Albany, NY -- (SBWire) -- 10/03/2018 --A largely fragmented landscape of electroactive polymers manufacturers implies a high level of competition between both globally prominent and regional companies. In 2015, the top three manufacturers of electroactive polymers were PolyOne Corporation, BASF SE, and Heraeus Deutschland GmbH & Co. KG. Their collective share in the global market for electroactive polymers in terms of its value in 2015 was 20.4%, this leaving a large scope for regional players to try their hand at increasing market value.

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As stated in a new publication by Transparency Market Research, the differentiation between electroactive polymer products is very large and allows companies to specialize in certain products rather than try to produce multiple types. This is more common among regional players, while globally prominent manufacturers have the capital to produce multiple electroactive polymers.

The threat of new entrants into electroactive polymer production is very high, especially in Asia Pacific where the concept of electroactive polymers has not caught on yet. This region holds a very high scale of opportunities in the near future, thus attracting both global players as well as new regional players to take up market shares.

The global market for electroactive polymers is projected at a CAGR of 7.6% within a forecast period from 2016 to 2024. This revenue is expected to reach US$3.15 bn by the end of 2016 and US$5.69 bn by the end of 2024.

North America to Prevail as Leading User of Electroactive Polymers

Over 80% of the total volume of electroactive polymers produced annually has gone into producing conductive polymers. By the end of 2024, this share is expected to settle at 82.7% of the overall market volume.

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A key point to consider when looking at the global use of electroactive polymers is its dependence on the North American demand. At the moment, North America holds a massive share of total consumption of electroactive polymers. Two reasons for this are the market itself being in a nascent stage mostly consolidated in the U.S., and a very low awareness of the benefits of electroactive polymers in other regions.