Smart Polymers Market Value To Cross $9.9 billion By 2027 | Top Companies and Industry Growth Insights

The smart polymers market is heading towards growth expansion phase over the coming years. This is due to the growth of smart polymers market in Europe and Asia-Pacific owing to rising demand for biomedical devices as a result of rising ageing population. Developing economy such as India witnessed a considerable growth in healthcare and textile sector due to adoption of government policies to encourage the usage of products produced within the county. In addition, growing transmission of COVID-19 across the globe has led to increase in demand for bio medical devices, which is expected to boost the growth of the smart polymers market during the forecast period.

According to a new report published by Allied Market Research, titled, "Smart Polymers Market: Global Opportunity Analysis and Industry Forecast, 2020-2027," the global smart polymers market was valued at $4.0 billion in 2019 and is projected to reach $9.9 billion by 2027, growing at a CAGR of 12.1% from 2020 to 2027.

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Smart polymer is a subject of great interest for institutional and industrial research. Properties of these polymers such as shape, mechanical properties, phase separation, permeability, and electrical properties change in response to small variation in environmental conditions. These polymers are widely used in biomedical & biotechnology applications such as drug delivery, tissue engineering, and cell culture support.

The extensive research and novel qualities of these polymers has shown significant growth in the smart polymers market, and are expected to provide lucrative opportunity in the near future.

The growth of the global smart polymers market is driven by rise in need for efficient & economical drug delivery system, innovative use of smart polymers in the automobile industry, and significant reversible phase transition property of smart polymers. Development of smart polymers from renewable feedstock and increase in awareness about smart polymers in future are expected to provide significant growth opportunities to the industry players.

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COVID-19 Analysis:
• Due to COVID-19 outbreak, the industrial manufacturing activities has been hampered globally. Smart polymers are widely used in automotive, textile, and electrical & electronics industries. These industries have halted their operations due to disrupted supply of raw materials amid shutdown declared by the government of various countries to prevent the transmission of corona virus. This is likely to decrease the demand for smart polymers till the industrial activities across these sectors resume.
• The self-healing smart polymers are broadly used in consumer electronics industry to heal the micro cracking of polymer composite electronic components and circuit boards occurred due to electrical and mechanical failures. The demand for self-healing smart polymers is expected to decline due to decline in production of consumer electronics owing to lockdown amid COVID-19.
• According to ITC Ltd., lifestyle changes amid COVID-19 outbreak are creating a new normal as consumer-based demand for frozen, dairy, and packaged food has risen by approximately 25.0%-30.0% as compared to the pre-COVID period. Due to this, the demand for bio-based smart materials for food packaging has been surged, in turn, driving the consumption of smart polymers.

Key Market Players:
SOLVAY SA, MEDSHAPE, INC., NOURYON, SABIC, BASF SE, AUTONOMIC MATERIALS, INC., EVONIK INDUSTRIES AG, MERCK KGaA, BERKSHIRE HATHAWAY INC., COVESTRO AG

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Key Findings Of The Study
• In 2019, North America dominated the global smart polymer market with around 36.0% of the share, in terms of revenue.
• Chemical stimuli responsive segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 12.7% from 2020 to 2027.
• Asia-Pacific is projected to grow at a highest CAGR of 13.3%, in terms of value.
• Textile application segment is projected to grow at the highest CAGR of 14.2%, in terms of revenue.
• Self-healing type segment shows the highest growth rate, in terms of revenue, registering a CAGR of 13.1%.

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