New York, April 22, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on 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), and Geography. The projected growth of the market during the forecast period is attributed to significant growth of the telecommunications and healthcare sector, and rapid growth of various other end-user industries.
| Report Coverage | Details |
| Market Size Value in | US$ 1324.57 million in 2021 |
| Market Size Value by | US$ 1,837.78 million by 2028 |
| Growth rate | CAGR of 4.8% from 2021 to 2028. |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 173 |
| No. Tables | 83 |
| No. of Charts & Figures | 60 |
| Historical data available | Yes |
| Segments covered | Material, Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Smart Card Material Market: Competitive Landscape
A few of the players operating in the 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.
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In 2020, Asia Pacific held the largest share of the global smart card material market. The governments of various Asia Pacific countries are focusing on installing smart card systems in public transportation. Smart cards are highly used in the retail sector. Moreover, the growing use of smart cards in various applications, such as government and education sectors, is fueling the market growth in the region. Furthermore, the smart card material market players from the region invest heavily in R&D activities to introduce innovative products.
Rapid Growth of Various End-User Industries Fuels Smart Card Material Market Growth
Materials such as PETG, ABS, PVC, PC, and PET are used for the manufacturing of smart card bodies, and they provide the required thickness and durability to smart cards. These materials are widely employed to build smart cards used in sectors such as BFSI, government, hospitality, and retail. The increasing digitalization in the banking and financial services industry to make banking operations more convenient with efficient data management is propelling the demand for smart cards. In addition, growing digitalization in the retail industry for strengthening the payment infrastructure is augmenting the consumption of smart cards, further driving the smart card materials market growth. Burgeoning focus on enhancing hospitality services so to provide a delightful experience to end consumers is boosting the demand for smart cards, thereby contributing to the smart card materials market growth.
The telecommunication segment held the largest share of the market in 2021. In the telecommunication industry, smart cards are used in two primary applications. Firstly, it is used as prepaid (stored value memory cards) telephone cards and as the microprocessor smart card-based subscriber identity module (SIM) or universal integrated circuit card (UICC) in mobile phones.
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Smart Card Material Market: Segmental Overview
Based on material, the smart card material market is segmented into polyvinyl chloride (PVC), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate-glycol (PETG), and Others. The polyvinyl chloride segment held the largest share of the smart card material market in 2020. It is the most common and strong type of plastic used for card manufacturing.
Based on type, the smart card material market has been segmented into contact cards, contactless cards, and multi-component cards. The contact cards segment held the largest share of the smart card material market in 2020. Contact cards need to be inserted in card acceptor devices for completing payments. Pins attached to this reader make contact with pads on the surface of the card to read and store the information contained in the card's chip. They are used in applications such as network security, electronic cash transfers, government IDs, campus IDs, e-commerce, and health cards.
Based on application, the smart card material market has been segmented into BFSI, government, telecommunication, retail, healthcare, hospitality, and others. The telecommunication segment held the largest share of the market in 2020. In the telecommunications industry, smart cards are used in two primary applications—prepaid (stored value memory cards) telephone cards and microprocessor smart card-based subscriber identity module (SIM) or universal integrated circuit card (UICC) in mobile phones.
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Impact of COVID-19 Pandemic on Smart Card Material Market
The massive outbreak of the pandemic temporarily distorted the operations of industrial bases in the global market. Industries such as hospitality and retail were impacted by sudden disturbances in operational efficiencies and disruptions in supply chains owing to the shutdown of national and international boundaries. The COVID-19 pandemic has also impacted the government sector as administrative offices and other activities came to pause during the lockdowns imposed in early 2020. The growth of the smart card materials market was hampered by the dwindling sales of smart cards due to the severe effects on the hospitality and modern retail industries. However, various countries reopened their business sectors in late 2020, which further propelled the demand for smart card materials in 2021.
The contactless cards segment is the fastest growing segment in the global smart card material market during the forecasted period. Contactless cards are the smart cards with contactless credentials and have a size like credit cards or debit cards. The market for the contactless cards segment is growing due to its various benefits.
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The polyvinyl chloride segment held the largest share of the global smart card material market in 2021. Polyvinyl chloride is the most common and strong plastic material used for card manufacturing. The material is used for contact and contactless cards.
The contact cards segment held the largest share of the market in 2021. Contact cards are the smart cards that have a size like conventional debit and credit card. Contact smart card contains a single, embedded, and integrated circuit chip that consists of either memory or memory plus microprocessor.
In 2021, Asia Pacific held the largest share of the global smart card material market. The major factor driving the smart card materials market in the Asia Pacific region is the increasing use of smart cards in various applications such as government, transportation, retail, and education sectors.
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