According to the latest report by IMARC Group, titled “Smart Polymers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global smart polymers market reached a value of US$ 1.37 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.24 Billion by 2027, exhibiting at a CAGR of 15.3% during 2022-2027.
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Smart polymers, or stimuli-responsive polymers, undergo physical or chemical changes in response to external changes in environmental conditions, including temperature, light, electric or magnetic field, mechanical stress, pH, ligands, or enzymes. Due to their versatility and tunable sensitivity, smart polymers find extensive application in the biomedical field, controlled drug delivery and tissue engineering.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The market is primarily driven by the increasing usage of smart polymers in the automotive industry for manufacturing a broad range of interior and exterior components. Additionally, the demand has escalated due to the adoption of smart polymers in the biomedical and healthcare sectors. For instance, shape memory polymer, a smart polymer, is widely used for cell therapy and precision medicine due to its biocompatibility levels. Besides this, smart polymers are widely utilized in producing self-healing and color-changing components and systems. Furthermore, there has been increasing demand for biomedical devices and products, such as ventilators and face masks, with the coronavirus disease (COVID-19) outbreak, which is also creating a positive market outlook across the globe.
Breakup by Type:
- Shape Memory Polymers
- Electroactive Polymers
- Self-Healing Polymers
Breakup by Stimulus:
- Physical Stimuli Responsive
- Chemical Stimuli Responsive
- Biological Stimuli Responsive
Breakup by Application:
- Electrical and Electronics
- Biomedical and Biotechnology
- Nuclear Energy
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Akzo Nobel N.V
- Autonomic Materials Inc
- BASF SE
- Covestro AG, Dow Inc
- Evonik Industries AG
- Huntsman International LLC
- Merck KGaA
- Nippon Shokubai Co. Ltd
- Saudi Basic Industries Corporation
- SMP Technologies Inc
- Solvay S.A
- The Lubrizol Corporation
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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