Smart Polymers Market
Smart Polymers Market (Type: Physical Stimuli, Chemical Stimuli, Biological Stimuli, and Others; and Application: Biomedical & Biotechnology and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Advancements in Synthetic Polymer Chemistry to Boost Smart Polymers Market
The field of science and technology continues to evolve at a consistent pace, owing to advancements in technology and steady research & development activities. In recent years, numerous innovations and technological advancements have gained mainstream acceptance and popularity such as smart polymers. Considerable research and development activities have regularly focused on replicating the nature, wherein living organisms adjust their behavior in different environmental conditions to survive. Thus, the demand for smart polymers has witnessed a steady growth in recent years.
Moreover, as smart polymers offer various materials that respond to multiple stimuli, including electric & magnetic fields, light intensity, pH, and temperature, scientists and researchers are increasingly finding new ways to deploy these materials in various areas of research. Polymer chemistry has evolved at a rapid pace over the past couple of decades due to which, smart polymers have garnered immense traction– a trend that is expected to boost the adoption of smart polymers in various industrial domains such as biomedical, biotechnology, automotive, electronics, textile, etc. The consistent development of stimuli-responsive polymers has played an imperative role in augmenting the smart polymers market.
At the back of these factors, along with the growing investment toward research and development activities, the global smart polymers market is expected to reach US$ 27 Bn by the end of 2030.
Request a sample to get extensive insights into the Smart Polymers Market
Growing Popularity of Stimuli-responsive Smart Polymers to Drive Global Market
Over the past couple of decades, the development of stimuli-responsive polymers has gained considerable traction. Moreover, in due time, the potential of various stimuli have been explored as a trigger for smart polymers, and are increasingly being used in creative ways. While pH-sensitive polymers were one of the first stimuli-responsive polymers to gain popularity, their adoption continues to grow across the world in the current scenario as well. One of the most recent advancements that have gained momentum across the global smart polymers market is the increasing focus on understanding the nuances of mechanoresponsive polymers. Researchers are increasingly inclining toward assessing targeted mechanical bond cleavage or rearrangement to transform normal polymers into smart polymers– a factor that is estimated to boost the growth of the global smart polymers market. In addition, self-immolative polymers are one of the many classes of smart polymers that have garnered considerable attention over the past few years. The growing popularity of stimuli-responsive smart polymers and consistent advancements in synthetic polymer chemistry are likely to drive the global smart polymers market during the assessment period.
Soaring Adoption of Smart Polymers in Biomedical Field to Augment Market Growth
Over the past couple of decades, smart polymeric materials with self-healing, shape memory, and stimuli-responsive behavior are increasingly being used across the biomedical field. The favorable properties of smart polymers have played an imperative role in increasing the demand for the same in precision medicine. Research and development activities continue to explore the mechanism, compositions, and application of various smart polymeric materials in the biomedical field. Self-healing polymers are a type of smart polymer that is increasingly being used in a range of biomedical applications as self-healing polymers mimic extracellular matrix exceptionally well. While self-healing and stimuli-responsive smart polymers are gaining popularity, shape memory polymers have gradually emerged as one of the most popular types of smart polymers in recent times. Shape memory smart polymers are primarily used for cell therapy and precision medicine due to the required biocompatibility levels– another factor that is expected to boost the adoption of smart polymers in the biomedical field, thus driving the smart polymers market.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Demand from Automotive Sector to Drop, Adoption from Biomedical Sector to Rise in 2020
The outbreak of the novel COVID-19 pandemic is expected to have a short-term impact on the overall growth of the global smart polymers market. The demand from the automotive sector is projected to decline by a notable margin, as the major automotive hubs around the world were compelled to shut down due to lockdown restrictions, and restrictions on cross-border trade and transportation. However, the demand for smart polymers from the medical field is anticipated to have grown in 2020, as research and development activities pertaining to the potential benefits of smart polymers in curbing the transmission of the novel coronavirus have increased. Thus, the market growth in 2020 is expected to remain lower than the initial projections and gradually gain momentum toward the first quarter of 2021.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Smart Polymers Market
The global smart polymers market is expected to grow at an impressive CAGR of 14% during the forecast period. The market growth can be primarily attributed to increasing focus on research and development activities, high adoption of smart polymers across the biomedical field, expanding automotive sector, and rising demand for advanced packaging materials. Market players should focus on research and development, along with exploring the potential of mergers and acquisitions to expand their presence in the global market.
Smart Polymers Market: Overview
- Smart polymers change their shape and color in response to environmental factors such as pH, humidity, chemical compounds, temperature, wavelength, and magnetic & electric field. Based on the external environment on which they respond, smart polymers are primarily classified into three types: physical stimuli responsive polymers, chemical stimuli responsive polymers, and biological stimuli responsive polymers.
- Smart polymers are used in several applications. For instance, they are employed in the production of hydrogels, sensors & actuators, and biodegradable packaging. Furthermore, smart polymers are used in biomedical engineering.
