WILMINGTON, DE / ACCESSWIRE / October 4, 2022 / Transparency Market Research Inc. - Increase in the number of investments to promote research and development in polymer chemistry propels growth within the global smart polymers market. This trend is also bolstered by the increasing demand for stimuli-responsive smart polymer materials. Players are increasingly focusing on increasing their production of stimuli-responsive polymers, such as pH-sensitive polymers. According to a recent professional intelligence report, the global smart polymers market is anticipated to rise at a CAGR of 14% over the forecast period of 2020 to 2030.
Rising use of smart polymeric materials that provide various advantages, including shape memory, stimuli-responsive behavior, and self-healing in the domain of biomedical sector is favoring the expansion of the global smart polymers market. Shape memory smart polymeric materials are widely used in biomedical field in sectors such as precision medicine, as well as cell therapy. Furthermore, products in the global smart polymers market are also used in production of actuators and sensors, as well as hydrogels.
Smart Polymers Market - Key Findings of the Report
- Increasing Demand from Automotive Industry: Increasing demand for automotive vehicles across the world is positively affecting the growth trajectory of global smart polymers market. This trend is further bolstered by the increase in the buying capacity of consumers, as well as strong economic growth across the world. In automotive industry, products in the global smart polymers market are used for various applications, including manufacture of seat assemblies, hood assemblies, airflow control systems, adaptive lens assemblies, reconfigurable storage bins, energy assemblies, and releasable fastener systems. Moreover, rising demand for four-wheeler, as well as two-wheeler automotive vehicles is anticipated to bode well for the expansion of global smart polymers market in near future.
Smart Polymers Market - Growth Drivers
- Rising demand for advanced packaged materials bolsters growth within the global smart polymers market
- Growing demand from automotive industry, owing to increasing purchasing capacity of customers propels growth in global smart polymers market
- Increasing adoption of smart polymers in biomedical industry drives growth within the global smart polymers market
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Smart Polymers Market - Key Players
Some of the most prominent companies in the global smart polymers market are The Lubrizol Corporation, Croda International PLC, Covestro AG, Airex AG, MedShape, Inc., SMP Technologies, Inc., BASF SE, Evonik Industries AG, Clariant AG, Spintech Holdings Inc., Nanoshel LLC, and Autonomic Materials, Inc., among others. The presence of a large number of international as well as regional players makes the landscape of the global smart polymers market highly fragmented in nature. Key players are focusing on expanding their production capabilities in a bid to fulfill the increasing demands from various end-users across the world. To achieve this, certain players are establishing new production facilities and units, while others are making changes in existing facilities by advancing and adopting novel production technologies.
Smart Polymers Market - Regional Growth Assessment
North America led the global smart polymers market in recent past, with the United States accounting for the largest share in the regional industry. One of the key drivers influencing the growth within the North America smart polymers market includes increasing demand for intelligent polymers from several end-use industries, including automotive as well as biotechnology.
Europe is projected to witness a moderate growth rate in coming years, owing to technological advancements in the field of polymer production to enhance their efficiency. In Europe smart polymers market, Germany is anticipated to emerge as the key economy. Increase in the number of nanotechnology players in the Germany is expected to positively affect the growth of Europe market in coming years.
Smart Polymers Market: Segmentation
Smart Polymers Market, by type
- Physical Stimuli
- Electroactive & Magnetically-responsive Polymers
- Chemical Stimuli
- Biological Stimuli
- Enzymes & Biomolecules
- Self-healing Polymers
- Others (including Double & Multi Stimuli Responsive Polymers)
Smart Polymers Market, by Application
- Biomedical & Biotechnology
- Smart Drug Delivery Systems
- Tissue Engineering
- Electricals & Electronics
- Energy & Power
Smart Polymers Market, by Region
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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