Smart Polymers Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2531
Global Smart Polymers Market size is slated to witness a significant CAGR in the forecast timeframe. Smart polymers are used across various industries including pharmaceutical, biomedical and many others owing to its versatile properties such as biocompatibility, flexibility, pH sensitivity and stability at micro and macro changes in surrounding.
The prime factor responsible for smart polymers market growth in future is the increasing consumption in biomedical applications. Curiosity about the product is steadily gaining momentum especially in self-regulated and controlled drug delivery fields. Moreover, the increasing awareness about environment compatible products usage for long term sustainability across, textile, automotive, biotechnology, electronics and energy sector is likely to fuel the smart polymers market growth in future. In automotive sector, shape memory polymers (SMP) are gaining popularity due to its ability to self-heal in event of any damage. Variable advanced features in automobiles due to SMP usage opens new growth avenues for the product in the near future. The major hurdle in the smart polymers market growth is the huge investment involved in research & development, which eventually results in inflated cost of final product.
Based on type of product, smart polymers market can be classified into chemical, physical biological and biochemical stimuli-based polymers. This classification is done based on the product response to different external stimuli. Physical stimuli based smart polymers held a major chunk of overall smart polymers market in 2016. The product is sensitive towards external changes in UV radiations, temperature, magnetic field, ultrasound and electric potential. The surge in demand for intelligent materials showing low critical temperatures in biotechnology & biomedical field shall positively influence physical stimuli based products demand. the biological stimuli segment is also anticipated to witness prominent growth in the coming years owing to its extensive usage in biotechnology applications such as protein purification and recombination processes. These are sensitive to receptors and enzymes.
Based on applications, the global smart polymers market can be segmented into biomedical & biotechnology, automotive, textile, electrical & electronics and nuclear energy. The biomedical & biotechnology has drug delivery system, tissue engineering, biocatalysts and bioseparation as its sub categories. Nuclear energy segment has the product employed in waste management and radiation detection applications. The biomedical segment is expected to lead the smart polymers market over the forecast timespan due to the increasing usage of smart polymers in drug delivery systems and protein & peptide delivery on account of its characteristics such as hydrophilic/hydrophobic balance, molecular weight and polymer chain length & structure.
North America accounted for the largest share in global smart polymers market in 2016 and shall maintain its position over the forecast timeframe. Increasing demand from military and defense applications for camouflage & light sensitive fabrics processing coupled with rising healthcare sector will substantially drive the Smart Polymers Market demand in North America over the next few years. European countries especially Germany and France are likely to show exponential growth prospects for the smart polymers market on account of stringent government regulations pertaining to environment & usage of traditional polymers and rise in research & development initiatives in nanomedicines sector.
Asia Pacific is likely to lead the smart polymers market over the forecast duration. This can be attributed to the industrialization of major end-user industries such as textile, automobile, electrical & electronics. Latin America and Middle East & Africa shall witness sluggish growth in the coming years owing to the low product & similar technologies awareness and lack of standardization of product manufacturing process as compared to other countries in North America, Europe & Asia Pacific.
The prominent share contributors operational in smart polymers market are BASF SE, AkzoNobel, FMC Corporation, Advanced Biopolymers AS, Sigma-Aldrich Corporation and Huntsman. Other companies include Covestro AG, Nexgenia Corporation, Advanced Polymer Materials Inc., Lubrizol Corporation, Acros Organics, Autonomic Materials Inc. and The Dow Chemical Company. Companies are constantly investing in research & development activities to enhance product properties and make its usage more prevalent in industries other than the aforementioned ones. Autonomic Material Inc. is engaged in smart polymers production, which can adapt and repair themselves post damages caused by any external environment factor.
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