growth of end-use industries in these regions. The report takes an incisive look at the currently prevailing opportunities in key regions and imminent investment pockets for smart card materials providers.
Global Smart Card Materials Market: Competitive Outlook
The report offers insights into the stakeholder profiles and takes a closer look at the factors influencing the intensity of competition in the smart card materials market. The report also zeroes in on the strategies and winning imperative moves made by top players with an aim to consolidate their market shares over the assessment period. Prominent companies vying for substantial shares in the global smart card materials market include Formosa Plastics Group, Teijin Ltd., 3A Composites GmbH, KEM One, Axiall Corporation, Solvay S.A., and SK Chemicals.
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