smart card material Market

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 smart card data is transacted via a reader that is part of a computing system. Systems enabled with smart cards are in use in several key applications in the telecommunications, healthcare, banking, entertainment, and transportation sectors.  

Market Segmentation

On the basis of material, the smart card material market is segmented into polyvinyl chloride (PVC), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate-glycol (PETG), and others. The polyvinyl chloride segment held the largest share of the smart card material market in 2020, because because PVC is a widely used material in the production of smart cards due to its high durability, flexibility, and cost-effectiveness. It is also easy to manufacture and provides good printing capabilities for card designs and security features. Additionally, PVC smart cards can be used in a variety of applications such as banking, healthcare, transportation, and government ID programs, further contributing to their widespread adoption.

In 2020, the Asia Pacific region accounted for the largest share of revenue in the global smart card material market. This can be attributed to the growing adoption of smart cards in diverse applications across the region. The government, transportation, retail, and education sectors in particular, are witnessing a significant increase in the use of smart cards. Governments in several countries within the region are also emphasizing the implementation of smart card systems in public transportation. All these factors have resulted in a surge in demand for smart card materials in the Asia Pacific region.  

Market Players 

Some of the prominent players in the sugarcane juice market market include Goya Foods, Inc., KGN London, NutriCana, Nutricane Beverages Pvt. Ltd., Rakyan Beverages, So'Kanaa, Numaoy Raimaijon Co., Ltd., Hurrycane, Mr. Sugarcane, and Muddy Puddle Foods Pvt. Ltd.

The global smart card material market size has been determined through a combination of primary and secondary research. The research process began with extensive secondary research utilizing internal and external sources to gather qualitative and quantitative information on the smart card material market. Additionally, multiple primary interviews were conducted with industry participants to validate the data and gain further analytical insights into the subject. Participants included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders with expertise in the smart card material market.