Contact Cards Segment to Dominate APAC Smart Card Material Market during 2021–2028

According to a new market research study on “APAC Smart Card Material Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Material, Type and Application” is expected to reach US$ 931.63 million by 2028 from US$ 653.60 million in 2021. The market is estimated to grow at a CAGR of 5.2% from 2021 to 2028. The report provides trends prevailing in the APAC smart card material market along with the drivers and restraints pertaining to the market growth. Growing demand from transportation and education industry is the major factor driving the growth of the APAC smart card material market. However, issues associated with the harmful effects of plastic materials like PVC and PC hinder the growth of APAC smart card material market.  

The APAC smart card material market is segmented by material, type, application, and country. Based on material, APAC 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 (PVC) segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. Based on type, APAC smart card material market is segmented into contact cards, contactless cards, and multi-component cards. The contact cards segment dominated the market in 2020 and contactless cards segment is expected to be the fastest growing during the forecast period. Based on application, the APAC smart card material market is segmented into, BFSI, government, telecommunication, retail, healthcare, hospitality, and others. The telecommunication segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. Based on country, APAC smart card material market is classified into Australia, China, India, Japan, South Korea, and Rest of APAC.

The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia-Pacific. The Asian economies have been hit hard due to the pandemic. The governments of various Asia-Pacific economies are taking possible steps to restrict the spread of the virus by announcing a country-wide lockdown, which directly impacts the growth of industrial sectors. This may impact the demand for smart card materials. Various Industries such as BFSI, retail, hospitality and government sector have hit hard by the pandemic. The growth of smart card materials have affected by dwindling sales of smart cards due to major impact of pandemic on hospitality and modern retail industry. Quarantine measures and the closure of retail stores have suppressed consumer demand. However, various countries from the region have restarted their business activities.

3A Composites GmbH, BASF SE, Eastman Chemical Company, LG Chem, PetroChina Company Limited, SABIC, Solvay S.A., Teijin Limited, and Westlake Chemical Corporation are among the leading companies in the APAC smart card material market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

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