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Smart Polymers Market To Observe Strong Development In Automotive Industry, 2020 At Modest CAGR Of 12.1% By 2027
Smart Polymers Market
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Utilization in the automotive industry, surge in need for efficient drug delivery system, and its characteristics of providing reversible phase transitions drive the growth of the global smart polymers market. However, high cost associated with smart polymers hinders the market growth. On the other hand, wide array of applications in the biomedical field such as tissue engineering scaffolds, delivery systems of therapeutic agents, cell culture supports, and sensors or actuators systems present new opportunities in the coming years.
Covid-19 Scenario:
• There has been a considerable increase in demand of biomedical devices and related products such as ventilators and face masks in which shape memory polymers and self-healing polymers are used. These products are effective in avoiding transmission and treatment of affected patients.
• The production of N-95, one of the effective face masks to prevent infection, rose considerably as the pandemic hit the world. Consequently, the demand for smart polymers increased.
• However, the demand from the automotive industry has been declined as production activities of electric vehicles and other automobiles have been halted due to lockdown enforced by governments.
• Majority of skilled workers from the manufacturing plants have migrated to their hometowns. Owing to non-availability or less availability of workforce, the production of smart polymers has been affected considerably.
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The report offers a detailed segmentation of the global smart polymers market based on type, stimulus, application, and region.
Based on type, the shape memory polymers segment contributed to the highest market share in 2019, accounting for more than two-fifths of the total market share, and is projected to maintain its lead during the forecast period. Moreover, the self-healing polymers segment is projected to register the highest CAGR of 13.1% from 2020 to 2027.
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.
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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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Similar Research Report:
Medical Polymers Market: Global Opportunity and Industry Forecast, 2022 @ https://www.alliedmarketresearch.com/medical-polymers-market
MEDICAL POLYMERS MARKET KEY SEGMENT:
By Type
Resin
Polyvinyl chloride (PVC)
Polypropylene (PP)
Polyethylene (PE)
Polystyrene (PS)
Polycarbonate (PC)
Polyetheretherketones (PEEK)
Hydrogel (Acrylate)
Others (Including ABS, PMMA and PET)
Elastomer
Styrenic block copolymer (SBC)
Rubber latex
Others (Including TPU, TPV and TPO)
Biodegradable
Plastics
By Application
Devices
Surgical Instruments
Diagnostic Equipment
Others
Implant
Orthopaedic Implants
Electronic Implants
Dental Implants
Disposables
Packaging
By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Rest of LAMEA
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