Global Plastic Card Materials Market Poised for Substantial Growth, Expected to Reach USD 878.45 Million by 2028
Plastic Card Materials Market
Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) — The “Plastic Card Materials Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” report has been added to ResearchAndMarkets.com’s offering.
The global plastic card materials market, valued at USD 612.35 million in 2022, is set for significant expansion, with a projected Compound Annual Growth Rate (CAGR) of 6.33% through 2028, ultimately reaching an estimated value of USD 878.45 million.
Plastic cards are widely used in various sectors such as government, banking, transportation, financial services, and healthcare for authentication and identification purposes.
Key Market Drivers:
Expansion in Financial Services and Banking Sector:
- The growth of the financial services and banking sector, especially in emerging economies, has led to an increased penetration of bank accounts and a rising demand for plastic cards for various financial transactions.
- Technological advancements and evolving consumer expectations are driving the demand for advanced plastic card materials capable of supporting innovations in electronic transactions and security features.
Rise of E-Commerce and Cashless Transactions:
- The proliferation of e-commerce platforms and the global acceptance of cashless transactions have made plastic cards, including debit, credit, and prepaid cards, essential tools for secure and convenient online payments.
- Contactless payment technology and mobile wallets have further boosted the demand for plastic card materials that accommodate these advancements.
Growing Demand for Plastic Card Materials in Tourism and Hospitality:
- Plastic cards are widely used in the tourism and hospitality industry for hotel key cards, loyalty programs, rewards, and prepaid travel cards.
- The integration of contactless payment solutions has enhanced guest convenience and driven demand for advanced plastic card materials supporting contactless payments.
Key Market Challenges:
Security and Fraud Prevention:
- Counterfeiting remains a significant challenge in the plastic card materials market, necessitating continuous development of innovative security features to deter counterfeiters.
- Data breaches pose a grave security threat, emphasizing the need for robust data protection measures to safeguard cardholder information.
Key Market Trends:
Growing Adoption of Sustainable Materials:
- Increasing environmental awareness and concerns about plastic pollution have led to a surge in demand for sustainable materials in plastic card manufacturing.
- Sustainable materials, including bioplastics, recycled plastics, and plant-based polymers, are being explored as alternatives to traditional PVC plastics, offering durability while mitigating environmental impact.
Companies Mentioned
- Eastman Chemical Company
- PetroChina Company Limited
- Solvay S.A.
- KEM ONE
- SABIC
- 3A Composites GmbH
- Teijin Limited
- LG Chem
- BASF SE
- Westlake Chemical Corporation.
Report Scope:
In this report, the Global Plastic Card Materials Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Plastic Card Materials Market, By Material Type:
- Polyvinyl Chloride (PVC)
- Polycarbonate (PC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyethylene Terephthalate-Glycol (PETG)
- Others
Plastic Card Materials Market, By Type of Card:
- Contact Cards
- Contactless Cards
- Multi-Component Cards
Plastic Card Materials Market, By Application:
- BFSI
- Healthcare
- Retail
- Government
- Others
Plastic Card Materials Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2022 – 2028 |
| Estimated Market Value (USD) in 2022 | $612.35 Million |
| Forecasted Market Value (USD) by 2028 | $878.45 Million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/89cdjt
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