- Smart polymers offer several advantages over other polymers such as high loading capacity, less stressful manufacturing conditions for sensitive drug molecules, and ease of manufacture
Rise in Demand for Advanced Packaging Materials to Drive Smart Polymers Market
- Demand for advanced packaging materials has been increasing significantly over the last few years, as these materials offer several benefits over traditional packaging materials. These advantages include moisture control and oxygen scavenging. Growth in consumption of advanced packaging materials can be ascribed to changes in consumer habits, introduction of new quality and safety requirements, and implementation of new regulations in the food supply chain (food transport, distribution, and storage).
- Polymers need to be reinforced with nanomaterials in order to impart active or smart properties to polymeric packaging films. This in turn is anticipated to fuel the demand for smart polymers.
- Smart polymers offer several benefits. They help monitor the condition of packaged food or contribute to pre-serving and extending its shelf life. These properties of smart polymers are driving their adoption as packaging materials. Thus, increase in demand for advanced packaging materials is expected to propel the global smart polymers market during the forecast period.
Increase in Demand for Automotive to Boost Smart Polymers Market
- Demand for automotive vehicles has been increasing significantly. Global automotive production increased by 15% in 2018 since 2010. Demand for automotive vehicles is anticipated to witness the same trend during the forecast period. Growth of the automobile sector can be ascribed to strong economic growth and rise in purchasing power of consumers.
- Demand for smart polymers is directly linked to automobiles, as smart polymers are employed in a wide range of applications in the automotive industry, ranging from reconfigurable storage bins, seat assemblies, energy absorbing assemblies, hood assemblies, and vehicles structures to airflow control systems, releasable fastener systems, and adaptive lens assemblies
- Thus, rise in demand for two or four wheeler vehicles is anticipated to fuel the smart polymers market across the globe
Key Partnerships and Production Facility Expansion in Smart Polymers Market
- In 2019, Evonik Industries AG announced plans to construct a polyamide 12 (PA12) facility in Marl, Germany; and expand its production of transparent polyamides at the Marl Chemical Park. The cost of the project is expected to be US$ 475.58 Mn. The PA12 production facility is anticipated to be operational in the first half of 2021. The new PA12 facility is estimated to increase the company’s overall capacity of PA12 by more than 50%.
- In November 2018, Covestro AG announced that it had started to build a new manufacturing line for polycarbonate films at Map Ta Phut Industrial Estate, Thailand. The new capacity is expected to enable the company to cater to the rapid rise in demand for polycarbonate films in Asia Pacific and consolidate its position as a market leader.
North America to Dominate Smart Polymers Market
- North America dominated the global smart polymers market in 2019. The U.S. constituted leading share of the smart polymers market in the region in 2019. This trend is projected to continue during the forecast period. Growth of the smart polymers market in the U.S. can be primarily ascribed to rise in demand for intelligent polymers in various industries such as biotechnology and automotive. Smart polymers are widely used to improve optimal performance.
- The smart polymers market in Europe is predicted to expand at a moderate pace during the forecast period. Technological advancement in development of polymers to optimize their efficiency is a key factor anticipated to stimulate the smart polymers market in the region during the forecast period.
- Germany constituted leading share of the smart polymers market in Europe in 2019. Growth of the smart polymers market in the country can be ascribed to the presence of large numbers of nanotechnology companies. According to Germany Trade & Invest, approximately half of the nanotechnology companies in Europe are based in Germany.
Highly Competitive Smart Polymers Market
- The global smart polymers market is fragmented with the presence of large numbers of players operating at local and national levels
- Key players operating in the global smart polymers market include
- BASF SE
- The Lubrizol Corporation
- Evonik Industries AG
- Croda International plc.
- Clariant AG
- Covestro AG
- Spintech Holdings Inc.
- Airex AG
- Nanoshel LLC
- MedShape, Inc
- Autonomic Materials, Inc.
- SMP Technologies Inc.
Smart Polymers Market Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global smart polymers market to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the growth of the smart polymers market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the smart polymers market will progress during the forecast period of 2020 to 2030.
The report offers intricate dynamics about the different aspects of the smart polymers market that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure the growth of the smart polymers market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the smart polymers market, and estimate statistics related to the market progress in terms of value (US$ Mn) and volume (kilo tons).
This study covers a detailed segmentation of the smart polymers market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the smart polymers market, wherein various development, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Smart Polymers Market
The report provides detailed information about the smart polymers market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in smart polymers, so as to help them make successful strategies and take target-driven decisions.
- Which type segment of the smart polymers market will emerge as a major revenue generator during the forecast period?
- Which application is expected to have maximum potential for smart polymers during the forecast period?
- How are key market players successfully earning revenues in the competitive global smart polymers market?
- What will be the Y-o-Y growth of the smart polymers market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the smart polymers market?
Research Methodology – Smart Polymers Market
The research methodology adopted by analysts for combining the smart polymers market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the smart polymers market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the smart polymers market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the smart polymers market.
Smart Polymers Market Segmentation
TMR’s research study assesses the global smart polymers market based on type, application, and region. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the smart polymers market.