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The Conductive Plastics Market size is forecast to reach US$255.4 million by 2027 after growing at a CAGR of 13.4% during the forecast period 2022-2027. Conductive Plastics are organic polymers that conduct electricity. Conductive plastics are manufactured by integrating carbon fibers, stainless steel fibers, or carbon nanotubes into plastic formulations. They can be categorized into polyamide, polycarbonate, polyphenylene sulfide (PPS), polyethylene, polypropylene, polysulfones, and other material types. According to recent insights from the Semiconductor Industry Association, China imported around US$378 billion in semiconductors, accumulated 35% of the world’s electronic devices, and was responsible for 30% to 70% of the global PC, TV, and mobile phone exports in 2020. An increase in demand from the electronics and automotive industries act as the major drivers for the market. On the other hand, the low conductivity of conductive plastics may act as a major constraint for the market.
There is no doubt that the COVID-19 lockdown has significantly reduced production activities as a result of the country-wise shutdown of production sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of raw materials in 2020 due to a lack of operations across multiple countries around the world. However, a slow recovery in the electronic industry has been witnessed across many countries around the world since 2021. An increase in work from home and e-learning practices during COVID-19 has significantly led to high demand for laptops, tablets, and smartphones which have resulted in the higher production of these electronics. For instance, according to the Retailers Association of India (RAI), consumer electronics net sales increased by 2% in September and 8% in October 2020, in comparison to 2019, owing to the increase for electronic devices for remote practices during COVID-19.
In this way, a slow and steady increase in electronics production activities will require the use of conductive plastics composed of polyamide, polycarbonate, polyethylene, polypropylene, and other materials since they are primarily used to dissipate the charge and provide barriers to electromagnetic energy in these electronic gadgets. This will eventually lead to an increase in demand for conductive plastics which indicates a slow and steady recovery of the market in the upcoming years.
Conductive Plastics Market Segment Analysis – By Material
The polyamide segment held the largest share in the Conductive Plastics Market in 2021 and is expected to grow at a CAGR of 13.5% between 2022 and 2027, owing to the increasing demand for polyamide due to the characteristics and benefits it offers over other types of materials. Polyamide has high strength and stiffness even at high temperatures, good impact strength, good flow, and easy processing, along with good resistance to wear and abrasion in comparison to polycarbonate, polyethylene, polypropylene, and other materials. Moreover, polyamide has excellent chemical resistance, corrosion resistance, flexibility, and adaptability in comparison to polyphenylene sulfide, polycarbonate, polypropylene, and other materials, which makes it ideal for use in electronic equipment and devices. Hence, all of these factors are most likely to boost market growth in the upcoming years.
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Conductive Plastics Market Segment Analysis – By End-Use Industry
The electrical & electronics industry held the largest share in the Conductive Plastics Market in 2021 and is expected to grow at a CAGR of 13.7% between 2022 and 2027, owing to the increasing demand for conductive plastics during the production of electronic gadgets across the globe. For instance, a recent study published on PricewaterhouseCoopers (PwC) states that the GDP growth rate of consumer electronics which includes electronic appliances and gadgets such as televisions, computers, laptops, smartphones, tablets, and refrigerators in countries like India, China, the US, and region like Europe is expected to increase up to 8.1%, 5.7%, 1.4%, and 1.7% respectively by the end of 2022. According to recent insights published on Growth from Knowledge (GRK) in September 2021, the global consumer electronics industry obtained a total sales growth of US$ 42.8 billion during the first quarter of 2021, an increase of 18% in comparison to 2020. This, in turn, will increase the demand for conductive plastics required for the production of electronic components, such as displays, solar cells, batteries, OLED, printing electronic circuits, actuators, and other electronic components, thus, leading to the market growth during the forecast period.
Conductive Plastics Market Segment Analysis – By Geography
The Asia Pacific held the largest share in the Conductive Plastics Market in 2021 up to 31%. The consumption of Conductive Plastics is particularly high in this region due to its increasing demand from the electronic sectors. For instance, according to a recent study published in the Economic Times (Telecom) in 2021, electronic manufacturing and production are valued at around US$ 100 billion in India currently. It further states that mobile manufacturing in India is estimated to surpass INR 90000 crore (US$ 12 trillion) by the end of 2021 as per the statement made by the Indian IT Minister. According to the annual reports published by Samsung during the fourth quarter of 2020, the total revenue of the consumer electronics division was valued at KRW 13.6 trillion (US$ 11.3 billion) with an operating profit of KRW 0.8 trillion (US$ 668 million). Furthermore, the Statistical Handbook of Japan 2021, states that the production and shipments of electronic equipment reached up to US$ 52.6 billion during the fourth quarter of 2020, and is expected to increase in the upcoming year.
