Smart Polymers Market is Expected to Grow with a CAGR of 22.1% from 2022 to 2028
The Global Smart Polymers Market accounted for 1,643.7 Million in 2021.
Smart polymers are basically used in various biomedical applications such as cell culture supports, tissue engineering scaffolds, sensors or actuators systems, and delivery systems of therapeutic agents. These polymers are flexible, biocompatible, tough, resilient, and easy to process, thus, the demand for smart polymers is increasing rapidly. They also help to acknowledge the several environmental stimuli such as temperature, electric field, biomolecules, pH, enzymes, and light.
Increasing demand for smart textiles, rising adoption of these polymers in the drug delivery & automotive sectors, and huge requirement of efficient drug delivery systems are the factors that influence the growth of the Smart Polymers Market in the coming years. Smart polymers application is used in multiple industries such as automotive, textile, and biomedical & biotechnology due to their structure and significant properties. In addition, there is a huge demand for smart polymers in sensors and actuators due to their superior performance and high reliability, thus, increasing the market demand. Furthermore, these polymers are basically used to maintain the stability of the drug level, rise patient compliance, and monitor the medication level. This increasing usage of smart polymers in the healthcare industry is expected to bolster the growth of the Smart Polymers Market over the projected periods. Moreover, these polymers are also useful in the production of biomedical devices such as artificial bones, hip & knee replacements, artificial teeth, dental implants, and pacemakers because they are biocompatible and give long-term service life of these medical devices. This is also responsible for fuelling the growth of the Smart Polymers Market in the projected years.
The high cost of smart polymers is expected to hamper the growth of the Smart Polymers Market. However, growing healthcare needs also increase the demand for smart polymers because they provide a long-term service life of medical devices, which, in turn, provides various growth opportunities for the Smart Polymers Market in the near future.
North America held the largest market share in 2021. This increased demand for smart polymers is mainly accelerated due to the increasing research activities for the commercialization of smart polymers in the region. In addition, huge growth in the medical industry is incorporated the maximum demand for Smart Polymers Market in this region.
Some of the prominent players operating in the Global Smart Polymers Market are - BASF SE, The Lubrizol Corporation, The DOW Chemical Company, Evonik Industries AG, Merck Group, Advanced Polymer Materials Inc., Spintech LLC, Akina Inc., SMP Technologies Inc., Reactive Surfaces Ltd, and NEI Corporation
Browse the full Report - Smart Polymers Market by Type (Physical, Chemical, Biological), by Application (Biomedical & Biotechnology, Textiles, Electrical & Electronics, Automotive), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)