Smart Polymers Market is expected to Observe Considerable Growth Opportunities to 2027
According to the report published by Allied Market Research, the global smart polymers market garnered $4.0 billion in 2019, and is estimated to generate $9.9 billion by 2027, witnessing a CAGR of 12.1% from 2020 to 2027. The report provides an extensive analysis of changing market trends, top winning strategies, key segments, Porter’s Five Forces, and business performance of key market players.
Drivers, restraints, and opportunities
Rise in need of efficient and economical drug delivery systems, property of reversible phase transitions, and innovative use in the automobile industry have boosted the growth of the global smart polymers market. However, high cost of smart polymers hampers the market. On the contrary, surge in awareness regarding use of smart polymers would present lucrative opportunities for the market players in the future.
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The current smart polymers or stimuli-responsive ones available in the market are classified into physical-responsive, chemical-responsive, biological-responsive and others. Among the stimuli-responsives mentioned above, physical-responsive and biological-responsive are expected to show valid and reasonable results in the smart polymers market. The chemical-responsive and other stimuli-responsive polymers have not experienced significant development because of problems generally associated with specific chemical triggers and the size of the required investments.
Considerable research and development are being put into these new technologies, which are still in the laboratory or pilot stage. In addition, some stimuli-responsive polymers have other supporting and pretreatment applications that could increase the performance and efficiency of smart polymer plants. These include pH/ion-responsive and electro-magnetic responsive polymers. In addition, shape memory polymer is one of the emerging product types growing among consumers due to its properties that allow it to return to its original shape.
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Based on stimulus, the physical stimuli responsive segment held nearly half of the global smart polymers market share in 2019, is expected to maintain its dominant position throughout the forecast period. However, the chemical stimuli responsive segment is expected to portray the largest CAGR of 12.7% during the forecast period.
Based on region, North America accounted for the highest share of the global market, holding nearly one-third of the total share in 2019, and will maintain its leadership status during the forecast period. However, Asia-Pacific is projected to witness the fastest CAGR of 13.3% from 2020 to 2027.
Leading players of the global smart polymers market include BASF SE, SABIC, Covestro AG, Nouryon, Solvay SA, Evonik Industries AG, Autonomic Materials, Inc., Merck KGaA, Berkshire Hathaway, Inc., and Medshape, Inc.
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