Smart Card Material Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material [Polyvinyl Chloride (PVC), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate-Glycol (PETG), and Others]; Type (Contact Cards, Contactless Cards, and Multi-Component Cards); and Application (BFSI, Government, Telecommunication, Retail, Healthcare, Hospitality, and Others)
Publication Month: Jan 2022 | Report Code: TIPRE00026860 | No. of Pages: 173 | Category: Chemicals and Materials | Status: Published
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.
A smart card, a type of chip card, is a plastic card that contains an embedded computer chip either a memory or microprocessor type which stores and transacts data. This data is usually associated with either value or information, or both, which is stored and processed within the chip. Smart card materials refer to chemical materials that are utilized in the manufacturing of these cards. These materials support the embedding and printing of information over them.In 2020, Asia Pacific held the largest share of the global smart card material market. The demand for smart card materials in this region is increasing due to the growing use of smart cards in the telecommunications sector. Additionally, the rising globalization trend; and the proliferating banking, financial services, and insurance (BFSI) industry are key factors favoring the smart card material market growth in the region.
Strategic Insights
Impact of COVID-19 Pandemic on Smart Card Material Market
Impact of COVID-19 Pandemic on Smart Card Material Market
The ongoing COVID-19 pandemic has drastically altered the status of the chemical and materials sector and impacted the growth of the smart card materials market.The significant decline in the performances of several industrial sectors has impacted the demand for smart card materials. The impact of the pandemic varies across the different application segments. A surge in the data traffic and voice services has benefitted many telecom players, including broadband and mobile data center operators. However, the lockdown measures imposed by governments disturbed the supply chains of raw materials such as PVS, ABS, and PETG required for smart card manufacturing. The disease spread has adversely affected the operations in the government and BFSI sectors. However, as the economies are planning to revive their operations, the demand for smart card materials is expected to rise globally in the coming years.
Smart Card Material Market Breakdown – by Region
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Market Insights
Significant Growth in Telecommunications and Healthcare Sectors
Smart cards are extensively used in the telecommunications sector. The most prominent use of smart cards in this sector is in the form of subscriber identity module (SIM) cards or universal integrated circuit cards (UICC). These smart cards are manufactured mostly from polyvinyl chloride (PVC) and acrylonitrile butadiene styrene (ABS) materials. The smart card technology used in applications in this sector has undergone continuous advancements in the last several years, which has boosted the consumption of these cards. Further, healthcare organizations across the world are implementing smart health cards with a wide range of features and applications.
Application Insights
Based on application, the smart card material market is segmented into BFSI, government, telecommunication, retail, healthcare, hospitality, and others. The telecommunications segment held the largest share of the smart card material marketin 2020. Smart card is used as prepaid (stored value memory cards) telephone cards and microprocessor smart card-based SIM cards or UICC in mobile phones. The most selling smart card products in this sector are SIM and UICC, in terms of volume and value.
Smart Card Material Market, by Application – 2020 and 2028
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A few of the players operating in the global smart card material market include Eastman Chemical Company, PetroChina Company Limited, Solvay S.A., KEM ONE, SABIC, 3A Composites GmbH, Teijin Limited, LG Chem, BASF SE, and Westlake Chemical Corporation.
Report Spotlights
- Progressive industry trends in the smart card material market to help players develop effective long-term strategies
- Business growth strategies adopted by companies operating in developed and developing markets
- Quantitative analysis of the smart card material market from 2019 to 2028
- Estimation of global demand for smart card materials
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the smart card material market
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the smart card material marketgrowth
- The size of the smart card material market size at various nodes
- Detailed overview and segmentation of the market, as well as the smart card material industry dynamics
- Size of the smart card material market in various regions with promising growth opportunities
Smart Card Material Market
By Material
- Polyvinyl Chloride (PVC)
- Polycarbonate (PC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyethylene Terephthalate-Glycol (PETG)
- Others
By Type
- Contact Cards
- Contactless Cards
- Multi-Component Cards
By Application
- BFSI
- Government
- Telecommunication
- Retail
- Healthcare
- Hospitality
- Others
Company Profiles
- Eastman Chemical Company
- PetroChina Company Limited
- Solvay S.A.
- KEM ONE
- SABIC
- 3A Composites GmbH
- Teijin Limited
- LG Chem
- BASF SE
- Westlake Chemical Corporation
Frequently Asked Questions
The List of Companies - Smart Card Materials Market
- Eastman Chemical Company
- PetroChina Company Limited
- Solvay S.A.
- KEM ONE
- SABIC
- 3A Composites GmbH
- Teijin Limited
- LG Chem
- BASF SE
- Westlake Chemical Corporation
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global smart card materials market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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