The electroactive polymer market was valued at US$ 3,890.00 million in 2019 and is projected to reach US$ 6,449.55 million by 2027; it is expected to grow at a CAGR of 6.6% from 2020 to 2027.

The electroactive polymer market is highly profitable for semiconductor and polymer producers, though the manufacturers would require high initial investment to alter from silicon to polymers. There are several forces which effect the electro-active polymers market. Cost is the most considerable factor prompting the electro-active polymers industry growth. The use of polymers in luminescent and robotics applications is more cost-effective than the use of semiconductor and metals materials. The usage of electroactive polymers in the field of biomedicine and biomimetics could help address the global problem of rising healthcare costs.

Based on type, the electroactive polymer market is segmented into conductive plastic, inherently conductive polymers, inherently dissipative polymers, and others. The inherently conductive polymer segment led the electroactive polymer market with the highest market share in 2019. The inherently conductive polymer is a family of specialty conductive thermoplastic compounds, which fulfill uniform and precise surface resistivity throughout a resistivity spectrum from strong ESD to strong anti-static. These polymers are quite suited for disk-drive components, wafer processing, and cleanroom applications. They are advantageous in automotive applications needing static discharge protection like fuel system components. Other automotive uses of these polymers are body attachments like mirror housings, door handles, bumpers, wheel covers, fenders, and interior parts.

Geographically, the Electroactive Polymer market is segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA). In 2019, Asia Pacific held the largest share of the global electroactive polymer market, followed by North America. The largest market share of the region is primarily attributed to the growing demand for the consumer electronics industry in the region. Further, the growing urbanization coupled with the increasing population in Asia Pacific countries such as China, India, Japan, and South Korea are the major factor driving the demand for electroactive polymers. Moreover, North America also holds a significant market share of the electroactive polymers market owing to the rising medical device industry. According to the Select USA, the US medical device industry is projected to rise to US$208 billion by the year 2023. Therefore, with the growing medical device industry, the demand for electroactive polymers will also subsequently increase, which is projected to fuel the electroactive polymers industry in the North America and Asia Pacific during the forecast period.

COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe. As of March 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are some of the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there were 120,915,219 confirmed cases and 2,674,078 total deaths globally on 18th March, 2021. The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemicals & materials industry is amongst the major industries suffering serious disruptions such as supply chain breaks, production facility shutdowns, etc., as a result of this outbreak. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East, and Africa has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and sales of various chemicals and materials. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the chemicals & materials industry in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.

Lubrizol Corporation; Arkema Group; Solvay S.A.; Parker Hannifin Corp; Celanese Corporation; Avient Corporation; Agfa-Gevaert Group; Kenner Material & System Co., Ltd.; 3M; and Premix Group are among the major players operating in the global electroactive polymer market.

The overall global electroactive polymer market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global electroactive polymer market.