Asia Pacific 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

Asia Pacific 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) 

The smart card material market in APAC is expected to grow from US$ 653.60 million in 2021 to US$ 931.63 million by 2028; it is estimated to grow at a CAGR of 5.2% from 2021 to 2028.

The smart card technology has widespread use in transport application and covers almost all modes of transportation. The contact and contactless cards are used in the transportation industry to make payments and store information. The usage of smart card is mostly seen in urban transportation systems. The growing population and urbanization has led to increase in the adoption of transportation facilities, and smart cards technology has fastened the transportation services. The rising utilization of smart cards in the transportation industry has created lucrative opportunities for smart cards materials market in the future. The education sector is drastically adopting the smart cards to simplify the administrative task and automate the facility. The contactless smart cards, which works on embedded high-frequency (HF) RFID technology, are used in the educational institutions. The PVC and polyester materials, such as PET and PETG, are used for manufacturing this card due to its durability and long life span so that it can last till the completion of student’s tenure in the institute. Therefore, the growing demand for smart card materials from the transportation and education industry is expected to fuel the market growth during the forecast period.

The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia-Pacific. The Asian economies have been hit hard due to the pandemic. The governments of various Asia-Pacific economies are taking possible steps to restrict the spread of the virus by announcing a country-wide lockdown, which directly impacts the growth of industrial sectors. This may impact the demand for smart card materials. Various Industries such as BFSI, retail, hospitality and government sector have hit hard by the pandemic. The growth of smart card materials have affected by dwindling sales of smart cards due to major impact of pandemic on hospitality and modern retail industry. Quarantine measures and the closure of retail stores have suppressed consumer demand. However, various countries from the region have restarted their business activities.

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

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

APAC Smart Card Material Market Segmentation

APAC Smart Card Material Market – by Material

•Polyvinyl Chloride (PVC)•Polycarbonate (PC)•Acrylonitrile Butadiene Styrene (ABS)•Polyethylene Terephthalate-Glycol (PETG)•Others APAC Smart Card Material Market – by Type

•Contact Cards•Contactless Cards•Multi-Component Cards APAC Smart Card Material Market – by Application

•BFSI•Government•Telecommunication•Retail•Healthcare•Hospitality•Others APAC Lymphedema Treatment Market – by Country

•Australia•China•India•Japan•South Korea•Rest of APACAPAC Lymphedema Treatment Market – Companies Mentioned

•3A Composites Gmb H•BASF SE•Eastman Chemical Company •LG Chem•Petro China Company Limited•SABIC•Solvay S.A.•Teijin Limited•Westlake Chemical Corporation

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