Smart Card Materials Market Set to Witness an Uptick during 2019 to 2025
The global smart
card materials market size is expected to reach USD 1.29 billion by 2025, according to a new report by Grand View
Research, Inc., progressing at a CAGR of
3.7% during the forecast period. Increasing demand for secure and reliable
payment transactions is one of the primary growth stimulants for the market. In
addition, cost saving schemes for merchants of payment brands and growing
inclinations towards cashless payments are further stimulating the growth of
the market.
Several materials, such as polyvinyl
chloride (PVC), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polyethylene
terephthalate glycol (PETG), paper, PVC & ABS blends, holographic foil,
teslin, and biopolymers such as polylactic acid (PLA), are used for manufacture
of card body. In early days, the smart card industry used paper as one of the
preferred materials for production. However, in the past few years, plastic
materials have almost made paper materials obsolete.
Some of the prominent components
operating in the market are Eastman
Chemical Company, SK Chemicals, PetroChina Company Limited, Solvay S.A., Axiall
Corporation, KEM One, SABIC Innovative Plastics, 3A Composites GmbH, Teijin
Ltd., LG Chemicals, Formosa Plastics Group, and BASF SE.
Browse Research
Report On smart card materials Market:
Significant
technological advancements, IT revolution, e-governance, and digitization
happening across the world are leading to an increase in adoption of smart
cards in various end-use sectors. These sectors include banking, financial
services and insurance (BFSI), healthcare, government, retail,
telecommunication, and hospitality. A broad range of smart cards, including
membership cards, government ID cards, gift cards, loyalty cards, access cards,
and debit/credit cards, is used in the aforementioned sectors.
Further key findings from the report suggest:
·
Polycarbonate is projected to
emerge as the fastest growing material segment and is expected to register a
CAGR of 4.4% between 2018 and 2025
·
The polyvinyl carbonate (PVC)
segment will continue to be the largest material segment over the forecast
period
·
The Asia Pacific market is
projected to experience the fastest growth over the same period owing to rising
demand from various application sectors, especially from telecommunication and
BFSI.
·
Key players include SK
Chemicals, KEM One, SABIC Innovative Plastics, 3A Composites GmbH, LG
Chemicals, and Formosa Plastics Group.
Several
factors such as personalization, selection of material, operational accuracy,
data integrity, easy implementation, and top-level security are taken into
consideration while manufacturing smart cards in order to fulfill requirements
of end users. Manufacturing of smart cards can be distinguished based on
application and technical/physical properties required.
Smart card materials are likely to
witness substantial rise in demand over the forecast period, thanks to widening
scope of applications of these cards in the telecommunication industry. It is
used in the production of universal integrated circuit card (UICC) in mobile
phones and in subscriber identity module (SIM). Additionally, NFC-enabled
mobile applications and pay phones are further fueling the demand for these
materials in the telecommunication sector.
Browse Press
Release of this report:
Grand View Research has segmented the
global smart card materials market on the basis of material, type, application:
Smart Card Material
Outlook (Revenue, USD Million; 2014 - 2025)
·
Polyvinyl Chloride (PVC)
·
Polycarbonate (PC)
·
Acrylonitrile Butadiene Styrene
(ABS)
·
Polyethylene
Terephthalate-Glycol (PETG)
·
Others
Smart Card Materials Type
Outlook (Revenue, USD Million, 2014 - 2025)
·
Contact Cards
·
Contactless Cards
·
Multi-Component Cards
Smart Card Materials Application
Outlook (Revenue, USD Million, 2014 - 2025)
·
BFSI
·
Government
·
Telecommunication
·
Retail
·
Healthcare
·
Hospitality
·
Others
The telecommunication segment is poised to dominate the market
throughout the forecast horizon. Increasing utilization of SIM across the world
is positively influencing the growth of the global market. Surging utilization
of mobile phones is further promoting the demand for smart card materials.
Introduction of universal integrated circuit card (UICC) is likely to
contribute to the growth of the segment.
The BFSI segment is estimated to witness a CAGR of
4.0% over the forecast period. Rising adoption of these cards in the BFSI
sector is ensuring convenient payment facilities and curtailing the risk of
carrying cash. This, in turn, is projected to drive the market through 2025.
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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