Smart Polymers Market Expected to Reach $9.9 Billion by 2027

According to a new report published by Allied Market Research, titled, “Smart Polymers Market: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global smart polymers market was valued at $4.0 billion in 2019 and is projected to reach $9.9 billion by 2027, growing at a CAGR of 12.1% from 2020 to 2027.

Smart polymer is a subject of great interest for institutional and industrial research. Properties of these polymers such as shape, mechanical properties, phase separation, permeability, and electrical properties change in response to small variation in environmental conditions. These polymers are widely used in biomedical & biotechnology applications such as drug delivery, tissue engineering, and cell culture support. The extensive research and novel qualities of these polymers has shown significant growth in the smart polymers market, and are expected to provide lucrative opportunity in the near future.

The growth of the global smart polymers market is driven by rise in need for efficient & economical drug delivery system, innovative use of smart polymers in the automobile industry, and significant reversible phase transition property of smart polymers. Development of smart polymers from renewable feedstock and increase in awareness about smart polymers in future are expected to provide significant growth opportunities to the industry players. 

However, factors such as low cost of smart polymers as compared to conventional polymers are expected to hinder the growth of the market. In addition, rise in growth of healthcare sector has led to increase in demand for smart polymers as these polymers are biocompatible and can help achieve long-term service life of medical devices. This is expected to provide lucrative opportunities for the market to grow in near future. 

Based on stimulus, the smart polymers market size is segmented into physical stimuli responsive, chemical stimuli responsive, and biological stimuli responsive. Physical stimuli responsive is the leading segment
which is sensitive to environmental factors such as temperature, light, electric field, magnetic field, and mechanical stress, which are widely used as safe polymers in drug delivery and biomaterials.

Based on type, the smart polymers market is segmented into shape memory polymer, electroactive polymer, self-healing polymer, and others. Shape memory polymer type segment generated the highest revenue in 2019, with more than two-fifths of the total market share, followed by self-healing polymer segment. Shape memory polymers retain their original shape at the culmination of the environmental stimulus. These polymers are used in wide range of applications such as surgical fixation, telecommunication, clothing, automotive, and robotics. 

Based on application, the smart polymers market is segmented into biomedical & biotechnology, textile, automotive, electrical & electronics, Nuclear energy, and others. The biomedical & biotechnology application segment dominated the global market with more than two-fifths of the global smart polymers share in 2019. Smart polymers are used in multiple biomedical applications such as drug delivery, tissue engineering, bio-separation, biocatalyst, and others.

Based on region, the smart polymers market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounts for a major smart polymers market share in 2019, and is expected to maintain its lead position during the forecast period, owing to increase in research activities and growth in technological advancement for biomedical application. Asia-Pacific is expected to continue its dominance during the analysis period in terms of volume and revenue, since it is a hub for consumer electronics manufacturing.

COVID-19 Analysis:

• Due to COVID-19 outbreak, the industrial manufacturing activities has been hampered globally. Smart polymers are widely used in automotive, textile, and electrical & electronics industries. These industries have halted their operations due to disrupted supply of raw materials amid shutdown declared by the government of various countries to prevent the transmission of corona virus. This is likely to decrease the demand for smart polymers till the industrial activities across these sectors resume.
• The self-healing smart polymers are broadly used in consumer electronics industry to heal the micro cracking of polymer composite electronic components and circuit boards occurred due to electrical and mechanical failures. The demand for self-healing smart polymers is expected to decline due to decline in production of consumer electronics owing to lockdown amid COVID-19.
• According to ITC Ltd., lifestyle changes amid COVID-19 outbreak are creating a new normal as consumer-based demand for frozen, dairy, and packaged food has risen by approximately 25.0%-30.0% as compared to the pre-COVID period. Due to this, the demand for bio-based smart materials for food packaging has been surged, in turn, driving the consumption of smart polymers.

Key Findings Of The Study

• In 2019, North America dominated the global smart polymer market with around 36.0% of the share, in terms of revenue. 
• Chemical stimuli responsive segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 12.7% from 2020 to 2027.
• Asia-Pacific is projected to grow at a highest CAGR of 13.3%, in terms of value. 
• Textile application segment is projected to grow at the highest CAGR of 14.2%, in terms of revenue. 
• Self-healing type segment shows the highest growth rate, in terms of revenue, registering a CAGR of 13.1%. 

The key players operating in the global smart polymers industry include BASF SE, Covestro AG, SABIC, Autonomic Materials, Inc., Nouryon, Evonik Industries AG, Berkshire Hathaway, Inc., Merck KGaA, Solvay SA, and Medshape, Inc.