Press release
Smart Polymers Market by Growth, Emerging Trends and Forecast by 2024-2033
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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The shape memory polymers segment dominated the market
By type, the shape memory polymers segment held the largest share in 2019, accounting for more than two-fifths of the global smart polymers market, due to increase in use of smart polymers in surgical fixation, aviation, telecommunication, medical, clothing, automotive, and robotics. However, the self-healing polymers segment is projected to portray the highest CAGR of 13.1% during the forecast period, owing to its inbuilt capability to substantially recover their load transferring ability after damage.
The textile segment to manifest the highest CAGR through 2027
By application, the textile segment is expected to portray the highest CAGR of 14.2% during the forecast period, owing to surge in demand for smart polymers because of their innovative functionalities including aesthetic appeal, comfort, fantasy design, and protection against extreme environmental variations. However, the biomedical & biotechnology segment held the largest share in 2019, accounting for more than two-fifths of the global smart polymers market, due to growing application in the biomedical & biotechnology sector to maintain the stability of drug, the drug level in the therapeutic window, and ease of production.
๐๐๐ญ ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐จ๐ง ๐ญ๐ก๐ ๐๐ฆ๐๐ซ๐ญ ๐๐จ๐ฅ๐ฒ๐ฆ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ @ https://www.alliedmarketresearch.com/request-for-customization/2154
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.
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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