Report Ocean has recently added a new study on the global smart polymers market in its vast trajectory of market reports. The study is titled “Smart Polymers Market by Type (Shape Memory Polymers, Electroactive Polymers, Self-Healing Polymers, and Others), Stimulus (Physical Stimuli Responsive, Chemical Stimuli Responsive, and Biological Stimuli Responsive), and Application (Biomedical & Biotechnology, Textile, Electrical & Electronics, Automotive, Nuclear Energy, and others): Global Opportunity Analysis and Industry Forecast, 2020-2027.”
According to the research report, the global smart polymers market reached US$4.0 bn in 2019. The opportunity in this market is expected to rise at a CAGR of 12.10% during the period from 2020 to 2027 and touch US$9.9 bn by the end of the forecast period. Unique properties of smart polymers, such as strength, flexibility, biocompatibility, sturdiness, make them applicable in a number of applications, such as drug delivery, tissue engineering, robotics, automotive, electrical and electronics.
Currently, the worldwide smart polymers market is in nascent stage. The increasing need for effective yet economical drug delivery system, innovative usage of smart polymers in the automotive sector, and unique properties of reversible phase of these polymers are driving the growth in this market. However, the high cost of smart polymers in comparison with conventional polymers is likely to hamper this market in the years to come. Nonetheless, technological advancements in medical devices is projected to increase the demand for smart polymers in the near future, states the research report.
Impact of Covid 19 on Global Smart Polymers Market
The demand for smart polymers has been experiencing a downfall during the ongoing Coronavirus pandemic, owing to the disrupted supply chain due to the imposed lockdown and declined production activities in end-use industries. However, the demand for smart polymers will gradually when rise when the restrictions are lifted and the MSME sector resumes its operations.
Europe and North America to Dominate Global Market
The research study has analyzed the global smart polymers market on the basis of the type, stimulus, application, and the region. Geographically, the market has been assessed across Europe, Asia Pacific, North America, and LAMEA, wherein North America and Europe surfaced as the leading regional markets, thanks to the increase in research activities and technological advancements in biomedical field.
Based on the type, the market has been categorized into electroactive polymers, shape memory polymers, and self-healing polymers. In terms of stimulus, the market has been classified into physical stimuli responsive, chemical stimuli responsive, and biological stimuli responsive. Smart polymers are extensively applied in the biomedical and biotechnological, textile, electrical and electronics, automotive, and the nuclear energy sectors, states the study.
The leading players mentioned in this report are BASF SE, Covestro AG, SABIC, Autonomic Materials Inc., Nouryon, Evonik Industries AG, Berkshire Hathaway Inc., Merck KGaA, Solvay SA, and Medshape Inc.
- Technological advancements in medical devices are likely to increase the demand for smart polymers.
- North America and Europe have surfaced as the leading regional markets for smart polymers.
The global smart polymers market is segmented into:
- Shape Memory Polymer
- Electroactive Polymer
- Self-healing Polymer
- Physical Stimuli Responsive
- Chemical Stimuli Responsive
- Biological Stimuli Responsive
- Biomedical & Biotechnology
- Electrical & Electronics
- Nuclear Energy
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Companies Mentioned in the Report
- BASF SE
- Covestro AG
- Autonomic Materials Inc.
- Evonik Industries AG
- Berkshire Hathaway Inc.
- Merck KGaA
- Solvay SA
- Medshape Inc.
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