Smart Polymers Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis and Forecast 2020-2027

The global smart polymers market size surpassed US$ 6.50 Bn in 2019 and expected to reach US$ 26 billion by 2027 with a CAGR of 13% during the forecast period 2020 to 2027.

The market growth can be primarily attributed to increasing focus on research and development activities, high adoption of smart polymers across the biomedical field, expanding automotive sector, and rising demand for advanced packaging materials. Market players should focus on research and development, along with exploring the potential of mergers and acquisitions to expand their presence in the global market.

In terms of type, the physical stimuli segment accounted for the major share of the global smart polymers market in 2019. The increase in demand for polymers that are highly sensitive to change in temperature, electric potential, ultrasound, UV radiation, and magnetic field is a major factor driving the physical stimuli segment of the global smart polymers market. In terms of application, the biomedical & biotechnology segment held a significant share of the global smart polymers market in 2019. Technological innovation in the biomedical field is a prominent factor driving the biomedical & biotechnology segment of the global smart polymers market.

Rise in Demand for Advanced Packaging Materials to Drive Smart Polymers Market

• Demand for advanced packaging materials has been increasing significantly over the last few years, as these materials offer several benefits over traditional packaging materials. These advantages include moisture control and oxygen scavenging. Growth in consumption of advanced packaging materials can be ascribed to changes in consumer habits, introduction of new quality and safety requirements, and implementation of new regulations in the food supply chain (food transport, distribution, and storage).
• Polymers need to be reinforced with nanomaterials in order to impart active or smart properties to polymeric packaging films. This in turn is anticipated to fuel the demand for smart polymers.
• Smart polymers offer several benefits. They help monitor the condition of packaged food or contribute to pre-serving and extending its shelf life. These properties of smart polymers are driving their adoption as packaging materials. Thus, increase in demand for advanced packaging materials is expected to propel the global smart polymers market during the forecast period.

Major Drivers of Smart Polymers Market

The demand for novel drug delivery systems has been increasing significantly due to the prohibitive cost of developing new drug entities, expiration of existing international patents, discovery of new polymeric materials suitable for prolonging the drug release, and improvement in therapeutic efficiency. Traditionally, drugs have been encapsulated using lactic acid polymers. However, of late, lattice-like matrices have been employed to hold the drug of interest by integrating or trapping it between polymer strands. Smart polymers are gaining traction in drug delivery systems due to modulated or pulsating drug release pattern to mimic the biological demand. These operate fully automatically, without the need of additional sensors, transducers, switches, or pumps.

Smart polymers are inexpensive, reduce dosing frequency, lower side effects, and provide improved stability. These properties of smart polymers are boosting their adoption in drug delivery systems. Thus, increase in demand for novel drug delivery system is likely to create opportunities for the global smart polymers market during the forecast period.

Growing Popularity of Stimuli-responsive Smart Polymers to Drive Global Market

Over the past couple of decades, the development of stimuli-responsive polymers has gained considerable traction. Moreover, in due time, the potential of various stimuli have been explored as a trigger for smart polymers, and are increasingly being used in creative ways. While pH-sensitive polymers were one of the first stimuli-responsive polymers to gain popularity, their adoption continues to grow across the world in the current scenario as well. One of the most recent advancements that have gained momentum across the global smart polymers market is the increasing focus on understanding the nuances of mechanoresponsive polymers. Researchers are increasingly inclining toward assessing targeted mechanical bond cleavage or rearrangement to transform normal polymers into smart polymers– a factor that is estimated to boost the growth of the global smart polymers market. In addition, self-immolative polymers are one of the many classes of smart polymers that have garnered considerable attention over the past few years. The growing popularity of stimuli-responsive smart polymers and consistent advancements in synthetic polymer chemistry are likely to drive the global smart polymers market during the assessment period.

Demand from Automotive Sector to Drop, Adoption from Biomedical Sector to Rise in 2020

The outbreak of the novel COVID-19 pandemic is expected to have a short-term impact on the overall growth of the global smart polymers market. The demand from the automotive sector is projected to decline by a notable margin, as the major automotive hubs around the world were compelled to shut down due to lockdown restrictions, and restrictions on cross-border trade and transportation. However, the demand for smart polymers from the medical field is anticipated to have grown in 2020, as research and development activities pertaining to the potential benefits of smart polymers in curbing the transmission of the novel coronavirus have increased. Thus, the market growth in 2020 is expected to remain lower than the initial projections and gradually gain momentum toward the first quarter of 2021.

