The global smart polymers market is expected to grow at a CAGR of around 16% during the forecast period of 2019-2024, as per Research and Markets.com. The major factors driving the growth of the market studied are the increasing application of shape memory polymer in the automotive and textile industry, increasing need for efficient drug delivery system, and the development of smart biopolymers. On the flipside, the high cost of technology and the development of smart polymers is hampering the growth of the studied market.
Key Highlights include:
- * Thermo-responsive polymers segment dominated the market in 2018 and is likely to grow during the forecast period, owing to its increasing demand for application as a smart biomaterial.
- The increasing awareness about smart polymers in Latin America and Middle-East & Africa, incorporation of smart polymers in 3D printing, and use of self-healing polymers for soft robots are likely to provide opportunities for the studied market during the forecast period.
- North America dominated the market across the globe, where the growth of the studied market is driven by huge demand for smart polymers for application in healthcare, textile, automotive, robotics, and other industries.
Major Market Trends include:
* Automotive Segment to Dominate Market Demand
- In automotive industry smart polymers finds a wide range of applications, ranging from reconfigurable storage bins, seat assemblies, energy absorbing assemblies, hood assemblies, vehicles structures, to airflow control systems, releasable fastener systems, and adaptive lens assemblies.
- Moreover, they have used in vehicle airflow control systems that consist of an activation device made up of shape memory polymer materials. It controls the airflow based on environmental changes and helps in better performance of vehicle drag and cooling or heating exchange.
- Though the automotive production witnessed a decline in 2018 by 1.1%, factors such as increasing investments into the sector to increase production, continuous efforts of the automakers to develop & launch new cars, and efforts towards development & promotion of electric vehicles of the industry are likely to drive the growth of the automotive industry.
- Asia-Pacific is already witnessing numerous investments by the global automakers, like BMW, Hyundai Motors, and Honda into the automotive industry to increase production, and cater to the increasing automotive demand of the masses in the region.
- Therefore, with such investment trends and the expected increase in output of the automotive industry, the demand for smart polymers market is also expected to increase during the forecast period.
* North America to Dominate the Global Market
- In North America, the demand for smart polymers continues to remain high due to continuously increasing research initiatives for the implementation and commercialization of smart polymers.
- United States has the largest share in the global healthcare market and rapid growth of the medical industry in the nation is expected to augment the demand for smart polymers.
- The country is highly advanced in the field of drug delivery, and development of advanced medical technologies, which creates huge demand for smart polymers in the country.
- Furthermore, rise in adoption of smart polymers in diverse applications such as drug delivery, food & drug packaging, tissue engineering, and robotics are the major factors that boost the market growth in the country in the forecast period.
- Besides, the demand for smart polymers in Canada and Mexico is expected to be driven by the strong demand from automotive, robotics, packaging, and healthcare industry in the country.