PEDOT Market – Insights
PEDOT (Poly(3,4-ethylenedioxythiophene)) is a conductive polymer. This polymer offers several advantages such as optical transparency in the conducting stage, low redox potential, and moderate band gap. This polymer is being manufactured by the use of oxidation. PEDOT is both an electrically- and ionically-conductive polymer, owing to these properties it has it has various applications in various sectors such as energy, healthcare, and electronics industry in the form of sensors, capacitors, smart windows, and antistatic packaging among others. Furthermore, increasing use of PEDOT polymers can be attributed to their chemical stability and good conductivity.
Among polymer type, the Clevois P segment accounted for the largest market share in 2018, owing to increasing applications in the manufacture of antistatic packaging trays, antistatic coatings, and organic thin film transistor (OTFT) backplanes. Moreover, the Clevios S segment has application in the manufacture of electrochromic displays.
Among applications, the Flexible Displays/OTFT Backplanes segment accounted for a significant market share in the global PEDOT market in 2018 owing to increasing demand for Flexible Displays/OTFT Backplanes in the automotive industry. Rising demand for Flexible Displays/OTFT Backplanes is due to technological advancements in the automotive industry such as self-driving cars and adoption of artificial intelligence for manufacturing electric vehicles.
Among regions, Europe accounted for a significant market share in the global PEDOT market in 2018. For instance, according to the European Automobile Manufacturers Association, in 2017, around 19.6 million units of motor vehicles were manufactured, which resulted in high demand for automotive sensors. Moreover, increasing adoption of self-driving cars and artificial intelligence in automotive industry is expected to facilitate demand for sensors and actuators, which is expected to drive growth of the Europe PEDOT market.
However, high production cost that overall increases the price of PEDOT polymers is expected to restrain the market growth. PEDOT manufacturing companies also have to bear huge costs due to lower stability during the production process. This results in a capacitance drop after a particular number of charge-discharge cycles. Limited capacitance is hampering the adoption of PEDOT in industrial applications. Therefore, high cost of PEDOT is expected to hamper growth of the PEDOT market over the forecast period.
The global PEDOT market was valued at US$ 3,519,867.1 in 2018, and is expected to exhibit a CAGR of 8.4% in terms of revenue over the forecast period (2019 – 2027), to reach US$ 7,219,906.7 by 2027.
Figure 1. Global PEDOT Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
Asia Pacific accounted for a significant market share in the global PEDOT market in 2018, and is expected to witness significant growth over the forecast period, owing to increasing adoption of portable speakers, tablets, smart phones along with AI-assisted electronics due to increasing disposable income. Increasing research and development activities in the region are expected to drive growth of the PEDOT market. Moreover, new product launches, government initiatives, and investments in the automotive sector are expected to drive demand for conductive polymers such as PEDOT in Asia Pacific automotive industry.
Furthermore, key players in the market are focused on adopting strategies such as mergers and acquisitions to expand their product portfolio in the global PEDOT market. For instance, in 2016, Suzhou Yacoo Science Co., Ltd. acquired Shandong Andot New Material Technology Co., Ltd., a manufacturer of conductive polymers and chemicals. This acquisition has helped Suzhou Yacoo Science Co., Ltd. to expand its product portfolio in Asia Pacific.
Figure 2. Global PEDOT Market Share (%), By Polymer Type, 2018
Source: Coherent Market Insights, 2018-19
The companies are also adopting promotional and marketing strategies with the objective of strengthening its market position and expanding its consumer base in the global market. For instance, in January 2019, Shanghai Sunwise Chemical Co., Ltd participated in the 11th Vietnam International Chemical Industry Exhibition held in the Ho Chi Minh City, Vietnam. The company showcased PEDOT at the exhibition, in order to market and promote them.
Major players operating in the global PEDOT market include Heraeus Holding, Ossila Limited, Nanoshel LLC, Nagase ChemteX Corporation, Suzhou Yacoo Science Co., Ltd., Agfa-Gevaert N.V., and Qingdao Topwell Chemical Materials Co., Ltd.