Smart Polymers Market
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)
|Smart Polymers Market Forecast Year:||2022 - 2028|
|Smart Polymers Market Historical Year:||2016 - 2021|
|Smart Polymers Market 2021:||1,643.7 Million|
|Smart Polymers Projected Market 2028:||6650.1 Million|
|Smart Polymers Market CAGR:||22.1%|
|Fastest Growing Region:||Asia Pacific|
|Largest Region:||North America|
Smart Polymers Market: By Type, End Use, and Region
Global Smart Polymers market is valued at 1,643.7 Million in 2021 and is projected to reach a value of 6650.1 Million by 2028 at a CAGR of 22.1% over the forecast period.
The increased adoption of Smart Polymers in the automotive industry and drug delivery is the key factor for the Smart Polymers market growth. The development of smart textiles and the growing need for efficient drug delivery systems are other key factors for the market growth. Smart Polymers are categorized by unique performance aspects including good responsiveness to micro and macro-level changes in the surroundings. Moreover, these materials respond to several stimuli such as pH, temperature, and light, but Smart Polymers are also resilient that gives them the ability to return to their initial physical or chemical state.
The increased demand for environment-friendly materials in key applications such as biomedical & biotechnology, automotive, textile, electrical & electronics, and nuclear energy. In addition, the rising awareness for the use of smart polymers among manufacturers across regions is the key opportunity in the global Smart Polymers market. The wide application for Smart Polymers such as employed in the production of hydrogels, biodegradable packaging, and sensors & actuators. However, the high cost of technology development and polymer production is one of the major restraints in the global Smart Polymers market.
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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Physical had a major share in Smart Polymers Market
In 2021, the physical category led the global Smart Polymers market and had more than 45% of the market revenue share in the same year. The physical stimuli materials are extremely sensitive towards surrounding changes across temperature, ultrasound, UV radiations, electric potential, and magnetic field. The demand for this category is estimated to increase, due to the increased requirement of intelligent materials displaying low critical solution temperatures, especially in specialized biomedical & biotechnology areas. Moreover, the high demand for physical category from different end-users such as automotive, biomedical & biotechnology, and textiles is further estimated to enhance the category growth.
Besides, biological segment is anticipated to witness the fastest growth over the years to come. These specialty materials act in response to stimuli such as the presence of receptors and enzymes. These products are expected to gain attention in the near future, for developing biotechnological applications including purification processes and protein recombination.
Biomedical and biotechnology was the leader in the Smart Polymers
The biomedical and biotechnology category dominated the Smart Polymers market in 2021. The biomedical and biotechnology category accounted for over 35% of the market revenue share in the same year. The increasing need for extremely efficient polymers for the manufacturing of effective drug delivery systems along with phase separation processes is anticipated to drive the category demand during the forecast period.
Besides, the textiles category is anticipated to witness substantial growth in the Smart Polymers market during the forecast period. This is primarily owing to the high demand for chemical and physical stimuli-responsive products in the textiles industry. These materials are used in the manufacturing of environment-friendly fabrics that are capable of surviving extreme climatic conditions. Moreover, these products can also be utilized for the processing of shape-changing, color-changing textiles, and shape recovering fiber yarns.
Asia Pacific Smart Polymers Market to Grow at the Fastest CAGR
In 2021, North America dominated the global Smart Polymers market. The increasing healthcare activities along with considerable requirements from the defense sector for the processing of camouflage and light-sensitive fabrics are some of the major factors for regional dominance. Moreover, the increased demand from different end-use industries including biomedical & biotechnology, automotive, textile, and electrical industries are estimated to propel regional growth in the years to come.
Asia Pacific is projected to witness the fastest growth in the global Smart Polymers market over the forecast period. The rapid industrialization of the main product end-users such as textile, automotive, and electrical sectors. Moreover, the increased government initiatives for the growth of the manufacturing industry along with the growing demand for smart polymers from the medical industry across Asia Pacific is anticipated to drive the market growth over the forecast period. Besides, Latin America, and Middle East & Africa are projected to witness slow industrial growth of intelligent materials over the coming years, owing to the lack of product knowledge and standardization as compared to other regions.
The global Smart Polymers market is highly fragmented and competitive owing to the presence of several global and regional players across major regions including North America, Europe, and Asia Pacific. Some of the major players in the 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
The Smart Polymers is Segmented as Follows:
Frequently Asked Questions
the global demand for Smart Polymers
in terms of revenue?
The global Smart Polymers valued at 1,643.7 Million in 2020 and is expected to reach 6650.1 Million in 2028 growing at a CAGR of 22.1%
are the prominent players
in the market?
The prominent players in the 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.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 22.1% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Smart Polymers include
- Increased adoption in automotive category to drive the market growth
region accounted for the
largest share in the market?
North America was the leading regional segment of the Smart Polymers in 2020.