Global Conductive Polymers Market is valued at USD 7.56 Billion in 2022 and it is expected to reach USD 12.70 Billion by 2029 with a CAGR of 7.69% over the forecast period.
Conductive polymers are a class of organic polymers that conduct electricity. These are unique materials and have both the mechanical properties of polymers and the electrical properties of metals. Conductive polymers have been studied and developed for over 40 years and have found applications in various fields.
The first conductive polymer, polyacetylene, was discovered in the late 1970s by Alan J. Heeger, Alan G. MacDiarmid, and Hideki Shirakawa, for which they were awarded the Nobel Prize in Chemistry in 2000. Since then, many other conductive polymers have been discovered and developed, including polyaniline, polypyrrole, and polythiophene.
The COVID-19 pandemic has had both positive and negative impacts on the conductive polymers market. Here are some positive impacts, the demand for conductive polymers increased in the healthcare sector due to the need for medical equipment such as ventilators and protective gear, which require conductive materials. The pandemic also lead to demand for renewable energy sources, such as solar panels, increased during the pandemic, which led to increased demand for conductive polymers used in the manufacturing process.
However, on the negative side, the shutdown of manufacturing facilities and reduced industrial activity during the pandemic resulted in a reduction in demand for conductive polymers in the automotive and industrial sectors. The pandemic also led to a decrease in investments in research and development in some industries, which affected the growth of the conductive polymers market in the short term.
Some major key players for the global Conductive Polymers market report cover prominent players like
The revenue generation model for conductive polymers is based on the sale of products and services to end-users. This includes the sale of conductive polymer materials, as well as consulting services related to the design and implementation of conductive polymer-based products.
The supply chain model for conductive polymers include the manufacturers of the raw materials, the manufacturers of the conductive polymer products, and the distributors and resellers of the products.
The value chain model for conductive polymers includes the research and development of new materials and products, the manufacturing of the products, the marketing and distribution of the products, and the after-sales support and service.
Increasing adoption of renewable energy sources: The increasing adoption of renewable energy sources such as solar and wind energy is driving the demand for conductive polymers in their manufacturing process. Conductive polymers are used in the production of solar panels as they provide higher efficiency and lower production costs compared to traditional materials.
Additionally, conductive polymers are also used in the production of wind turbine blades to enhance their strength and durability. According to the International Energy Agency (IEA), solar photovoltaic (PV) capacity grew by 127 GW in 2020, a 22% increase compared to 2019. The solar PV capacity is expected to increase by an average of 130 GW per year from 2021 to 2025.
Growing demand from the healthcare sector: Conductive polymers offer several advantages in the healthcare sector, including their biocompatibility, flexibility, and conductivity. These properties have led to the development of innovative medical devices, such as biosensors for glucose monitoring, drug delivery systems for targeted drug delivery, and artificial muscles for prosthetics. In 2021 reported the development of a highly sensitive and selective glucose biosensor using a conductive polymer-based nanocomposite. The biosensor was found to be stable, reproducible, and capable of detecting glucose in a wide range of concentrations. The global market for drug delivery systems is expected to reach USD 1,669.40 billion by 2025, growing at a CAGR of 7.5% from 2018 to 2025.
High cost of conductive polymer materials: Conductive polymers are still in the early stages of development, and their production processes are often more complex and require specialized equipment, which increases their manufacturing cost. Additionally, the limited availability of raw materials and the need for specific purification techniques further add to the cost of these materials. As a result, the high cost of conductive polymer materials may limit their adoption in some applications and industries where cost is a significant factor.
For example, the cost of carbon black can range from $1.50 to $3.00 per pound for commercial-grade materials, while high-quality specialty carbon blacks can cost up to $10 per pound. The cost of carbon nanotubes can range from $100 to $500 per gram, depending on the quality and purity of the material.
Increasing demand for conductive polymers in 3D printing applications, growing demand for conductive polymers in wearable technology and Internet of Things (IoT) devices. Increasing use of conductive polymers in energy storage applications. Development of new and innovative conductive polymer materials with improved properties. And the rising demand for conductive polymers in the military and defense sectors.
Development of conductive polymers with improved electrical and mechanical properties. Focus on the development of eco-friendly and sustainable conductive polymer materials. Development of conductive polymer composites with improved thermal and mechanical properties. And the increasing use of conductive polymer materials in 3D printing applications.
Growing demand for conductive polymers in the healthcare sector for medical devices and drug delivery systems. Increasing adoption of conductive polymer-based products in the automotive and aerospace industries. And the growing demand for conductive polymers in smart building materials for the construction industry.
The conductive polymer market is highly competitive, with many players competing for market share. Some key strategies adopted by market players include:
North America is one of the major markets for conductive polymers, owing to the increasing demand from the electronics and automotive industries. The region is home to some of the major players in the conductive polymer market, which are investing in research and development to develop new and innovative materials. The increasing adoption of renewable energy sources such as solar and wind energy is also driving the demand for conductive polymers in the region. According to the U.S. Energy Information Administration, renewable energy sources accounted for 11% of total U.S. energy consumption in 2019, while fossil fuels still accounted for the majority of energy consumption.
Europe is another major market for conductive polymers, owing to the growing demand from the automotive, aerospace, and construction industries. The region is also witnessing increasing investments in the development of renewable energy sources, which is driving the demand for conductive polymers in the manufacturing process. The region is home to some of the major players in the conductive polymer market, which are focusing on the development of eco-friendly and sustainable materials.
Furthermore, the European Composites Industry Association (EuCIA) reported that the composite materials market in Europe was valued at EUR 22.9 billion in 2019, with a growth rate of 2.2% per year.