Smart Polymers Market Report, By Type (Physical Stimuli Responsive Polymers (Thermo-Responsive Polymers, Photo-Responsive Polymers, Pressure-Responsive Polymers And Electroactive & Magnetically-Responsive Polymers) outlook 2024
The global smart polymers market is witnessing outstanding growth due to increasing use of smart polymers in the automotive industry and drug delivery systems. Moreover, rising need for efficient drug delivery systems and increasing awareness regarding the use of smart polymers are fuelling the market growth. Furthermore, development of smart textiles is expected to provide growth opportunities to this market in the future. However, the global smart polymers market is hampered by high cost of technology development and polymer production coupled with concerns related to the in-vivo use of smart polymers.
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The report analyses the global smart polymers market based on type, application and geography.
Smart Polymers Market by Type
Based on type, this market is segmented into physical stimuli responsive polymers (thermo-responsive polymers, photo-responsive polymers, pressure-responsive polymers and electroactive & magnetically-responsive polymers), chemical stimuli responsive polymers (pH-responsive polymers) and biological stimuli responsive polymers (enzymes-responsive polymers and self-healing polymers). Among all types, the physical stimuli responsive polymers accounted for the largest share of the smart polymers market in 2017. These smart polymers are widely used in biomedical & biotechnology, automotive, and textiles industries, thus driving the segment growth.
Smart Polymers Market by Application
Based on application, this market is segmented into biomedical & biotechnology (drug delivery, tissue engineering, bio-separation and biocatalyst), automotive, electrical & electronics, textile, nuclear energy (radiation detection and waste treatment) and others. Among these, the biomedical & biotechnology segment is anticipated to grow at a lucrative rate, chiefly due to the growing usage of smart polymers in active drug delivery systems and phase separation processes.
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Smart Polymers Market by Geography
By geography, the global smart polymers market is studied across the countries of key regions such as, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2017, North America dominated the global smart polymers market in 2017 and is also expected to grow at the fastest pace during the forecast period. Intensifying demand for smart polymers from the medical industry are fuelling the growth of this region. The U.S. is expected to account for the largest share of the market in North America owing to presence of key manufacturers such as Lubrizol Corp., Spintech, Akina, and NEI Corporation. Furthermore, the demand for smart polymers is increasing in Europe, due to robust growth of infrastructure and surging applications in drug delivery, food & drug packaging, tissue engineering, and robotics.
Some of the key market players of the global smart polymers market include BASF SE, Advanced Polymer Materials Inc., Akina Inc., Evonik Industries AG, Merck Group, NEI Corporation, Reactive Surfaces Ltd, SMP Technologies Inc., Spintech LLC, The DOW Chemical Company and The Lubrizol Corporation. Strategies such as product innovation and collaborations are adopted by global players as well as regional players, to maintain the product superiority, thus interpreting market sustainability. For instance, in May 2017, Lubrizol Corporation introduced Carbopol, a new smart polymer series at New York Society of Cosmetic Chemists (NYSCC). This series includes three polymers for the personal care applications.
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