Plastic card materials Market to Grow with a CAGR of 6.33% through 2028
Growing demand of plastic card materials in manufacturing of retail and
healthcare industry is expected to drive the Global Plastic Card Materials
Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Plastic Card
Materials Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Plastic Card Materials
Market stood at USD 612.35 million in 2022 and is anticipated to grow with a
CAGR of 6.33% in the forecast period, 2024-2028. The initiatives taken by
government based on plastic card materials has led to favorable market
conditions for the Global Plastic Card Materials Market. Several factors
contribute to the growth of various plastic card materials products.
Mastercard, a leading global payment
solutions company, has recently made an exciting announcement regarding their
commitment to sustainability. To reduce the environmental impact of payment
cards, Mastercard has set a goal to eliminate first-use PVC plastics from their
network by 2028. By doing so, they aim to accelerate the adoption of
sustainable card materials, ensuring a more eco-friendly approach to payment
card production.
This initiative is aligned with the
broader goals of the U.S. Plastics Pact, a collaborative effort that brings
together various stakeholders, including businesses, non-profit organizations,
government agencies, and research institutions. The U.S. Plastics Pact is
dedicated to building a circular economy for plastics, focusing on creating a
more sustainable plastics value chain. One of the key aspects of this pact is
promoting the use of eco-friendly materials, such as recycled plastics, in
products like plastic cards.
Furthermore, Bank of America, one of the
largest financial institutions in the United States, has also joined the
sustainability movement. They have announced their commitment to transition all
plastic credit and debit card products to be made from at least 80% recycled
materials. This bold initiative aims to reduce the reliance on virgin plastics
and encourage the use of recycled plastic materials in card production. With
these combined efforts, Mastercard, the U.S. Plastics Pact, and Bank of America
are leading the way towards a more sustainable future. By prioritizing the use
of eco-friendly materials and reducing the environmental footprint of payment
cards, they are setting a positive example for the industry and inspiring
others to follow suit.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global
Plastic Card Materials Market”
Retailers are constantly seeking innovative ways to
enhance the customer experience and foster brand loyalty. Plastic cards provide
a versatile solution to achieve these objectives. Retailers can offer customers
loyalty cards, gift cards, and membership cards, all made from durable plastic
materials. These cards not only serve as convenient payment tools but also
enable retailers to provide personalized discounts, rewards, and exclusive
access to special promotions. The ability to customize offerings based on
customer preferences creates a more engaging and rewarding shopping experience.
The healthcare industry places significant emphasis on
hygiene and infection control. Plastic card materials have proven to be highly
suitable for these purposes due to their durability, water resistance, and ease
of cleaning. Plastic cards in healthcare settings can be easily disinfected, reducing
the risk of contamination and the spread of infectious diseases. With the
ongoing focus on infection prevention, there is an anticipated increase in
demand for plastic card materials that adhere to stringent hygiene standards.
Global Plastic Card Materials Market is segmented
into material type, type of card, application, regional distribution, and
company
Based on its application, the BFSI segment held the
largest share in the market. The BFSI sector has played a pivotal role in driving
the transition towards cashless transactions. Plastic cards, including credit
cards, debit cards, and prepaid cards, have emerged as indispensable
facilitators of cashless payments. The widespread adoption of plastic cards in
the BFSI sector can be attributed to their convenience and robust security
features.
Plastic cards incorporate advanced security measures
such as EMV chip technology, PIN numbers, and contactless payment options,
which effectively safeguard against fraudulent activities and unauthorized
transactions. The BFSI sector places great emphasis on secure payment
solutions, making plastic cards the preferred choice for ensuring secure
transactions.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
Many countries in the Asia Pacific region, including
China, India, Japan, South Korea, and Southeast Asian nations, have experienced
remarkable economic growth in recent years. This growth has not only
transformed their economies but also propelled the expansion of various
industries, such as banking, retail, hospitality, and transportation. These
industries heavily rely on the use of plastic cards for seamless transactions
and secure identification purposes. In the Asia Pacific region, renowned for its technological
advancements and innovations, significant developments have taken place in the
fields of smart cards, contactless payment systems, and digital wallets. These
cutting-edge advancements have revolutionized the way people make payments and
manage their finances, leading to a widespread adoption of plastic cards and
related technologies. As a result, the market dominance of plastic cards
continues to thrive in this dynamic region, shaping its economic landscape even
further.
Major companies operating in Global Plastic Card
Materials Market are:
- Eastman Chemical Company
- PetroChina Company Limited
- Solvay S.A.
- KEM ONE
- SABIC
- 3A Composites GmbH
- Teijin Limited
- LG Chem
- BASF SE
- Westlake Chemical
Corporation.
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“Growing application of plastic card materials in
various end user industries are key drivers of the plastic card materials market.
Growth in competitive landscape and presence of well-established countries in
the market who are dedicated to enhance their productivity of plastic card
materials with every passing year are anticipated to register an impressive
growth to Global Plastic Card Materials Market in the forecast period.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Plastic card materials Market By Material
Type (Polyvinyl Chloride (PVC), Polycarbonate
(PC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate-Glycol
(PETG), Others), By Type of Card (Contact Cards, Contactless Cards,
Multi-Component Cards), By Application (BFSI, Healthcare, Retail, Government,
Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Plastic Card Materials Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Plastic Card Materials Market.
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