Hence, an increase in demand for the production of electronics equipment and devices will require the use of conductive plastics for use in electronic components, such as displays, batteries, OLED, electronic circuits, and more. This is most likely to boost the growth of the Conductive Plastics Market during the forecast period.
Conductive Plastics Market Drivers
An increase in demand from the electronics industry is most likely to increase demand for the product
The demand for conductive plastics has been increasing rapidly as it is primarily used to dissipate the charge and provide barriers to electromagnetic energy in electronic equipment and devices. For instance, according to the annual reports published by Samsung during the fourth quarter of 2020, the semiconductors division obtained a total revenue of US$15.1 billion. Furthermore, Lenovo Group, a leading brand in consumer electronics and media, published the annual report for the fiscal year that ended in March 2021, which stated that the total revenue of the company reached up to US$ 60,742 million in the fiscal year 2020/21, an increase by 20% in comparison to the fiscal year 2019/20. Recent insights from the Semiconductor Industry Association (SIA) states that the U.S invested around US$ 142.2 billion on computers, and US$ 53 billion on consumer electronics such as cell phones, TV, and other similar applications. It also states that China’s National IC Fund has invested US$39 billion until July 2021, among which 69.7% has been allotted for front-end manufacturing with the aim of increasing China’s share of global semiconductor production.
In this way, an increase in demand for electronics products, components, and semiconductors is expected to increase the demand for conductive plastics to be used in such devices. This is most likely to drive market growth in the upcoming years.
An increase in demand from the automotive industry is most likely to increase demand for the product
According to a recent study published by the German Association of Automotive Industry during the fourth quarter of 2020, the new registration of motor vehicles reached up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe, and 5180 units in other regions worldwide. Likewise, a recent study published by the International Netherlands Group (ING) states that the demand for the production and development of electric vehicles has been increasing since the pandemic. It states that the global sales of new electric vehicles have increased by 50% in 2021, and is expected to increase by 8% in 2022. It further states that the sales of electric vehicles have increased by 14% in Europe, 9% in China, and 4% in the US.
Hence, an increase in demand and production of vehicles will also increase the demand for conductive plastics required for the production of LED lighting, heat removal device, batteries, and other electronic applications. This is most likely to drive the growth of the market in the upcoming years.
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Conductive Plastics Market Challenges
Low conductivity may cause an obstruction to the market growth
Conductive plastics exhibit lower electrical and thermal conductivity in comparison to metals. Higher initial tooling costs, limited range of working temperature, and higher lead time for tool development are some of the common problems associated with the production of conductive plastics. Moreover, conductive plastics have poor electroactive stability and mechanical properties in comparison to metals. All of these limitations associated with conductive plastics may confine the growth of the market.
Conductive Plastics Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Conductive Plastics Market. Conductive Plastics Market top 10 companies include:
In March 2021, BASF launched Ultramid advanced grades with carbon fibers reinforcement in order to expand its polyphthalamide (PPA) portfolio. It has exceptional mechanical properties for the replacement of magnesium and aluminum. It is primarily designed for structural automotive applications, consumer electronics along with loaded industrial equipment.
In May 2019, DuPont launched a new thermal-conductive interface material for battery assembly of EV/HEV (electric vehicles/hybrid electric vehicles). The material ensures proper retention of thermal conductivity due to good contact between the cooling plate and the battery cells with no material gaps.
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Polyamide material segment in Conductive Plastics Market is expected to see the fastest growth, especially during the forecast period, owing to its increasing demand and benefits over other types of conductive plastics materials such as polycarbonate, polyethylene, polypropylene, and other materials.
Electrical & Electronics Industry in Conductive Plastics Market is expected to see the fastest growth, especially during the forecast period. The major reason behind this is the increasing demand for conductive plastics required for the production of electronic components, such as displays, solar cells, batteries, OLED, printing electronic circuits, actuators, and other electronic components.
Asia-Pacific dominated the Conductive Plastics Market in 2021, owing to the increasing demand for conductive plastics from the electronics and automotive sectors from the region.
A. Conductive Polymers Market
B. Conductive Coatings Market
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