Smart Card Materials Market Rising With Growth In New Technology Trends Research By 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.
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.
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.
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https://www.grandviewresearch.com/industry-analysis/smart-card-materials-market/request/rs4
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.
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 U.S. market was valued at USD 125.9 million in 2017. It is poised to progress at a CAGR of 3.4% over the forecast period. Rising micropayment transactions, subsequent need for a secure IT environment, increasing consumer acceptance, and security concerns are some of the key factors triggering the demand for the materials in the U.S. Furthermore, rapid advancements in the U.S. payment industry are boosting the demand for contactless cards.
The BFSI sector has undergone major changes in recent times. Conventionally, smart cards were used for pay-phone applications to prevent theft. However, they are now being used across multiple applications, such as payment cards, ticketing, and ID recognition, in the form of embedded chips. This is estimated to augment the market over the forecast period.
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https://www.grandviewresearch.com/press-release/global-smart-card-materials-market
Uncertainty in prices of ethylene are resulting in increase in cost of production and distribution, which in turn, is affecting prices of vinyl chloride monomer (VCM). VCM is the immediate raw material required for production of PVC. Fluctuating VCM prices are negatively influencing the final cost of PVC. Such volatility in ethylene prices may consequently affect profit margins of market participants. Hence, protean prices of ethylene are limiting the market from realizing its utmost potential.
Demand for polyvinyl chloride for manufacturing smart cards is projected to post a CAGR of 3.7% in terms of revenue between 2017 and 2025. Over last many years, it has been the most preferred material for the production of smart cards. PVC is a thermoplastic polymer with excellent chemical, mechanical, and thermal properties. It is used in the form of films for the production of different types of cards.
Several drawbacks of PVC material have resulted in a shift from it to polycarbonate (PC) material. In comparison with PVC material, PC material has more advantageous properties such as high temperature resistance, low shrinkage, excellent printable surface, a lifespan of over ten years, and optical properties.
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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