Global Smart Card Materials Market is estimated to rise from its initial estimated value of USD 996.77 million in 2018 to an estimated value of USD 1338.14 million by 2026, registering a CAGR of 3.75% in the forecast period of 2019-2026. This rise in market value can be attributed to the growth in the demand of smart cards. Global Smart Card Materials Market, By Material (PVC, PC, ABS, PETG, Others), Type (Contact Cards, Contactless Cards, Multi-Component Cards), Application (BFSI, Government, Telecommunication, Retail, Healthcare, Hospitality, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
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Global smart card materials market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart card materials market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa. Few of the major competitors currently working in smart card materials market are Eastman Chemical Company, SK chemicals, PetroChina Company Limited, Solvay, Westlake Chemical Corporation, SABIC, Koninklijke DSM N.V., TEIJIN LIMITED, LG Chem, Formosa Plastics Corporation, BASF SE, 3M, and DuPont.
Key Developments in the Market:
- In November 2017, CARDIS organized the 16thSmart Card and Advanced Application Conference in Lugano, Switzerland from 13-15thNovember, 2017.
- In August 2016, Westlake Chemical Corporation announced that they had completed the acquisition of Axiall Corporation, with the acquisition providing Westlake the capabilities of being the second largest producer of PVC in North America region.
Market Definition: Global Smart Card Materials Market
Smart card materials are the chemical components that are used for the production of smart cards. These materials are used to manufacture whole of the card body. These materials enable the manufacturers of the cards to print and enhance the strength of their cards. These materials also help in improving the life of these smart cards.
- Growth in adoption of cashless transactions and promotion of usage of smart cards for transactional purposes is expected to be one of the major drivers for the market growth
- Significant demand and growth in application of smart cards from various end-users is expected to be one of the major drivers for the market growth
- Fluctuations in prices of raw materials that is used for the production of materials used in smart cards is expected to restrain the market growth
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Segmentation: Global Smart Card Materials Market
- By Material
- Polyvinyl Chloride (PVC)
- Polycarbonate (PC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyethylene Terephthalate Glycol (PETG)
- Holographic Foil
- Polylactic Acid (PLA)
- By Type
- Contact Cards
- Contactless Cards
- Multi-Component Cards
- By Application
- Banking, Financial Services & Insurance (BFSI)
- By Geography
- North America
- South America
- Middle East and Africa
Competitive Analysis: Global Smart Card Materials Market
Global smart card materials market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart card materials market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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