In 2017, the global smart polymers market size was valued at USD 6.03 billion and is expected to grow significantly in the forecast period owing to its growing number of applications. The smart polymers market is anticipated to witness a strong growth in the forecast period as the demand for environment adaptable materials is increasing for major applications such as biotechnology, textile, automobile, electronics and others.
The global market for the Smart Polymers is anticipated to develop at a compound annual growth rate (CAGR) of 14 % throughout the course of the forecast, to reach US$ 27 Bn by 2030.
.jpg "The Global Smart Polymers Market 2020-2030 (USD Billion)")
Smart polymers, which are also referred as intelligent materials or stimuli responsive materials, have the ability to respond to very slight changes in the surrounding environment. The stimuli include temperature, pH, UV radiation, magnetic or electric field and ionic factors. Their uniqueness lies in the fact that, not only they respond to the stimuli, but also return to the original state on their own. Smart polymers are strong, flexible, and easy to sharpen and color. Thus, smart polymers are used in various applications such as drug delivery, tissue engineering and others, contributing positively to the overall smart polymers market.
There are numerous types of smart polymers; however, temperature sensitive and pH sensitive polymers have shown promising results, thus, having pharmaceutical industry to bring these products into the market. The versatility and unexplored potential of smart polymers force these pharmaceutical industries and other research organizations to explore in the fields of biology, chemistry, medicine and pharmacy, hence, influencing the global smart polymers market positively.
Within the stimuli-type segment, physical stimuli constituted the largest share of 47.6% in 2017 to the total smart polymers market. These segment include polymers that are highly sensitive to change in temperature, electric potential, ultrasound, UV radiations and magnetic field. Demand for these polymers is likely to proliferate owing to the necessity of intelligent materials in the field of biomedical & biotechnology. The biological stimuli responsive segment is expected to witness the fastest growth in the forecast period. The smart polymers act in response to the biological stimuli such as enzymes and receptors. Therefore, the smart polymers market looks promising in future, due to the emerging biological applications such as, protein recombination and purification processes.
Biomedical & biotechnology category utilizes most of the smart polymers as it contributed about 45.5% to the total smart polymers market revenue in 2017. The various biomedical applications of smart polymers include tissue engineering, drug delivery, biocatalyst, bio-separation and others. Furthermore, thee polymers are biocompatible, easy to color and mold. Hence their adoption in biotechnology field is increasing gradually, resulting in overall growth of smart polymers market.
In 2017, North America region had the highest market share for smart polymers. The US is anticipated to be the fastest growing market followed by other North American countries such as Canada and Mexico. The rising demand for smart polymers from automotive, textile and medical is expected to drive the smart polymers market in these countries. The growth in Asia-Pacific region is anticipated to be the fastest due to rapid growth in industrialization in the sectors such as electronics, automobile and textile. Middle-East & Africa is expected to have very slow-paced growth due to lack of product know-how as compared to other regions.
The competitive landscape of global smart polymers market consist of global as well as some regional players including BASF SE, Advanced Biopolymers AS, Nexgenia Corporation, FMC Corporation, Nippon Shokubai, Autonomic Materials, Inc., Covestro AG, Advanced Polymer Materials Inc., Lubrizol Corporation and others. These major players have always looked forward to implement eminent strategies through partnerships, agreements, collaborations and business expansions. Also, the smart polymers market is highly fragmented comprising of both global and regional players present across the key regions of North America, Europe, Asia-Pacific and rest of the world. The products supplied by major producers have higher brand value and thus, could be considered as barrier for new entrants in the smart polymers market.
Smart Polymers Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | US$ 27 Bn |
| Growth Rate | CAGR of 14% during 2020-2030 |
| Segment Covered | By Type, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Lubrizol (US), Dow Chemical (US), Advanced Polymer Materials (Canada), Spintech (US), Akina (US), Reactive Surfaces (US) and NEI Corporation (US) |
Key segments of the global smart polymers market
Stimulus type Overview (USD Billion)
- Physical
- Chemical
- Biological
- Others
Application Overview, (USD Billion)
- Biomedical & Biotechnology
- Drug Delivery
- Tissue Engineering
- Bio-separation
- Biocatalyst
- Automotive
- Electrical & Electronics
- Textile
- Nuclear Energy
- Radiation Detection
- Waste Treatment
- Others
Regional Overview, (USD Billion)
- North America
- Europe
- Asia Pacific
- Rest of the world
Frequently Asked Questions (FAQ) :
The smart polymers market is growing at a CAGR of 14% over the forecast period.
The application of the smart polymers market Biomedical & Biotechnology, Automotive, Electrical & Electronics, Textile, Nuclear Energy and other.
The top companies that hold the market share in smart polymers market are BASF SE, Advanced Biopolymers AS, Nexgenia Corporation, FMC Corporation, Nippon Shokubai, Autonomic Materials, Inc., Covestro AG, Advanced Polymer Materials Inc., Lubrizol Corporation & among others.