Smart Polymers Market Future Scope, Demands and Projected Industry Growths

December 21, 2021

The characteristics of polymers which are determined by a change in environment factors such as pH, temperature, and others are known as smart polymers. They are also called stimuli response polymers or intelligent materials. These polymers are strong, resilient, durable, ecofriendly and reliable nature. Owing to these attributes, they are used in various applications such as biotechnology and medicine, drug delivery systems, and others.

The Global Smart Polymers Market has been driven by the growing demand of physical stimuli responsive polymers in heavy end industries. Moreover, it is estimated that the market is set to witness a higher growth due to an increase in the number of manufacturing units to produce intelligent materials in automotive, chemical and construction industries.

Competitive Analysis:

Some of the major players functioning in the Global Smart Polymers Market are BASF SE (Germany), The Lubrizol Corporation (the U.S.), Spintech LLC (the U.S.), Akina, Inc.(the U.S.), SMP Technologies Inc.(Japan), Evonik Industries AG( Germany), Reactive Surfaces Ltd ( the U.S.), Merck Group ( Germany), NEI Corporation(the U.S.), among others.

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Market Segmentation:

The Global Smart Polymers Market is further categorized into stimulus type and application. On the basis of stimulus type, the market is further segmented biotechnology and medicine, electrical & electronics, automotive, drug delivery systems, and others. Among these, biotechnology and medicine segment holds the major share in the market due to growing use of Smart Polymers for the evolution of biocatalyst, biometric actuators and bio analytical systems. The rise in demand of physical stimuli polymers due to its ability to change accordingly to the market has propelled automotive segment to witness a higher growth in the market. It is also predicted that the growing consumption of responsive polymers in drug delivery systems segment is set to expand at a higher CAGR in the market during the forecast period.

Segmental Analysis:

The Global Smart Polymers Market is spanned across five key regions of the world namely Asia Pacific, North America, Europe, Latin America and the Middle East & Africa. Among these, North America holds a major share in the market and is expected to continue its dominance due to rising demand of Smart Polymers in end use industries such as biotechnology and medicine, automotive, and others. These polymers are widely used to improve the optimal performance and standard in heavy end industries.Due to these reasons, the U.S, Canada and Mexico are the major players in the market. Asia Pacific is predicted to witness a higher CAGR in countries such as Japan, China and India owing to growing demand of biocompatible materials in automotive, construction and industrial machinery. The growing consumption of intelligent materials in diagnostic materials and devices is estimated to drive the market in the European region during the forecast period. Due to these factors, Germany, the U.K. and Italy are the major contributors to the smart market in Europe. The Middle East & Africa region is estimated to observe a moderate growth in the market due to lack of standardization and less awareness about the product. Moreover, a slow growth is predicted in the Latin American regions such as Brazil, Argentina and Uruguay due to recession and poor technological advancement.

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