Global Smart Polymers Market to Reach US$ 3.7 Billion by 2028, Catalyzed by Emerging Applications in the Healthcare Industry

The latest report by IMARC Group, titled “Smart Polymers Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global smart polymers market size reached US$ 1.6 Billion in 2022. Smart polymers, also called stimuli-responsive polymers or intelligent materials, are high-performance polymers that exhibit unique characteristics according to external conditions or the surrounding environment. They undergo large, reversible, and rapid physical or chemical changes in response to slight alterations in environmental conditions. They are generally sensitive to factors, such as temperature, pH, light, humidity, magnetic or electric field, ionic strength, and biological molecules that respond by changing color, shape, adhesiveness, and water retention properties. As a result, smart polymers are widely used in sensors, actuators, hydrogel production, biodegradable packaging, tissue engineering, and biomedical applications due to their excellent versatility and tunable sensitivity.

Global Smart Polymers Market Trends:

The emerging product applications across the healthcare industry represent the primary factors driving the market growth. For instance, smart polymers are extensively employed in smart drug delivery systems as they reduce dosage frequency, lower side effects, ensure drug stability, and enable monitoring of the medication level. Additionally, there has been widespread adoption of smart polymers in medical devices, pharmaceuticals, and gene therapy. Besides this, the growing need for biomedical devices and products, including ventilators and face masks, amid the recent coronavirus disease (COVID-19) outbreak has augmented the product demand. Furthermore, there has been escalating demand for smart polymers to manufacture interior and exterior automotive components, such as automated wipers, airbag sensors, fiber composite tires, self-healing bumpers, actuated valves, and fluid shock systems. Moreover, the rising product usage to fabricate thermo-sensitive, shape-changing, color-changing, pH-responsive, and electronic textiles has catalyzed the market growth. Other factors, including the surging demand from the military sector for manufacturing light-sensitive and camouflage fabrics, increasing biotechnological applications, rising incorporation in 3D printing, and ongoing research and development (R&D) activities, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 3.7 Billion by 2028, growing at a CAGR of 15% during the forecast period (2023-2028).

Market Summary:

• Based on the type, the market has been divided into shape memory, electroactive, self-healing, and other polymers. 
• On the basis of the stimulus, the market has been categorized into physical, chemical, and biological stimuli responsive. 
• The market has been segregated based on the application into textile, automotive, electrical and electronics, biomedical and biotechnology, nuclear energy, and others. 
• Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being 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., and The Lubrizol Corporation.

Report Scope:

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