In terms of revenue, the Global Smart Polymers Market is expected to reach 6650.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 22.1% from 2022 to 2028. The increasing utilization for manufacturing as it’s an environment adaptive textile that is qualified of tolerating severe environmental circumstances are the driving factors for Smart Polymers Market.
- Under the type segment shape memory, the sub-segment is anticipated to grow at a substantial CAGR. As it is utilized in the development of novel smart materials for different types of engineering applications that are anticipated to substitute the traditional materials.
- The biomedical & biotechnology sub-segment held a significant market share in 2021. This is due to its increased use in pharmaceutical practices like targeted medication delivery systems, microfluidic techniques, tissue engineering, gene carriers, and more.
- North America held the largest market share in 2021. This is due to its maximum revenue generation and the government of these countries supporting the industrial activities.
Some of the key players in the Smart Polymers Market include - 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 requirement for evolved packaging materials has been growing immensely over time, as these materials provide several advantages over conventional packaging materials. These benefits are moisture control and oxygen scavenging. An increase in consumption of advanced packaging materials can be elucidated to changes in consumer habits, the introduction of unique quality and protection requirements, and the enactment of new regulations in food transport, distribution, and storage system.
Smart polymers are broadly utilized in drug delivery systems as these polymers hold the stability of the drug level in the therapeutic window, authorize monitoring of the drug level, and improve patient compliance. The surge in the significance of design & synthesis of important drug delivery systems in the healthcare and biotechnological sector is anticipated to drive the growth of the smart polymers market.
North America is expected to emerge as a potential market for smart polymers market. The demand for smart polymers persists to stay high, because of continuously advancing research industries for the execution and commercialization of smart polymers. Furthermore, the rapid development of the medical enterprise in the country is anticipated to boost the demand for smart polymers.