Smart Card Materials Market is valued at approximately USD $$million in 2021 and is anticipated to grow with a healthy growth rate of more than $$% over the forecast period 2022-2028. A smart card is a physical electronic authorization device that is primarily used to control access to a resource. Smart card materials are chemical material that is utilized for the production of a smart card that enables manufacturers to embed and print information over it.
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These materials include polyvinyl chloride (PVC), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate-glycol (PETG), and many others. Factors such as rising inclination toward cashless payments, growing need for reliable and secure payment transactions, coupled with the increasing usage of these materials in universal integrated circuit cards (UICC) in mobile phones and subscriber identity modules (SIM) are driving the global market growth. For instance, according to Statista, in 2019, nearly USD 243.6 billion in non-cash transactions were carried out across Asia-Pacific comparatively higher than other regions. Also, it is estimated the figure constantly exceeds double the value of such transactions and reach around USD 493.2 billion by 2023. Thereby, the rising inclination towards non-cash transactions is fueling the demand for smart cards, which is augmenting the market growth across the world. However, volatility in the material prices and fraudulent activities, and security concerns impede the growth of the market over the forecast period of 2022-2028. Also, the rising applications of these cards in the telecommunication industry and growing initiatives for digitalization are anticipated to act as catalyzing factors for the market demand during the forecast period.
The key regions considered for the global Smart Card Materials Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing adoption of digital services and availability of well-established smart card usage systems. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the increasing demand for smart cards in end-use industries, and the growth of various emerging economies, would create lucrative growth prospects for the Smart Card Materials Market across the Asia-Pacific region.
Major market players included in this report are:
Eastman Chemical Company
SK Chemicals
PetroChina Company Limited
Solvay S.A.
SABIC Innovative Plastics
3A Composites GmbH
Teijin Ltd.
LG Chemicals
Formosa Plastics Group
BASF SE
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Card Type:
Contact Cards
Contactless Cards
Multi-Component Cards
By Type of Material:
Polyvinyl Chloride (PVC)
Polycarbonate (PC)
Acrylonitrile Butadiene Styrene (ABS)
Polyethylene Terephthalate-Glycol (PETG)
Others
By Application:
BFSI
Telecommunication
Retail
Hospitality
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market research objective you provided focuses on conducting a comprehensive analysis of a specific market. Here is a breakdown of the research objectives you mentioned:
To analyze and forecast the market size of the market:
- This objective involves assessing the current market size and using historical data and market trends to forecast its future size.
- This analysis helps in understanding the market’s growth potential and opportunities.
To classify and forecast the global market based on product, material, application, and region:
- This objective aims to categorize the market based on different factors such as product types, materials used, applications, and geographical regions.
- It also involves forecasting the market size and growth for each category, providing a detailed understanding of market segmentation.
To identify drivers and challenges for the global market:
- This objective focuses on identifying the factors that drive market growth and those that pose challenges or constraints.
- Understanding the drivers helps in recognizing opportunities, while understanding the challenges allows for mitigation strategies and informed decision-making.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations, and partnerships in the market:
- This objective involves analyzing the competitive landscape of the market. It includes studying activities such as mergers and acquisitions, agreements, collaborations, and partnerships among market players.
- This analysis provides insights into the market’s competitive dynamics and strategic moves by key players.
To conduct pricing analysis for the market:
- This objective aims to analyze pricing strategies within the market. It involves assessing pricing trends, price variations based on different factors, and understanding price sensitivity among customers.
- This analysis helps in formulating effective pricing strategies for market players.
To identify and analyze the profile of leading players operating in the market:
- This objective involves profiling and analyzing the key players in the market. It includes studying their business strategies, financial performance, product portfolios, market share, and competitive advantages.
- This analysis helps in understanding the competitive landscape and benchmarking against industry leaders.
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