Smart Card Material Market to Exceed US$ 1,837.78 million by 2028

Market Overview

The smart card material market is projected to reach US$ 1,837.78 million by 2028 from US$ 1324.57 million in 2021; it is expected to grow at a CAGR of 4.8% from 2021 to 2028. The advantages of a smart card such as secured and faster exchange of information, easy interface for transactions, protection of personal information of users are propelling the growth of the smart card material market.    

Market Segmentation

On the basis of type, global smart card material market is categorized into contact cards, contactless cards, and multi-component cards based on type. The largest share of the market in 2020 was held by the contact cards segment. These cards are utilized for various applications including network security, electronic cash transfers, government IDs, campus IDs, e-commerce, and health cards. The education and government sectors widely use contact cards, hence the high demand for these cards.     

Global smart card material market is segmented by material into polyvinyl chloride (PVC), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate-glycol (PETG), and others. By type, the global market is segmented into contact cards, contactless cards, and multi-component cards. Global smart card material market is segmented by application into BFSI, government, telecommunication, retail, healthcare, hospitality, and others.

The global smart card material market is categorized into different regions, including North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. North America comprises countries such as the US, Canada, and Mexico. The European region encompasses countries such as Germany, France, UK, Italy, Russia, and the rest of Europe. The Asia Pacific region includes countries such as China, India, Japan, Australia, South Korea, and the rest of Asia Pacific. The Middle East & Africa (MEA) region comprises countries such as South Africa, Saudi Arabia, UAE, and the rest of MEA. The South and Central America region includes countries such as Brazil, Argentina, and the rest of South and Central America.

Market Scope

The scope of our recent study on the "Smart Card Material Market Forecast to 2028 - COVID-19 Impact and Global Analysis - By Material [Polyvinyl Chloride (PVC), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate-Glycol (PETG), and Others]; Type (Contact Cards, Contactless Cards, and Multi-Component Cards); and Application (BFSI, Government, Telecommunication, Retail, Healthcare, Hospitality, and Others)" includes factors governing the market growth, revenue estimation and forecast, and market share analysis. It also includes the determination of significant market players and their key developments.

Impact of COVID-19

The global COVID-19 pandemic has resulted in substantial economic losses for numerous countries. The exponential surge in COVID-19 cases and the subsequent shutdown of multiple manufacturing facilities have severely impacted the progress of various industries. The retail and hospitality sectors in North America, in particular, were immediately and significantly affected by the pandemic. However, efforts made by different governments to revive their economies have led to a market recovery. Various industries are overcoming the challenges related to raw material supply chains. As business activities resume and lockdown measures ease, the demand for smart card materials has begun to increase worldwide.  

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