The smart polymers market growth is expected to grow with a CAGR of 12.1% during the forecast period
Smart Polymers Market Overview
Smart polymers are considered intelligent materials that are specially characterized by their performance and characteristics. The smart polymers market growth is expected to grow with a CAGR of 12.1% during the forecast period, owing to the increasing economic condition of the developed countries. The increasing urbanization and the advent of convenient technologies into various sectors have prepared the mindset of the potential consumers. The increasing medical emergencies and casualties are also presenting favorable conditions for obtaining smart polymers in the medical sector. The advancing and customized medical gadgets, drug delivery systems, and others sectors are propelling the overall growth of smart polymers market value in recent years.
Countries like Europe are also investing heavily in the automotive industry and are bringing advanced technologies to the region. Therefore the demand for smart polymers is increasing across the automotive industry as well.
COVID 19 Analysis:
Like other industrial sectors, the production processes of the smart polymers market were also facing issues during the pandemic. The burgeoning demand for ventilators, artificial teeth, bones, and pacemakers during the pandemic has increased the demand for self-healing and memory regaining polymers during the pandemic. Such factors have impacted the overall growth of the smart polymers industry. However, the demand for the automotive industry and the production sectors has been affected due to the stringent regulations imposed by the government. The change in preferences of the consumers also played a crucial role in the decline of the automotive industry. Although the role of smart polymers in the automotive industry, especially in manufacturing energy absorbing assemblies, hood assemblies, vehicle structure, release fastening systems, and much more, the reduced demand across the automotive industry has impacted the growth of the smart polymers market negatively. However, after the relaxation of the regulations and the vaccination awareness across the globe, the automotive industry has picked up its pace and thereby expected to propel the smart polymers market growth during the forecast period.
Smart polymers contain favorable characteristics such as tough, easily processible, resilient, flexible, and biocompatible. They don’t get degraded or get damaged easily. Such factors have helped several end-user industries to adopt them in their key applications. Therefore they are used in the manufacturing of smart materials such as smart textiles, sensors, actuators, phase change materials, and much more. The increasing demand for these products is propelling the smart polymers market.
The advancement in the technologies and the changing preferences of the consumers towards, automation, high-end machines, and technical gadgets owing to the increasing disposable income and increasing economic conditions are considered as the major drivers of smart polymers market.
The varied applications under the healthcare sector and the automotive industry in recent years are expected to boost the overall growth of the smart polymers industry during the forecast period. The controlled drug delivery systems, precision medicine prescription, drug carriers, wound dressing and other key applications are some of the major drivers of smart polymers market.
Moreover, the potential characteristics of the smart polymers market that include, biocompatibility, long-service time over conventional polymers, and don’t exhibit side effects are also propelling the end-user industries to adopt the smart polymers. Such factors are expected to increase the smart polymers' market value during the forecast period.
The increasing medical emergencies and the advancement in the medical industry have led to the growth of automatic drug delivery systems. For instance, the smart drug delivery systems have been developed into a fully-automatic system without the need for human intervention, where it operates with additional sensors, switches, and pumps. Such increased convenience and effectiveness have propelled the medical practitioners to adopt the technology thereby presenting favorable conditions for the growth of the smart polymers industry.
The health-related concerns associated with smart polymers in the production sector and disposals are expected to hinder the smart polymers market size. Several countries are imposing stringent regulations that restrict the usage of non-biodegradable polymers.
The utilization of conventional polymers in several applications is expected to hinder the overall growth of the smart polymers industry. Since several end-user industries are satisfied with the performance of the conventional polymers due to the cost-related issues and are reluctant in adopting the advanced technologies involved in the production of smart polymers.
The production of the polymers and the technology involved are cost-intensive and are considered as the major challenge for the overall growth of the smart polymers industry.
The smart polymers that possess higher molecular weight are difficult to be tested in clinical trials and this has restricted their adoption in the key applications or get it approved. This factor is considered as the major challenge for the overall growth of the smart polymers industry.
