Smart Polymers Market

Smart Polymers Market Size (2023-2028):

The Smart Polymers Market is expected at USD 5.1 billion in 2022 and is anticipated to extend an over USD 10.31 billion by the end of the assessment period. The Smart Polymers Market is estimated to experience reasonable growth to record a CAGR of 13.12% throughout the estimated period (2023-2028).

Due to the excellent performance of this product, its scope is likely to expand in the coming years, covering other industrial sectors such as oil recovery, mining, pharmaceuticals, and printing. The smart polymer is a topic of great interest for institutional and industrial research. The properties of these polymers, such as shape, mechanical properties, phase separation, permeability, and electrical properties, change in response to a small variation in environmental conditions. These polymers are widely used in biomedical and biotechnological applications such as drug delivery, tissue engineering, and cell culture support. The general study and new qualities of these polymers have revealed substantial development in the market and are anticipated to deliver profitable opportunities in the near future.

Smart Polymers Market Trends:

The main obstacle to the growth of the smart polymer market is the huge investment involved in research and development, which ultimately translates into an increase in the cost of the final product.

Recent Developments in the Smart Polymers Market:

French chemical company Rhodia SA will acquire the technical plastics business of PI Industries Ltd of Bangalore, which is withdrawing from its polymer business to focus on its main agricultural inputs and fine chemicals divisions. The companies did not specify the value of the deal, but Rhodia said the acquisition price is a multiple of seven times the estimated profit before interest, taxes, depreciation, and amortization (Ebitda) of the IP polymer business in 2010-11.

Smart Polymers Market Drivers:

The growth of the global smart polymer market is driven by the growing need for an efficient and cost-effective drug delivery system, the innovative use of smart polymers in the automotive industry, and the important reversible phase transition property - of smart polymers. The industry is expected to forecast robust growth over the next eight years due to increased demand for environmentally adaptive materials in important applications including biomedicine and biotechnology, textile, automotive, electrical and electronics, and nuclear power.

Smart Polymers Market Restraints:

However, factors such as the low cost of smart polymers compared to conventional polymers are expected to hamper the market growth. This should provide lucrative opportunities for the market to expand in the near future.

Opportunities in the Smart Polymers Market:

Smart polymers are also known as smart materials or stimulus-sensitive products. These products are characterized by unique performance aspects, such as good responsiveness to macro and micro-level changes in the environment. These smart materials not only respond to various stimuli such as temperature, pH, and light but are also tough, giving them the ability to revert to their original physical or chemical state.

Challenges in the Smart Polymers Market:

The implementation of strictly private and government regulations by various countries poses a challenge to the expansion of the Smart Polymers Market.

SMART POLYMERS MARKET REPORT COVERAGE:

Market Segmentation:

Smart Polymers Market By Stimulus:

• Reactive physical stimuli

• Reactive chemical stimuli
• Reactive biological stimuli

Sensitive physical stimuli are the main segment that is sensitive to environmental factors such as temperature, light, electric field, magnetic field, and mechanical stress, which are widely used as safe polymers in drug and biomaterial delivery.

Smart Polymers Market By Type

• Shape memory polymers

• Electroactive polymers

• Self-healing polymers

• Others

Smart Polymers Market By Application

• Nuclear energy

• Energy and electronics

• Automotive

• Textile

• Others

The biotechnology and biomedical applications part dominated the market with in excess of two-fifths of the global part of smart polymers in 2019. Smart polymers are used in numerous biomedical requests such as Biocatalyst, bioseparation, tissue engineering, drug delivery, and others.

Smart Polymers Market Regional Analysis:

The Smart Polymers Report includes the segmentation of Regions:

• Europe

• Asia Pacific

• North America

• Latin America

• Middle East and Africa

Among these, North America accounted for the largest share of the global smart polymer market in 2019, due to ever-increasing research initiatives for the implementation and commercialization of smart polymers. The United States has the largest share of the global healthcare market. Asia-Pacific is likely to dominate the smart polymer market during the forecast period. This can be attributed to the industrialization of major end-user industries such as textiles, automobiles, electricity, and electronics. Therefore, it is estimated that China, Japan and India will be the main players in this region during the forecast period. Increasing disposable income in the automotive, biotech and medical segments is estimated to have driven the market to witness significant growth in the region. Due to these factors, Germany, UK, and Italy are expected to be the main contributors to the market during the forecast period. The Middle East and Africa are expected to see moderate market growth due to lower product awareness. In addition, slow growth is estimated in the Latin American region due to the lack of standardization and technological advances.

Impact of COVID-19 on the Smart Polymers Market

COVID-19 has driven sales of smart polymers in medical markets to unprecedented levels. According to the Organization for Economic Cooperation and Development, Chinese production of N95-type masks increased from 20 million units a day before the crisis to 150 million in February. During the COVID-19 outbreak, demand for biomedical devices increased dramatically for the treatment of patients affected by the coronavirus, as well as patients with other diseases and conditions. The auto industry has been severely affected due to the COVID-19 outbreak amid the shutdown. Automakers have halted electric vehicle production due to a disrupted supply chain. The decline in passenger car production is likely to lead to lower demand for smart polymers and is expected to affect market growth during the forecast period. Smart polymer production is also likely to be hampered during and after shutdown due to unavailability of workers. According to UNIDO (United Nations Industrial Development Organization), between 30% and 70% of the workforce of pre-COVID-19 polymer manufacturing companies returned to their places of origin due to uncertainties and loss of income during foreclosure. This unavailability or reduced availability of labor will directly affect the annual production of smart polymers. Smart polymer manufacturers in countries like China and India have huge opportunities for growth and maximum revenue generation as the government in these countries gradually lifts lockdown restrictions to start industrial operations. For this reason, the demand for smart polymers and their products is expected to increase in the automotive, healthcare, textile and electronics industries, which is expected to drive the demand for smart polymers.

Smart Polymers Market Key Players:

The major players covered in the Smart Polymers market report are

• Reactive Surfaces Ltd.

• BASF SE

• SMP Technologies Inc.

• Spintech LLC

• Medshape, Inc

• Solvay SA

• Autonomic Materials

• SABIC

• Covestro AG