Global Electroactive Polymer Market to Grow at a CAGR of 7.6% During 2024-2032, Aided by the Rising Demand for the Product in the Manufacture of Actuators and Sensors

The electroactive polymer market is driven by the rising demand for the product in actuators and sensors, owing to their rising demand in robotics, the internet of things (IoT), automotive, and household equipment, among others. Furthermore, the market is anticipated to be augmented by the growing application of the product in the biotechnological field. Electroactive polymer is a crucial component for manufacturing artificial muscles, active catheters, biosensors, and drug delivery systems, among others. In terms of region, North America is likely to account for a significant share in the market due to the rising healthcare expenditure in countries like the United States of America and Canada. In addition, the emergence of the smart fabric market, which includes electromechanical systems such as sensors, electronics, and power resources, is likely to augment the electroactive polymers market in the region. Furthermore, the technological advancements in the automotive electrical, and electronics industry will further aid the market.

In October 2020, Bayer AG (ETR: BAYN) announced the acquisition of U.S. Biotech company Asklepios BioPharmaceutical Inc. for USD 4 billion. With this acquisition, investments in biotechnology are likely to rise, thereby propelling the demand for electroactive polymers. In addition, in March 2017, Parker Hannifin (NYSE: PH) launched PREMIER PBT-225, a conductive plastic that offers superior performance and hydrolysis resistance.

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Market Breakup by Product, Applications, and Region:

• The market, based on product, is segmented into conductive polymers, inherently conductive polymers, and inherently dissipative polymers, among others.
• The significant applications of the product include ESD and EMI Protection, antistatic packaging, actuators, and sensors, among others.
• The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for the electroactive polymer is being driven by the growing application of the product in various end-use industries, including the automotive and biotechnological industries.
• The rising demand for the product in robotics, the internet of things (IoT), automotive, and household equipment, among others, is likely to propel the market growth.
• Electroactive polymer is a crucial component for manufacturing artificial muscles, active catheters, biosensors, and drug delivery systems, among others. This factor is likely to augment the market in the forecast period.
• The technological advancements will further aid the electrical electronics and automotive industry market.

Key Offerings of the Report:

• The EMR report gives an overview of the global electroactive polymer market for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the electroactive polymer's products, applications, and regions.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global electroactive polymer market are Bayer AG, Parker-Hannifin Corporation, 3M, Heraeus, RTP Company, and Celanese Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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