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[PDF] Smart Polymers Market: Growth Set To Surge Significantly CAGR 12.1% from 2020 to 2027
Smart Polymers Market
Access Full Summary at: https://www.alliedmarketresearch.com/smart-polymers-market
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.
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.
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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.
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.
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