According to the report published by Allied Market Research, the global smart polymers market garnered $4.0 billion in 2019, and is estimated to generate $9.9 billion by 2027, witnessing a CAGR of 12.1% from 2020 to 2027. The report provides an extensive analysis of changing market trends, top winning strategies, key segments, Porter’s Five Forces, and business performance of key market players.
Utilization in the automotive industry, surge in need for
efficient drug delivery system, and its characteristics of providing reversible
phase transitions drive the growth of the global smart polymers market.
However, high cost associated with smart polymers hinders the market growth. On
the other hand, wide array of applications in the biomedical field such as
tissue engineering scaffolds, delivery systems of therapeutic agents, cell
culture supports, and sensors or actuators systems present new opportunities in
the coming years.
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Covid-19 Scenario:
- There
has been a considerable increase in demand of biomedical devices and
related products such as ventilators and face masks in which shape memory
polymers and self-healing polymers are used. These products are effective
in avoiding transmission and treatment of affected patients.
- The
production of N-95, one of the effective face masks to prevent infection,
rose considerably as the pandemic hit the world. Consequently, the demand
for smart polymers increased.
- However,
the demand from the automotive industry has been declined as production
activities of electric vehicles and other automobiles have been halted due
to lockdown enforced by governments.
- Majority
of skilled workers from the manufacturing plants have migrated to their
hometowns. Owing to non-availability or less availability of workforce,
the production of smart polymers has been affected
considerably.
The report offers a detailed segmentation of the global smart
polymers market based on type, stimulus, application, and region.
Based on type, the shape memory polymers segment contributed to
the highest market share in 2019, accounting for more than two-fifths of the
total market share, and is projected to maintain its lead during the forecast
period. Moreover, the self-healing polymers segment is projected to register
the highest CAGR of 13.1% from 2020 to 2027.
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Market: https://www.alliedmarketresearch.com/request-for-customization/2154?reqfor=covid
Based on stimulus, the physical stimuli responsive segment held
nearly half of the global smart polymers market share in 2019, is expected to
maintain its dominant position throughout the forecast period. However, the
chemical stimuli responsive segment is expected to portray the largest CAGR of
12.7% during the forecast period.
Based on region, North America
accounted for the highest share of the global market, holding nearly one-third of the total share
in 2019, and will maintain its leadership status during the forecast period.
However, Asia-Pacific is projected to witness the fastest CAGR of 13.3% from
2020 to 2027.
Leading players of the global smart polymers market include BASF
SE, SABIC, Covestro AG, Nouryon, Solvay SA, Evonik Industries AG, Autonomic
Materials, Inc., Merck KGaA, Berkshire Hathaway, Inc., and Medshape, Inc.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service
market research and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market Research provides global enterprises as well as
medium and small businesses with unmatched quality of "Market Research
Reports" and "Business Intelligence Solutions." AMR has a
targeted view to provide business insights and consulting to assist its clients
to make strategic business decisions and achieve sustainable growth in their
respective market domains. AMR offers its services across 11 industry verticals
including Life Sciences, Consumer Goods, Materials & Chemicals,
Construction & Manufacturing, Food & Beverages, Energy & Power,
Semiconductor & Electronics, Automotive & Transportation, ICT &
Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with
various companies and this helps us in digging out market data that helps us
generate accurate research data tables and confirms utmost accuracy in our
market forecasting. Each and every data presented in the reports published by
us is extracted through primary interviews with top officials from leading
companies of domain concerned. Our secondary data procurement methodology
includes deep online and offline research and discussion with knowledgeable
professionals and analysts in the industry.
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