Smart Polymers Market:
As per the GMI Research’s analysis, the Smart Polymers market is projected to grow at a significant rate during the forecast period. This is mainly attributed to the continuous expansion of the healthcare industry along with the advancements in the field of medicine and the increasing use of smart polymers for surgical procedures.
Smart Polymers Market’s leading Manufacturers:
- Evonik Industries AG
- Huntsman International LLC
- The Lubrizol Corporation
- Akzo Nobel N.V.
- BASF SE
- Covestro AG
- I. Du Pont De Nemours and Company
- Merck KGaA
- Natureworks LLC
Smart Polymers Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The expansion of the healthcare industry and the various advancements in medicine, and the increasing usage of smart polymers in efficient drug delivery and surgical procedures are the major factors that contribute to the growth of the global smart polymers market size. As per the World Bank, in 2018, the healthcare expenditure amounted to 9.8% of the world GDP due to the growing emphasis to the various advancements of medical devices used in the treatment, diagnosis, and prevention of diseases around the world. This is projected to surge the market growth in the coming years.
The increasing use of stimuli-sensitive smart polymers in textile, biomedical, automotive, packaging due to various advantages such as higher stability and flexibility is another factor that is responsible for the market growth. Furthermore, the strong demand for shape memory polymer in the textile sector, the thermos-responsive polymer in the automotive sector, and photo-responsive polymers in robotics and electronics sector applications is opening new doors for the market growth.
On the other hand, the high cost of technology development and complex smart polymer production are the two major factors that are hindering the market growth in the coming years. Moreover, the lack of awareness and low clinical implementation of smart polymeric drug delivery systems is further hampering the growth.
Type Segment Drivers
Based on the type, physical stimuli responsive polymers is anticipated to grow at a higher CAGR during the forecast period. This is attributed to the strong demand for thermo-responsive, photo-responsive, magnetically-responsive, and shape memory polymers in different sectors, including automotive, biomedical & biotechnology, textiles, and packaging. Additionally, the increasing adoption of thermo-responsive polymers in intelligent packaging of drinks, electronics, healthcare, food, personal care, automotive, communications, and logistic materials is driving the segment growth.
Regional Drivers
Based on the region, North America is projected to grow at a higher CAGR during the forecast period. The rising focus of the government to improve the healthcare services, along with the strong demand for advanced drug delivery technology among individuals, are the two significant factors that are boosting the regional market growth. As per the U.S. Centres for Medicare & Medicaid Services (CMS), U.S. health care spending increased by 4.6% in 2019, touching $3.8 trillion and the health spending contributed 17.7% of the nation’s Gross Domestic Product. All these factors are further surging the growth of the regional market growth.
Smart Polymers Market Segmentation:
Segmentation by Type:
- Physical Stimuli-Responsive
- Chemical Stimuli-Responsive
- Biological Stimuli-Responsive
- Self-Healing Polymers
- Others
Segmentation by End-Use Industry:
- Biomedical and Healthcare
- Electrical and Electronics
- Textile
- Automotive
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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