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Electroactive Polymers Market Size, Growth, Trends And Analysis 2024-2033
Electroactive Polymers Market Size
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According to The Business Research Company's, The electroactive polymers market size has grown strongly in recent years. It will grow from $4.74 billion in 2023 to $5.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to rising demand for advanced materials, increasing use in actuators and sensors, increasing demand in consumer electronics, urbanization and industrial growth, rising applications in medical devices.
The electroactive polymers market size is expected to see strong growth in the next few years. It will grow to $6.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to emergence of smart textiles, miniaturization and wearable devices, rapid growth in robotics, flexible electronics, increased utilization in energy storage devices, rise of biocompatible electroactive polymers. Major trends in the forecast period include integration of artificial intelligence, focus on eco-friendly and recyclable materials, advancements of 3d printing technology, increasing cross-industry collaborations, integration with advanced manufacturing techniques.
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Market Drivers and Trends:
The increased electronic device production is expected to boost the electroactive polymer market going forward. An electronic device is a device that utilizes electronic components and circuits to perform specific functions, such as processing, storing, transmitting, or displaying information or signals. Electroactive polymers offer enhanced functionality, flexibility, and lightweight characteristics for electronic devices, enabling advancements in sensors, actuators, energy storage, and flexible electronics. For instance, in June 2023, according to the data released by Invest India, an India-based national investment promotion and facilitation agency, the domestic production of electronics was valued at $87 billion in 2022 and is expected to reach $300 billion by 2026. Furthermore, according to the annual financial report 2022 published by LG, a South Korea-based consumer electronics company, the sales for 2022 witnessed a growth of 12.9% compared to the previous year, when sales surpassed approximately $52.70 billion. Therefore, the increased electronic device production will drive the future electroactive polymer market.
Major companies operating in the electroactive polymers market are developing advanced technologies such as battery technologies to meet larger customer bases, more sales, and increase revenue. Battery technology refers to the methods, materials, and systems involved in the design, development, and manufacturing of batteries. For instance, in February 2022, PolyJoule Inc., a US-based energy storage company, launched Ultra-Safe Conductive Polymer Battery Technology. PolyJoule's conductive polymer cells uniquely bridge the gap between traditional lead-acid batteries and contemporary lithium-ion cells. Their innovative design not only extends service life but also reduces the balance of plant costs by eliminating the need for HVAC thermal management. Remarkably, these cells undergo rigorous testing, demonstrating exceptional performance with 12,000 cycles at 100% depth of discharge. The distinctive aspect of PolyJoule's conductive polymer battery technology lies in its utilization of proprietary conductive polymers and other organic, non-metallic materials, specifically tailored for stationary power applications. This technology prioritizes safety, longevity, levelized costs, and environmental considerations as primary decision drivers.
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Major Key Players of the Market:
Panasonic Corporation, Bayer AG, 3M Company, Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Covestro AG, Parker-Hannifin Corporation, Solvay SA, Arkema Group, Celanese Corporation, Danfoss AS, Lubrizol Corporation, Avient Corporation, Cabot Corporation, Milliken and Company, Agfa-Gevaert NV., Datwyler Group, Ferro Corporation, RTP Company Inc., Konarka Technologies Inc., Piezotech SAS., Electrovaya Inc., Novasentis Inc., Kenner Material and System Co. Ltd., Premix Group, Saint-Gobain, PolyGroup Inc., PolyDrop Inc., Integral Technologies Inc., Cactus Materials Inc.
Electroactive Polymers Market 2024 Key Insights:
• The electroactive polymers market size is expected to see strong growth in the next few years. It will grow to $6.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Surging Electronic Device Production Drives Growth In The Electroactive Polymer Market
• Progress In The Electroactive Polymers Market Driven By Technological Advancements
• Asia-Pacific was the largest region in the electroactive polymer market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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