According to Custom Market Insights (CMI), the Global Smart Polymer Market size was estimated at USD 4.08 Billion in 2021 and is expected to hit around USD 10.08 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 12.53% from 2022 to 2030.
Smart polymers are also known as functional polymers and stimuli-response polymers are high-performance polymers that undergo changes according to external environmental factors. For instance, Ista and Lopez employed poly(N-isopropyl acryl-amide) (PNIPAAM), which undergoes rapid and reversible changes in response to external environmental factors such as PH, temperature, climate, light, and among others. The properties of smart polymers are tough, easy to process, resilient, flexible, and biocompatible. It finds a wide range of applications in various end-use industries such as automotive, electronics, textile, biotechnology, nuclear energy, and many others.
Browse the full “Smart Polymer Market Size, Trends and Insights By Stimulus Type (Physical, Chemical, Biological, Others), By Application (Biomedical & biotechnology, Automotive, Electrical & Electronics, Textile, Nuclear Energy, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/smart-polymer-market/
The growing use of smart polymer in the automotive sector will aid the market growth
Technological advancement, upgradation in new product developments, spurring auto components and OEM manufacturing industry, and others have enhanced the performance of smart polymers during the forecast period. Smart polymers are widely employed on the interior, and exterior auto components and mainly involve actuating valves, fiber composites, automated wipers, self-heating bumpers, and others.
In addition, an increase in the production rate of OEM manufacturing devices has also contributed to the growth of smart polymers. For instance, according to a report published by India Brand Equity Foundation, in January 2021, from FY16 to FY20, the automotive components industry registered a CAGR of 6%, reaching US $ 49.3 billion in FY20, with exports growing at a CAGR of 7.6% during FY16 -FY20 to reach US$ 14.5 billion in FY20. This factor is anticipated to enhance the overall demand for smart polymers in the growing automotive industry.
Side effects associated with smart polymers
However, there is a lack of requirement of high tech technology and chemical compatibility for the formulation of polymers, which is one of the restraining factors for the smart polymer market. Furthermore, habitual exposure to smart polymers may have adverse effects on humans such as skin infection, nausea, headache, and others is also likely to restrict market expansion.
Robust demand from the biomedical sector
Biocompatibility and stability attributes of smart polymers have gained popularity in the biomedical field, where it is used in drug delivery systems, therapeutic agents, tissue engineering scaffolds, cell culture supports, bioseparation devices, sensors or actuator systems, and others. These factors are expected to increase the potential sales of smart polymers in the upcoming years.
The fluctuation in the prices of smart polymers may act as one of the challenging factors during the forecast period. In addition, the installation of high-tech nano-technology for smart polymers are some of challenging the manufacturer thus, the market.
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On the basis of stimulus type, the segment is biological, chemical, and physical.
The physical stimuli-based smart polymers are extremely sensitive to external physical factors such as PH, temperature, radiation, light, and others. Physical stimulus-based smart polymers are extensively used in biomedical & biotechnology sectors owing to their sensitive sensor touch. This factor is expected to enhance the overall growth of physical stimulus-based smart polymers during the forecast period. In addition, biological and chemical stimulus-based smart polymers also showed significant growth during the forecast period. Biological-based smart polymers are responsive to enzyme, receptors, rugs, and others owing to which it finds applications in chemical, biomedical, and research and development sectors.
On the basis of application, the segment includes biomedical & biotechnology, automotive, textile, electrical & electronics, textile, and nuclear energy. It is expected that the global textile segment to hold a dominant position during 2022 -2031 with a total share of 14.78%.
Factors such as the increasing young population, adoption of western culture, and increasing fashion consciousness among individuals of both developed and developing economies have led the textile sector to witness significant growth where smart polymers, including thermal, moisture, light-responsive polymers, and pH-responsive hydrogels, have been applied to textiles to improve or achieve smart textile functionalities. These factors are projected to grow smart polymer during the forecast period.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
North America is the dominant region in the smart polymer market. This region is also anticipated to maintain its dominance throughout the forecast period, with a total market share of 42.78%. Countries such as the U.S., Canada, and Mexico have enhanced the performance of the smart polymers market. In addition growing medical industry, advancements in medical devices, and government support for R&D activities have escalated the potential sales of smart polymers.
Biological and physical stimulus-based smart polymers are extensively used in medical devices, and cell culture supports, bioseparation devices, sensors, and actuator systems. This factor is responsible for the growth of the smart polymers market. In addition, the growing automotive and textile industry has positively escalated the demand for smart polymers in the North American region.
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