Telecommunication Segment to Dominate MEA Smart Card Material Market during 2021–2028

According to a new market research study on “MEA Smart Card Material Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Material, Type and Application” is expected to reach US$ 72.44 million by 2028 from US$ 54.97 million in 2021. The market is estimated to grow at a CAGR of 4.0% from 2021 to 2028. The report provides trends prevailing in the MEA smart card material market along with the drivers and restraints pertaining to the market growth. Increasing Focus on development of bio-based smart card materials is the major factor driving the growth of the MEA smart card material market. However, issues associated with the harmful effects of plastic materials like PVC and PC hinder the growth of MEA smart card material market.  

The MEA smart card material market is segmented by material, type, application, and country. Based on material, MEA 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, MEA 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 MEA 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, MEA smart card material market is classified into South Africa, Saudi Arabia, UAE, and Rest of MEA.

In the Middle East and Africa region, South Africa is among the major countries with a high number of COVID-19 confirmed cases and deaths. The COVID-19 pandemic has had a severe impact on the economy of the Middle East & Africa. The pandemic has significantly slowed down the growth of the smart card materials market in the region due to negative impacts upon the growth of various industries. The COVID-19 pandemic has impacted the retail and hospitality industry. As a result of lockdowns and stay-at-home orders, the customer footprints has been reduced. The demand for smart card materials in the region will depend upon the evolution of the epidemic, vaccination plans, and economic recovery.

3A Composites GmbH, BASF SE, Eastman Chemical Company, LG Chem , SABIC, Solvay S.A., Teijin Limited, and Westlake Chemical Corporation are among the leading companies in the MEA 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.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com