Smart Card Materials Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4088
Smart Card Materials Market size shall witness strong growth due to its adoption in response to security concerns in sectors such as finance, government, transportation, telecommunication, toll ticketing etc. Smart card is a physical electronic authorization device, which have embedded integrated circuits used to control access to a resource. Significant technological advancements, e-governance and digitization is projected to expand global smart card materials market. With advent of cashless payments and growing need for reliable and secure payment transactions especially in developing nations will drive industry growth by 2025.
A spurt in telecommunication industry coupled with growing applicability of smart cards to deliver fast, secure transactions and protect personal information such as credit cards, corporate and government identification cards and transit fare payment cards will propel smart card materials market demand in near future.
A variety of materials are used for smart card bodies for example PVC is the most common material used for both contact and contactless cards due to easy availability and inexpensive material cost. Smart cards are built from different substrates which are combined together to make it function. The inside of a smart card usually contains an embedded microprocessor. Development of the smart card combined with the expansion of electronic data-processing systems, has created new possibilities for devising such solutions. However, factors such as fluctuating raw material prices, shorter life expectancy and lower resistance to bending stress and heat might restrain market growth during the forecast spell.
Smart card materials market segment by material includes Polyvinyl chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene terephthalate-glycol (PETG), Polycarbonate (PC) and others such as bio-based material. PETG & PET are exclusive polyester materials that are both durable and eco-friendly. They are developed to enhance the physical durability of smart cards and these material can enhance antenna connection and reduce contact plate separation caused by flexing and bending of the card. On the other hand introduction of green PVC cards designed to meet the need of sustainable ecosystem brings added value of degradability without leaving any residual impact on the environment.
Based on smart card type, the market is segmented into contact cards, contactless cards and multi-component cards. Contact smart cards encompasses contact radius of around 1 square centimeter comprising several gold-plated contact pads that are used as a communications medium between the smart card and a host. Contactless smart cards are run by the reader via RF induction technology and they employ an inductor to catch incident radio-frequency signals. It is usually composed of PVC and PET finish to meet different performance requirements. While, multi component cards can process complex calculations and comes with dedicated modules/storage and processing. They are mainly used in telecommunication, BFSI, retail, and healthcare sector.
The application areas of smart card materials include transportation, BFSI, telecommunication, retail, healthcare, hospitality and others such as computer security, schools etc. Growing adoption of SIM across the world is positively influencing the global smart card materials market. Smart cards perform as high-security identification, fuel cards, ATM or credit cards, SIMs, household utility pre-payment cards and access badges, public transport payment cards, etc. Introduction of these cards ensures convenient payment facilities and minimize the risk of carrying cash.
Rising adoption of digital services in emerging economies such as China, India, Indonesia and South Korea is anticipated to drive Asia pacific smart card materials market growth. Rising demand especially from telecommunication and BFSI sector in the region will substantially boost smart card materials market size by 2025. For instance, in India the twin impact of government initiatives such as Digital India and demonetization in correspondence with regulatory reforms have accredit financial technology players and banks has redefined the digital payments marketplace which in turn significantly propel the market.
Prominent players operating in the global smart card materials market share includes PetroChina Company Limited, SABIC Innovative Plastics, LG Chemicals, Teijin Ltd., Axiall Corporation, 3A Composites GmbH, BASF SE, SK Chemicals, Universal Smart Cards Limited, Solvay, KEM One, Eastman Chemical Company, Formosa Plastics Group.
Smart Card Materials Market, By Materials, 2014-2025 (USD Million)
- Polyvinyl chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyethylene terephthalate-glycol (PETG)
- Polycarbonate (PC)
Smart Card Materials Market, By Type, 2014-2025 (USD Million)
- Contact cards
- Contactless cards
- Multi-component cards
Smart Card Materials Market, By Application, 2014-2025 (USD Million)
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- PetroChina Company Limited
- SABIC Innovative Plastics
- LG Chemicals
- Teijin Ltd.
- Axiall Corporation
- 3A Composites GmbH
- BASF SE
- SK Chemicals
- Universal Smart Cards Limited
- KEM One
- Eastman Chemical Company
- Formosa Plastics Group
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