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The electroactive polymer market is driven by the rising demand for the product in actuators and sensors, owing to their rising demand in robotics, the internet of things (IoT), automotive, and household equipment, among others. Furthermore, the market is anticipated to be augmented by the growing application of the product in the biotechnological field. Electroactive polymer is a crucial component for manufacturing artificial muscles, active catheters, biosensors, and drug delivery systems, among others. In terms of region, North America is likely to account for a significant share in the market due to the rising healthcare expenditure in countries like the United States of America and Canada. In addition, the emergence of the smart fabric market, which includes electromechanical systems such as sensors, electronics, and power resources, is likely to augment the electroactive polymers market in the region. Furthermore, the technological advancements in the automotive electrical, and electronics industry will further aid the market.
In October 2020, Bayer AG (ETR: BAYN) announced the acquisition of U.S. Biotech company Asklepios BioPharmaceutical Inc. for USD 4 billion. With this acquisition, investments in biotechnology are likely to rise, thereby propelling the demand for electroactive polymers. In addition, in March 2017, Parker Hannifin (NYSE: PH) launched PREMIER PBT-225, a conductive plastic that offers superior performance and hydrolysis resistance.
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The major players in the global electroactive polymer market are Bayer AG, Parker-Hannifin Corporation, 3M, Heraeus, RTP Company, and Celanese Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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