IMARC Group, a leading market research company, has recently releases report titled “Smart Polymers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global smart polymers market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the smart polymers market?
The global smart polymers market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.7 Billion by 2028, exhibiting a growth rate (CAGR) of 15% during 2023-2028.
What are smart polymers?
Smart polymers, or stimuli-responsive polymers, undergo physical or chemical changes in response to external changes in environmental conditions, including temperature, light, electric or magnetic field, mechanical stress, pH, ligands, or enzymes. Due to their versatility and tunable sensitivity, smart polymers find extensive application in the biomedical field, controlled drug delivery and tissue engineering.
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What are the growth prospects and trends in the smart polymers industry?
The market is primarily driven by the increasing usage of smart polymers in the automotive industry for manufacturing a broad range of interior and exterior components. Additionally, the demand has escalated due to the adoption of smart polymers in the biomedical and healthcare sectors. For instance, shape memory polymer, a smart polymer, is widely used for cell therapy and precision medicine due to its biocompatibility levels. Besides this, smart polymers are widely utilized in producing self-healing and color-changing components and systems. Furthermore, there has been increasing demand for biomedical devices and products, such as ventilators and face masks, with the coronavirus disease (COVID-19) outbreak, which is also creating a positive market outlook across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Shape Memory Polymers
- Electroactive Polymers
- Self-Healing Polymers
- Others
Breakup by Stimulus:
- Physical Stimuli Responsive
- Chemical Stimuli Responsive
- Biological Stimuli Responsive
Breakup by Application:
- Textile
- Automotive
- Electrical and Electronics
- Biomedical and Biotechnology
- Nuclear Energy
- Others
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Akzo Nobel N.V.
- Autonomic Materials Inc.
- BASF SE
- Covestro AG
- Dow Inc.
- Evonik Industries AG
- Huntsman International LLC
- Merck KGaA
- Nippon Shokubai Co. Ltd.
- Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
- SMP Technologies Inc
- Solvay S.A.
- The Lubrizol Corporation.
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