Press release
Smart Polymers Market Report, Size, Share, Growth, Trends, Industry Analysis, Forecast to 2033
Smart Polymers Market
The new report published by The Business Research Company, titled Smart Polymers Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the smart polymers market size has grown rapidly in recent years. It will grow from $4.75 billion in 2023 to $5.41 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The smart polymers market size is expected to see rapid growth in the next few years. It will grow to $9.26 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
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What Is Driving The Growth Of The Global Smart Polymers Market?
The Impact Of Automotive Industry Growth On The Smart Polymer Market
The growth of the automotive industry is expected to drive the growth of the smart polymer market going forward. The automotive industry encompasses the design, development, manufacturing, marketing, and sale of motor vehicles, including cars, trucks, motorcycles, and their components. The growth of the automotive industry is due to increasing demand for electric vehicles, advancements in autonomous driving technology, and the global push for sustainable transportation solutions. Smart polymers are used in the automotive industry for their ability to adapt to environmental changes, enhancing vehicle performance, durability, and safety through self-healing, shape memory, and responsive functionalities. For instance, in April 2023, according to a report published by the International Energy Agency, a France-based intergovernmental organization, the electric car market is experiencing rapid growth, with sales surpassing 10 million units in 2022. Electric vehicles accounted for 14% of all new car sales in 2022, up from approximately 9% in 2021. By the end of 2023, sales are projected to reach 14 million units, reflecting a 35% year-on-year increase, with a surge in new purchases anticipated during the year's second half. Therefore, the rising growth of the automotive industry is driving the growth of smart polymers.
What Is The Key Trend In The Global Smart Polymers Market?
Innovative Developments In Smart Polymer Technology
Major companies operating in the smart polymer market are focused on developing advanced products, such as polymer spill pads, to ensure effective containment and cleanup of spills while minimizing environmental impact. A polymer spill pad is a specialized absorbent mat made from synthetic polymers designed to contain and absorb spills of liquids, including chemicals and oils. For instance, in April 2023, Justrite Manufacturing Company, a US-based manufacturer of safety products, launched the PetroPad Smart Polymer Spill Pad. The PetroPad Smart Polymer Spill Pad is a revolutionary solution for managing incidental spills, designed to absorb hazardous hydrocarbons and solidify and permanently contain them without any risk of leakage or overflow. Its advanced polymer technology, embedded in a geotextile fabric, transforms hydrocarbons into a non-hazardous, rubber-like compound. It ensures that once absorbed, the hydrocarbons remain securely contained, preventing any leaching or contamination of water. The PetroPad is more user-friendly and cost-effective than traditional absorbent pads, making it an indispensable tool for construction, refueling points, machinery, and maintenance industries.
How Is The Global Smart Polymers Market Segmented?
The smart polymers market covered in this report is segmented -
1) By Type: Physical Stimuli-Responsive, Chemical Stimuli-Responsive, Biological Stimuli-Responsive, Self-Healing Polymers, Other Types
2) By Distribution Channel: Offline, Online
3) By Applications: Medical Devices, Tissue Engineering, Textile, Automotive, Other Applications
4) By End User: Hospitals, Clinics, Other End Users
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How Is The Competitive Landscape Of The Global Smart Polymers Market?
Major companies operating in the smart polymers market are Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), Merck KGaA, Solvay S.A., Covestro AG, Evonik Industries AG, DuPont de Nemours Inc., Akzo Nobel N.V., Arkema S.A., Huntsman Corporation, Avient Corporation, Croda International plc, Nippon Shokubai Co. Ltd., Lubrizol Corporation, Ashland Global Holdings Inc., Justrite, Medshape Inc., Covalent Metrology Services, Autonomic Materials Inc., Echelon Biosciences Inc., SMP Technologies Inc., Spintech Holdings Inc., Nexgenia Inc., Kuraray Co. Ltd., Paragon Polymer Products Pvt. Ltd.
Contents Of The Global Smart Polymers Market
1. Executive Summary
2. Smart Polymers Market Report Structure
3. Smart Polymers Market Trends And Strategies
4. Smart Polymers Market - Macro Economic Scenario
5. Smart Polymers Market Size And Growth
…..
27. Smart Polymers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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