The business intelligence report titled ‘Global Smart Card Materials Market Size study, By Card Type (Contact Cards, Contactless Cards, Multi-Component Cards), By Type of Material (Polyvinyl Chloride (PVC), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate-Glycol (PETG), Others), By Application (BFSI, Telecommunication, Retail, Hospitality, Others), and Regional Forecasts 2022-2028’ available with MarketStudyReport, claims that worldwide smart card materials industry is estimated to register a decent CAGR during the forecast period of 2022-2028.
Rising inclination toward cashless payments and soaring need for secure & reliable payment transactions are the major factors augmenting global smart card materials market growth during the analysis timeline.
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For those unaware, a smart card is a physical electronic authorization device that is utilized to monitor the accessibility of a resource. The materials utilized to produce this device include chemicals such as polyethylene terephthalate-glycol (PETG), polycarbonate (PC), polyvinyl chloride (PVC) and acrylonitrile butadiene styrene (ABS) among others.
Furthermore, growth in the number of government initiatives to encourage digitalization and surging adoption of these cards in the telecommunications sector are bound to unearth favorable opportunities for market expansion during 2022-2028.
On the flip side, however, highly volatile material prices and surge in the incidences of fraudulent activities along with the ensuing security concerns are likely to impede the growth of the industry landscape in the coming years.
Based on material type, the polyvinyl chloride (PVC) segment of global smart card materials market is expected to showcase a robust growth rate through the analysis timeframe, creditable to rising inclination toward such material in the production of smart cards as it boasts excellent mechanical, thermal and chemical properties.
From a geographical standpoint, North America market is likely to generate substantial profits over the forecast period, ascribed to escalating digitalization and the prevalence of a well-established smart card infrastructure in the region.
Meanwhile, Asia Pacific industry is anticipated to showcase commendable growth over the analysis timeline, attributable to increasing product demand across several end-use verticals as well as rapid growth in emerging economies of the region.
The competitive terrain of global smart card materials industry is majorly influenced by players such as BASF SE, Teijin Ltd., Eastman Chemical Company, Formosa Plastics Group, 3A Composites GmbH, PetroChina Company Ltd., LG Chem Ltd., SK Chemicals Co. Ltd., and SABIC Innovative Plastics US LLC.