INDORE, India, September 12, 2017
INDORE, India, September 12, 2017 /PRNewswire/ --
Conductive polymers are new class of electronic materials. Conductive polymers can be synthesised alone as hydrogels and combined into composites or electrospun into microfibers. They are commonly being used in fuel cells, computer displayer and microsurgical tools. Companies and research institutions from all over the world are investing in research & development projects circumventing smart materials. According to Material Research Society (MRS), federal research funding for material research in USA for FY 2016 has increased by 3%. According to MRS, electronics and energy continues to be the key areas for material research in USA. Increasing research funding for material research would supplement growth prospects of conductive polymers market. Global conductive polymers market is projected to rise at CAGR of 6.10% for forecast period 2016-2023. Expanding electronic industry, increasing demand for light weight and high-performance smart (intelligent) materials, positive economic outlook and regulatory compliance are some of the key drivers of conductive polymers market for the forecasted period.
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Demand for organic photovoltaics: Growth driver
Organic solar cells are preferred over conventional photovoltaics, due to its light weight property, cheap manufacturing cost and cost-effectiveness for photovoltaic applications. Increasing demand for renewable and sustainable source of energy will drive demand for organic solar photovoltaics for the forecasted period. Solar energy accounted for the largest investment amongst all renewable energy investments in 2016. Total investment in solar energy across the globe remained $113 billion (47% share of the total renewable energy) in 2016 according to Frankfurt School & United Nation Environment Program study. High investments within solar industry are led by rising demand for sustainable source of energy, declining price of solar photovoltaics, and government initiatives. Organic photovoltaics will observe surge in demand in commercial and residential areas according to Berkley National Laboratory, USA. The cost of residential solar energy has fallen drastically since 2014. According to Berkley National Laboratory, USA, the cost for residential solar systems in 2016 reduced from average $3.30 per watt to average $5per watt in 2014. Residential solar energy market across the globe will witness 67% year on year growth according to OBRC analysis. Expanding residential solar energy market would supplement demand for organic photovoltaics aiding conductive polymers market growth for the forecasted period.
Expanding electronic market: Growth driver
Global electronic industry is anticipated to reach sales of more than $1.7trillion by FY 2017, with a year on year growth at 5%. The growth in the electronics industry is mainly led by government investment schemes and demand for electronic products such as wearables, smartphones, home appliances and others. Countries such as China, Japan, South Korea, and Singapore are leading manufacturers in electronics industry across the globe. Over 55% of the global electronic manufacturing processes are focused in above four countries, according to an IEEE study in 2015. Government and public administrations are implementing various investment programs in order to drive growth within electronic sector. Digital India Campaign initiative from government of India launched in 2015 is aimed to promote investments within the electronics industry in the country. Indian Brand Equity Foundation (IBEF) estimates, electronics industry in India is anticipated to reach $400 billion by 2022 from $70 billion in 2012.
Inherently Conductive Polymers (ICP) market: Fastest growing segment
Inherently Conductive Polymer (ICP) is amongst the fastest growing market under product segment within the global conductive polymers market for the forecasted period, according to OBRC analysis. Thriving electronic industry, demand for solar photovoltaics, demand for quality products are the main factors aiding ICP market growth for the forecasted period. ICPs are mainly available in the form of polyacetylene, polythiophene, and polyprole in market. Above forms of ICPs are commonly used in the manufacturing of solar photovoltaics, flat panel displays, bioelectronics, lighting objects etc. Bioelectronics is amongst the leading application for ICPs. Bioelectronics fundamentally combines principles of electrical engineering and biology. Bioelectronics play an important role in the field of medical imaging & devices, and environmental monitoring. With increasing R&D investments in bioengineering would supplement growth prospects of bioelectronics for the forecasted period, aiding global conductive polymers market.
Asia Pacific: Fastest growing market
Asia Pacific is the fastest growing conductive polymers market for the forecasted period, according to OBRC analysis. Rising electronic industry, thriving automobile industry, expanding middle class population, positive economic outlook, demand for quality products, and government initiatives to promote investments are the main factors driving conductive polymers market in Asia Pacific for the forecasted period. Developing countries such as India and China are lucrative investment destination for conductive polymers market in Asia Pacific. Thriving automobile market would drive demand for conductive polymer in China and India. According to OBRC analysis, automobile industry in India and China is anticipated to have a year on year growth of over 10.3% & 13.3% respectively till 2019. Moreover, government investment programs such as 'Make in India' & 'Made in China' would further encourage investors to invest in automobile sector aiding market growth for the forecasted period.
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