- Smart polymers market is expected to expand at a CAGR of 14% between 2020 and 2030. Increased product adoption across biomedical field is projected to create exceptional growth avenues in the market.
- North America Smart polymers market is anticipated to expand at a CAGR of 13.56% to value over US$ 9.45 Bn by 2030
ALBANY, N.Y., Sept. 2, 2021 /PRNewswire/ -- Growing investments in R&D activities by major players is projected to translate into significant expansion opportunities for the global smart polymers market in the near future.
Smart polymers are gaining traction, owing to their varied advantages such as the ability to alter their color and shape according to different environmental factors, including humidity, pH, temperature, chemical compounds, magnetic & electric field, and wavelength.
Physical stimuli, biological stimuli, and chemical stimuli are some of the product types available in the global smart polymers market.
According to the analysts at Transparency Market Research (TMR), the global smart polymers market is expected to reach the valuation of 27 Bn by 2030.
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Major players in the global market are adopting the strategy of mergers & acquisitions to penetrate more regions.
Smart Polymers Market: Key Findings
- Increased Demand from Biomedical Sector Creates Promising Expansion Avenues
Several R&D activities today are focused on finding out the usabilityof smart polymers in preventing the novel coronavirus transmission. This scenario has resulted into generating exceptional demand avenues in the global smart polymers market.
- Increased Use of Smart Polymers in Drug Delivery Systems Boosts Global Market
Smart polymers are increasingly incorporated in drug delivery systems, as they are cost effective. Some of the key factors driving the use of smart polymers include their ability to decrease dosing frequency, minimize side effects, and offer high level of stability.
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Smart Polymers Market: Growth Boosters
- Smart polymers are utilized in the development of sensors & actuators, biodegradable packaging, and hydrogels. Moreover, they are used in biomedical engineering. On the back of all these applications, the global smart polymers market is likely to grow during the forecast period.
- Smart polymers are gaining popularity owing to their wide range of advantages in comparison with other polymers. Less stressful production conditions for sensitive drug molecules, easiness of manufacturing, and high loading capacity are some of the key advantages offered by smart polymers. As a result, smart polymers are used in various applications such as biochemical, biotechnology, electricals & electronics, textile, energy & power, and automotive.
- Use of advanced packaging materials is increasing across the globe. One of the key factors fueling this trend is the increased inclination toward the utilization of biodegradable packaging materials.
- In the automotive industry, smart polymers are used in varied applications such as seat assemblies, reconfigurable storage bins, hood assemblies, energy absorbing assemblies, airflow control systems, vehicles structures, adaptive lens assemblies, and releasable fastener systems. The automotive sector is likely to play key role in the market development in the years ahead.
- The smart polymers market is projected to witness exceptional growth opportunities in the Asia Pacific region during the forecast period (2020-2030). China is prime country in the region that is estimated to offer substantial avenues for market growth. One of the key reasons for this growth is the increased acceptance of biodegradable packaging materials in the country.
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Smart Polymers Market: Key Players
The study performs profiling of important players operating in the smart polymers market. Thus, the report offers key data including company overview, product portfolio, financial overview, recent developments, and business strategies of each player in the market.
The list of key players in the market for smart polymers includes following:
- The Lubrizol Corporation
- BASF SE
- Croda International plc.
- Evonik Industries AG
- Covestro AG
- Clariant AG
- Airex AG
- Spintech Holdings Inc.
- MedShape, Inc
- Nanoshel LLC
- SMP Technologies Inc.
- Autonomic Materials, Inc.
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