Report : Europe Smart Card Material Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material [Polyvinyl Chloride (PVC), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate-Glycol (PETG), and Others], Type (Contact Cards, Contactless Cards, and Multi-Component Cards), and Application (BFSI, Government, Telecommunication, Retail, Healthcare, Hospitality, and Others) 

Polyvinyl Chloride (PVC) Segment to Dominate Europe Smart Card Material Market during 2021–2028

According to a new market research study on “Europe Smart Card Material Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Material, Type and Application” is expected to reach US$ 367.90 million by 2028 from US$ 273.29million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the Europe smart card material market along with the drivers and restraints pertaining to the market growth. Swift growth of various end-use industries is the major factor driving the growth of the Europe smart card material market. However, issues associated with the harmful effects of plastic materials like PVC and PC hinder the growth of Europe smart card material market.  

The Europe smart card material market is segmented by material, type, application, and country. Based on material, Europe 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, Europe 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 Europe 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, Europe smart card material market is classified into Germany, France, Italy, UK, Russia, and Rest of Europe.

In Europe, currently, France, the UK, and Russia are the worst-impacted countries by the COVID-19 pandemic. The massive outbreak of the pandemic has created a temporary distortion in operation efficiencies of industrial bases in the European market. The market for smart card materials has been impacted due to disruptions in the supply chain. Telecommunication sector have seen increased loads due to pandemic-related phenomena. The demand for smart card has increased during the pandemic due to the increased demand for internet connection spurred by the COVID-19 pandemic. Government sector have been impacted due to the pandemic thus impacting smart card materials demand. However, the various industries are coming on track after the lifting of lockdown measures.

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