April 20, 2024

Conductive Polymer Coatings Market Driven by Growing Adoption in Medical and Industrial Applications

Conductive polymer coatings are non-metallic coatings that provide electrical conductivity properties when applied on different surfaces. They find widespread applications in medical devices, sensors, corrosion protection coatings, flexible electronics, EMI shielding, and conductive inks & adhesives among others. The growing use of medical implants and devices, increasing demand for wearable electronics, and expanding use of corrosion protective coatings in industries are driving the demand for these coatings.

They are lightweight, flexible, resistant to corrosion, and can be customized as per the end application. Further, conductive polymer coatings do not face issues of cracks or breaks unlike metals. The global medical device industry has been witnessing significant growth supported by aging population, increasing healthcare expenditure, and technological advancements. This has augmented the use of various implants, prosthetics, imaging devices, and biosensors that require anti-microbial and anti-corrosion coatings for enhanced performance and durability.

The global Conductive Polymer Coatings Market is estimated to be valued at US$ 34144.41 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the conductive polymer coatings market is the growing adoption of these coatings in flexible and printed electronics applications. Conductive polymer coatings offer attributes such as flexibility, light weight, and ability to coat complex geometries that make them ideal for applications in flexible displays, photovoltaics, touchscreens, smart packaging, and wearable devices. The demand for these end-use products especially from consumer electronics is growing significantly which is augmenting the demand for conductive polymer coatings. Owing to the conductive and protective properties, these coatings are also gaining popularity as corrosion protective coatings for infrastructure, oil & gas equipment, and other industrial applications where corrosion can reduce asset life and operational efficiency.

Porter’s Analysis

Threat of new entrants: Low-moderate capital requirements and established customers provide low barriers for new entrants into the conductive polymer coatings market. However, existing players have strong brands and economies of scale.

Bargaining power of buyers: Large buyers in industries like automotive and consumer electronics have significant bargaining power due to their demand for lower pricing and new product developments.

Bargaining power of suppliers: Presence of several suppliers of raw materials like polymers, substrates and additives in the market results in lower bargaining power of suppliers in the conductive polymer coatings market.

Threat of new substitutes: Potential substitutes include metallic coatings, surface treatments and nanocoatings. However, conductive polymer coatings offer advantages over substitutes in terms of flexibility, durability and cost-effectiveness.

Competitive rivalry: The global conductive polymer coatings market is moderately fragmented with several international and domestic suppliers. Key strategies adopted by players include new product innovations, expansion in emerging markets and mergers & acquisitions.

Key Takeaways

The Global Conductive Polymer Coatings Market Size is expected to witness high growth. The market size for 2024 is estimated to be US$ 34,144.41 million and the market is forecast to reach US$ 52,365.24 million by 2031, growing at a CAGR of 5.4% during the forecast period.

Regional analysis: North America dominates the global conductive polymer coatings market currently, followed by Asia Pacific. The Asia Pacific conductive polymer coatings market is expected to witness the highest growth during the forecast period, driven by increasing industrialization, rising automobile production and growth in consumer electronics sector across China, India and Southeast Asian countries.

Key players: Key players operating in the conductive polymer coatings market are Silicom Ltd Connectivity Solutions, Cisco Systems Inc., D-Link Corporation, Arista Networks Inc., Quanta Cloud Technology (Quanta Computer), Juniper Networks Inc., ZTE Corporation, Hewlett Packard Enterprise, Fortinet Inc., NEC Corporation, Mellanox Technologies (NVIDIA), Huawei Technologies Co. Ltd., Dell EMC, H3C Holdings Limited (Hewlett Packard Enterprise), Extreme Networks Inc., and Lenovo Group Limited. These players are focusing on new product innovations, expanding their production capacities and penetrating emerging markets.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it