The global conductive polymers market was valued at $4,441.7 million in 2017 and is projected to reach $7,341.2 million by 2023, progressing at a CAGR of 8.7% during the forecast period (2018–2023). The polyaniline category held the largest value share in the market during the historical period.
The inherently conductive polymer category is expected to witness fastest growth, in terms of value, in the conductive polymers market. This can be due to increasing use of these polymers in antistatic coating, electromagnetic interference (EMI)/radio frequency interference (RFI) shielding, battery, organic light-emitting display, radio-frequency identification (RFID), and others.
Increasing Adoption of Conductive Polymers in Smart Materials Production Is A Major Trend
There has been an increasing adoption of smart and intelligent materials to manufacture artificial muscles along with other prosthetic medical devices, owing to their electromagnetic, mechanical, chemical, and optical attributes that enable performing a particular function. Furthermore, smart materials are made up of conductive polymers and offer higher strength and flexibility than conventional materials used in the production of prosthetics. Since these polymers enhance the physical properties of smart materials more than conventional polymers, these are widely adopted for the production of smart materials needed in the medical industry.
Rising Demand for Conductive Polymers in a Wide Range of Applications Drives the Market
Rising demand for conduction polymers is a major growth driver for the conductive polymers market. These polymers are widely used in the field of medicine production, electrostatic discharge (ESD), electromagnetic interference (EMI), healthcare, manufacturing of display materials, chip packaging, sensors, plastic transistors, ultra-capacitors, and electrical appliances. Also, there is a growing demand for conductive polymers in the field of corrosion control coating, owing to their conductive ability and biodegradable properties. With the rise in technological advancements and subsequent development of innovative products, conductive polymers are becoming a potential alternative to hazardous heavy metal coatings and silicone chips.
Segmentation Analysis of Conductive Polymers Market
Inherently conductive polymer is witnessing the fastest growth in the demand globally owing to its various applications in antistatic coating, electromagnetic interference (EMI)/ radio frequency interference (RFI) shielding, RFID, and others.
The ESD & EMI protection is the largest application category in the conductive polymers market. This is mainly attributed to the growing demand for the polymers in electronic device protection, as the polymers have achieved significant success in the field of corrosion control coating due to their conductive ability and biodegradable properties.
Geographical Analysis of Conductive Polymers Market
Together, North America and Europe are expected to account for over 70% share in the global conductive polymers market by 2023. This can be due to growing application of the polymers in batteries, sensors, and in the electrical applications of automobile industry. Furthermore, growing urbanization in the regions is also resulting into an increasing demand for conductive polymers.
Other geographies, which include APAC and RoW, also hold considerable shares in the conductive polymers market, on account of increasing demand for conductive polymers in various applications, such as textiles, capacitors, batteries, actuators, sensors, and display devices. Furthermore, the growing economies, such as China and India, and other countries, such as Brazil, South Africa, and Saudi Arabia, with increasing industrialization rate are expected to further drive the market in the regions.
China is expected to lead the APAC conductive polymers market, generating revenue of over $405.3 million in 2023. This can be mainly attributed to the presence of large number of conductive polymer manufacturers (The 3M Company and Saudi Basic Industries Corporation [SABIC]), increased demand for electrostatic coatings on door panels and window panes from the residential construction sector, and expanding electronics industry.
Brazil is the largest revenue-generating country for conductive polymers in the RoW region. Increase in population and growth of infrastructure in the country provide immense opportunities for the market to grow. Also, rising income level, rapid urbanization, and increasing modern housing demand drive the market of conductive polymers.
Competitive Landscape of Conductive Polymers Market
The conductive polymers market is led by several industry players including Solvay S.A., RTP Company, The 3M Company, The Lubrizol Corporation, Henkel AG & Co. KGaA, SABIC, and Heraeus Holding GmbH.
In April 2018, Solvay S.A. launched Evolite F1050, a high-performance polyvinylidene fluoride (PVDF) carbon fiber composite tape, for offshore oil and gas applications. Evolite F1050 is a unidirectional tape having the chemical and mechanical resistance and is suitable for high-temperature applications. It can be used in offshore hybrid flexible pipes and thermoplastic composite pipes (TCPs). Furthermore, in November 2017, Solvay S.A. introduced Solef 90615/2002 PVDF in Georgia. The polymer was designed to improve the capabilities of steel pipes, flexible risers, and flowlines used in oil and gas recovery. Solef 90615/2002 PVDF offers reliable performance despite the high temperatures and pressures required for oil transmission in onshore and offshore environment.