The new report by Expert Market Research titled, ‘Global Electroactive Polymer Market Growth, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global electroactive polymer market, assessing the market based on its segments like products, applications, and regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.5%
The electroactive polymer industry is being driven by the growing demand for the polymer in the healthcare industry. As electroactive polymers can mimic the function of muscles by converting electrical energy into mechanical energy through an electromechanical response, their demand is surging, thereby boosting the market growth. Over the forecast period, the growing patient preference towards minimal-invasive surgeries is likely to augment the market growth.
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The market is predicted to be bolstered by the growing demand for the product for biotechnological applications such as biomechanics, artificial muscles, active catheters, biosensors, actuators, and drug delivery systems, among others. In terms of region, North America accounts for a significant share of the market owing to the thriving healthcare sector in the countries like the United States and Canada.
Industry Definition and Major Segments
Electroactive polymer is defined as a type of polymer that can change its shape, size, and length when exposed to an electric field. The electric current provided by electroactive polymers can stimulate cells in the context of tissue engineering. They find their use in various fields like engineering, robotics, aviation technology, and automation, among others.
The various products of electroactive polymers in the market include:
• Conductive Polymers
• Inherently Conductive Polymers
• Inherently Dissipative Polymers
The significant applications of the product include:
• ESD and EMI Protection
• Antistatic Packaging
The regional markets for electroactive polymers include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The growing research and development (R&D) activities in electroactive polymers owing to their lightweight, tailorability, cost-effectiveness, and scalability is likely to propel the market growth. Technological advancements in the healthcare, automotive, and biotechnological sectors are expected to drive the growth of the market. Advancements in biomimetics are also expected to boost the market growth.
The market is anticipated to be further driven by the increasing electronic device manufacturing and the shifting consumer preferences towards compact and portable consumer electronics and gadgets. With the increasing demand for electronic devices in both developed and developing countries, the market for electroactive polymers is projected to grow robustly in the forecast period.
Key Market Players
The major players in the market are Bayer AG, Parker-Hannifin Corporation, 3M, Heraeus, RTP Company, and Celanese Corp., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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