Soaring Adoption of Smart Polymers in Biomedical Field to Augment Market Growth

Over the past couple of decades, smart polymeric materials with self-healing, shape memory, and stimuli-responsive behavior are increasingly being used across the biomedical field. The favorable properties of smart polymers have played an imperative role in increasing the demand for the same in precision medicine. Research and development activities continue to explore the mechanism, compositions, and application of various smart polymeric materials in the biomedical field. Self-healing polymers are a type of smart polymer that is increasingly being used in a range of biomedical applications as self-healing polymers mimic extracellular matrix exceptionally well. While self-healing and stimuli-responsive smart polymers are gaining popularity, shape memory polymers have gradually emerged as one of the most popular types of smart polymers in recent times. Shape memory smart polymers are primarily used for cell therapy and precision medicine due to the required biocompatibility levels– another factor that is expected to boost the adoption of smart polymers in the biomedical field, thus driving the smart polymers market.

Key Partnerships and Contracts in Smart Polymers Market

In August 2020, BASF SE announced that it had signed an agreement to acquire Solvay’s polyamide business. The acquisition of Solvay’s polyamide business is estimated to enable BASF to enhance its R&D capabilities in Asia Pacific with new technologies, technical expertise, and upgraded material and part testing services. BASF SE plans to integrate the R&D centers from Solvay into its existing R&D facilities in Shanghai, China, and Seoul, South Korea. Enhanced capabilities are anticipated to consolidate BASF SE’s position as a solution provider to develop advanced material solutions for key industries.

North America Leads Smart Polymers Market

North America dominated the global smart polymers market in 2019. The U.S. dominated the smart polymers market in North America in 2019. The dominance of the U.S. in the smart polymers market in the region can be ascribed to the surge in demand for stimuli responsive materials in several end-use industries such as biotechnology, electronic, and automotive. The smart polymers market in Asia Pacific is anticipated to expand during the forecast period. China is the leading country in Asia Pacific in terms of consumption of stimuli-responsive polymers. The growth in consumption of smart polymers in China can be ascribed to the increase in focus on adoption of biodegradable packaging materials in the country.

Competition Landscape

The global smart polymers market is dominated by several local and national players. Thus, the smart polymers market is fragmented. Prominent players operating in the global smart polymers market include BASF SE, The Lubrizol Corporation, Evonik Industries AG, Croda International plc., Clariant AG, Covestro AG, Spintech Holdings Inc., Airex AG, Nanoshel LLC, MedShape, Inc, Autonomic Materials, Inc., and SMP Technologies Inc.

Market Segmentation

By Type

• Physical Stimuli
  • Thermo-responsive
  • Photo-responsive
  • Pressure-responsive
  • Electroactive & Magnetically-responsive Polymers
  • Others
• Chemical Stimuli
• Biological Stimuli
  • Enzymes & Biomolecules
  • Self-healing Polymers
  • Others  (Including Double & Multi Stimuli Responsive Polymers)

By Application

• Biomedical & Biotechnology
  • Smart Drug Delivery Systems
  • Tissue Engineering
  • Bioseparation
  • Biocatalyst
  • Others
• Others
  • Textile
  • Electricals & Electronics
  • Automotive
  • Energy & Power

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia & CIS
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • ASEAN
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

Scope of the Report

The latest study collated and published by Vision Research Reports analyzes the historical and present-day scenario of the global smart polymers market to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the growth of the smart polymers market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the smart polymers market will progress during the forecast period of 2020 to 2027.
The report offers intricate dynamics about the different aspects of the smart polymers market that aid companies operating in the market in making strategic development decisions. VRR’s study also elaborates on the significant changes that are anticipated to configure the growth of the smart polymers market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the smart polymers market, and estimate statistics related to the market progress in terms of value (US$ Mn) and volume (kilo tons).
This study covers a detailed segmentation of the smart polymers market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the smart polymers market, wherein various development, expansions, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered

The report provides detailed information about the smart polymers market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in smart polymers, so as to help them make successful strategies and take target-driven decisions.

• Which type segment of the smart polymers market will emerge as a major revenue generator during the forecast period?
• Which application is expected to have maximum potential for smart polymers during the forecast period?
• How are key market players successfully earning revenues in the competitive global smart polymers market?
• What will be the Y-o-Y growth of the smart polymers market between 2020 and 2027?
• What are the winning imperatives of market frontrunners in the smart polymers market?

Research Methodology

The research methodology adopted by analysts for combining the smart polymers market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the smart polymers market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the smart polymers market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the smart polymers market.