Europe Smart Card Material Market

The smart card material market in Europe is expected to grow from US$ 273.29 million in 2021 to US$ 367.90 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2021 to 2028.

Materials, such as PETG, ABS, PVC, PC, and PET, are used for the manufacturing of smart card bodies to provide the required thickness, resistance, and durability to the cards. These materials are most widely used to build smart cards used in the sectors, such as BFSI, government, hospitality, and retail. The increasing digitalization in the banking and financial services industry across the region to make the banking operations convenient with efficient data management is expected to increase the demand for smart cards. Also, the growing development of modern infrastructure and rising investments in the banking sectors are among the key factors supporting the growth of the banking and financial industry, which is further augmenting the usage of smart cards. Moreover, financial institutions and merchants are issuing and accepting the contact smart cards for credit and debit payments and are highly migrating to EMV (Europay, MasterCard, and Visa) for payment methods. This factor boosts the demand for smart cards and materials required to develop those cards.  In the government sector, smart card technology is highly recognized as the most appropriate technology for identity applications to meet security requirements. Smart cards are used to monitor military credentials by government and materials such as polyethylene terephthalate-glycol (PETG) and polyethylene terephthalate (PET) are used for producing smart cards for this kind of application, which requires longer life span. Thus, the technological advancements in banking and government and other regulatory bodies are expected to contribute toward the growth of the market. In addition, growing digitalization in the retail industry for strengthening the payment infrastructure is augmenting the consumption of smart cards, which helps in driving the market growth. The smart card technology is highly accepted by consumer for selecting mode of payment in both online and offline retailing. Thus, the increasing usage of the smart card in the retail industry is propelling the demand for smart card materials, which helps in driving the market growth.

Europe is one of the worst affected economies due to the COVID-19 pandemic. The unprecedented rise in the number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. The significant disruption in manufacturing has had an impact on the demand for smart card materials in the region. The COVID-19 pandemic has also impacted the retail and hospitality industry. The pandemic’s impact on the retail and hospitality industry was immediate and profound. However, the market is reviving on account of the government's significant measures, such as vaccination drives. Various industries are also overcoming the challenges of supply chain disruptions of their raw materials. Many players are resuming pre-pandemic investment plans as businesses gain confidence in stabilizing economies and anticipate increased demand. This is expected to provide the impetus for market growth.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. Thus, the Europe smart card material market is expected to grow at a good CAGR during the forecast period.

Europe Smart Card Material Market Revenue and Forecast to 2028 (US$ Million)

Europe Smart Card Material Market Segmentation

Europe Smart Card Material Market –

by Material

• Polyvinyl Chloride (PVC)
• Polycarbonate (PC)
• Acrylonitrile Butadiene Styrene (ABS)
• Polyethylene Terephthalate-Glycol (PETG)
• Others

Europe Smart Card Material Market – by Type

• Contact Cards
• Contactless Cards
• Multi-Component Cards

Europe Smart Card Material Market – by Application

• BFSI
• Government
• Telecommunication
• Retail
• Healthcare
• Hospitality
• Others

Europe Lymphedema Treatment Market – by Country

• Germany
• France
• Italy
• UK
• Russia
• Rest of Europe

Europe Lymphedema Treatment Market – Companies Mentioned

• 3A Composites GmbH
• BASF SE
• Eastman Chemical Company 
• KEM ONE
• LG Chem
• SABIC
• Solvay S.A.
• Teijin Limited
• Westlake Chemical Corporation

Europe Smart Card Material Strategic Insights

Strategic insights for the Europe Smart Card Material provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Europe Smart Card Material Report Scope

Europe Smart Card Material Regional Insights

The geographic scope of the Europe Smart Card Material refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.