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 the government based on plastic card materials have 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 its 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 toward 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.
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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, the 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 the 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 the 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 the competitive landscape and the presence of well-established countries in the market that are dedicated to enhancing their productivity of plastic card materials with every passing year are anticipated to register an impressive growth to the 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 make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Plastic Card Materials Market.
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Table of Content-Plastic Card Materials Market
- Product Overview
- Research Methodology
- Executive Summary
- Impact of COVID-19 on the Global Plastic Card Materials Market
- Voice of Customer
- Global Plastic Card Materials Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Material Type (Polyvinyl Chloride (PVC), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate-Glycol (PETG), Others)
6.2.2. By Type of Card (Contact Cards, Contactless Cards, Multi-Component Cards)
6.2.3. By Application (BFSI, Healthcare, Retail, Government, Others)
6.2.4. By Region
6.2.5. By Company (2022)
6.3. Market Map
- North America Plastic Card Materials Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Material Type
7.2.2. By Type of Card
7.2.3. By Application
7.2.4. By Country
7.3. North America: Country Analysis
7.3.1. United States Plastic Card Materials Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value & Volume
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Material Type
7.3.1.2.2. By Type of Card
7.3.1.2.3. By Application
7.3.2. Mexico Plastic Card Materials Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value & Volume
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Material Type
7.3.2.2.2. By Type of Card
7.3.2.2.3. By Application
7.3.3. Canada Plastic Card Materials Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value & Volume
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Material Type
7.3.3.2.2. By Type of Card
7.3.3.2.3. By Application