North America Smart Card Material Market is expected to reach US$ 329.41 Million by 2028

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

According to a new market research study on “North America Smart Card Material Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Material, Type and Application” is expected to reach US$ 329.41 million by 2028 from US$ 236.24 million in 2021. The market is estimated to grow at a CAGR of 4.9% from 2021 to 2028. The report provides trends prevailing in the North America smart card material market along with the drivers and restraints pertaining to the market growth. Significant growth in telecommunication and healthcare industry is the major factor driving the growth of the North America smart card material market. However, issues associated with the harmful effects of plastic materials like PVC and PC hinder the growth of North America smart card material market.  

The North America smart card material market is segmented by material, type, application, and country. Based on material, North America 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, North America 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 North America 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, North America smart card material market is classified into US, Canada, and Mexico.

North America 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-COVID investment plans as businesses gain confidence in stabilizing economies and anticipate increased demand. This is expected to provide the impetus for market growth.

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 North America 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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