Cumulative growth analysis:
The market value of the smart polymers industry was at USD 4.0 billion in the year 2019 and it is expected to surpass the market value of over USD 9.9 billion by the year 2027 while registering a CAGR of 12.1% during the forecast period. The smart polymers market is highly influenced by the growth of the automotive industry and the medical sector, especially the drug delivery system in the medical sector. The key applications of the biomedical field such as tissue engineering, therapeutic agents, and genetic engineering are burgeoning the smart polymers market in recent years. The ongoing research in the medical industry and the advancements in the treatment and customizing them according to the patients are also propelling the overall growth of the smart polymers industry.
For instance, in the automotive industry, smart polymers are intensively utilized in the key components of the vehicles such as composite tires, fluid shock systems, actuating wires, automated wipers, airbag sensors, and significant others. The intensive investment made in the automotive industry across the globe and the growing demand is expected to boost the smart polymers market during the forecast period.
Value chain analysis:
The application of smart polymers is increasing across varied industrial verticals as it requires only a small variation in temperature, humidity, pH, light, and so on. Among other types, the shape memory polymer sector is expected to have a major growth during the forecast period. This is due to the increasing developments in the industry and the increasing requirements and engineering applications. The key applications such as surgical fixation, telecommunication, medical clothing, and significant others are intensively utilizing the shape memory smart polymers and increasing investment in the medical sector is expected to boost the overall growth of the smart polymers industry during the forecast period. On the other hand, the researches based on the biomedical and biotechnological departments are reliant on safe polymers that are extremely sensitive to physical stimuli. These smart polymers are utilized in the healthcare industry, especially for medical devices, tissue engineering, drug delivery systems, and pharmacies.
The medical treatments have evolved in recent years, and medical practitioners are involved in taking up precision medicine practices. The precision medication practices involve taking the details of the patients including genetic and environmental conditions. Since smart polymers exhibit biocompatibility, adjustability, and other favorable characteristics, they are used in the progress of precision medicine. Additionally, the role of shape-memory materials in 3D bioprinting in the manufacturing of medical devices that are customized for the patients are some of the key advancements in the medical sectors that are projecting the overall growth of the smart polymers industry in recent times.
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The Global Smart Polymers Market Share by Application:
North America is expected to have a healthy growth during the forecast period ever since it registered the highest market share in the year 2019 regarding the smart polymers industry. North America contains several market players across the region where these potential market players invest in research activities and encourage the commercialization of smart polymers. The growth of the medical sector across the region is expected to affect the overall growth of the smart polymers industry. The emerging medical technologies, advancements in drug delivery, drug packaging, and other sectors under the medical field across the region that utilizes smart polymers are presenting lucrative opportunities for the overall growth of the smart polymers industry.
In the year 2021, the crew from Cambridge University had introduced a jelly-like material that can withstand the pressure of an elephant’s weight. The material had proven to regain its structure and quality and yet exhibit strength. The material contains about 80% of water and is expected to serve bioelectronics, soft robotics, and cartilage replacement procedures.
Dickey and his collaborators had recently introduced materials that consist of over 70% of liquid and possess remarkable mechanical properties. They are called ion gels and they are named so as they contain liquid salts at room temperature. The ion gels don’t dry out and they are electrically and thermally stable. Such favorable characteristics have presented interesting opportunities for future applications.
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|Market Size||2030: USD 2,071.4 Million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Stimulus Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), The Lubrizol Corporation (the U.S.), Spintech LLC (the U.S.), Akina, Inc.(the U.S.), SMP Technologies Inc.(Japan), Evonik Industries AG( Germany), Reactive Surfaces Ltd ( the U.S.), Merck Group( Germany), NEI Corporation(the U.S.)|
|Key Market Opportunities||Strong, resilient, durable and reliable nature.|
|Key Market Drivers||Its extensive use in biotechnology and medicine, drug delivery systems, and others.|
Smart Polymers, also known as stimuli responsive polymers or intelligent materials are made of macromolecules. These polymers react to even a minute change in the environment.
• Biomedical & Biotechnology • Automotive • Electrical & Electronics • Textile • Others
• BASF SE • Covestro AG • SABIC • Autonomic Materials, Inc. • Nouryon
• Shape memory polymers • Electroactive polymers • Self-healing polymers • Others