Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global smart polymers market size was valued at USD 3.15 billion in 2022 and is projected to surge from USD 3.41 billion in 2023 to reach USD 8.15 billion by 2030, exhibiting a CAGR of 13.2% over the study period. The escalation is driven by the increasing product usage in cell therapy, 3D printing, and medical devices.
This information is provided by Fortune Business Insights™ in its research report, titled “Smart Polymers Market, 2023-2030”.
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List of Key Players Mentioned in the Smart Polymers Market Report:
- The Lubrizol Corporation (U.S.)
- Spintech (U.S.)
- BASF SE (Germany)
- SMP Technologies Inc. (India)
- Autonomic Materials (U.S.)
- Nouryon (Netherlands)
- Covestro AG (Germany)
- Evonik Industries AG (Germany)
- Huntsman International LLC (U.S.)
- DuPont (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 13.2 % |
| 2030 Value Projection | USD 8.15 Billion |
| Market Size in 2022 | USD 3.15 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Smart Polymers Market Growth Drivers | Industry Growth Hampered Due to Interruptions in Production Activities |
| Leading Companies Enter into Partnership Deals to Expand Product Reach |
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https://www.fortunebusinessinsights.com/smart-polymers-market-106860
Segments:
Physical Segment to Record Substantial Surge Driven by Growing Usage in Automotive Sector
By type, the market for smart polymers is subdivided into biological, chemical, physical, and others. The physical segment is estimated to gain notable traction over the forecast period. The rise is driven by the growing product usage in various industries such as automotive, medicine, biotechnology, and others.
Biotechnology & Medicine Segment to Gain Traction Impelled by Rising Demand for Medical Equipment
Based on application, the market is fragmented into textile, biotechnology & medicine, electrical & electronics, automotive, and others. The biotechnology & medicine segment held the highest share in 2022 and is set to depict lucrative growth throughout the estimated period. The surge is on account of the increasing product adoption for advanced treatment.
Based on geography, the market for smart polymers has been studied across North America, Asia Pacific, Europe, and the rest of the world.
COVID-19 Impact:
Industry Growth Hampered Due to Interruptions in Production Activities
The coronavirus pandemic affected the global business driven by a rise in product demand across the healthcare & medical sectors. The period also saw the imposition of lockdown restrictions on the business operations of impacted countries such as the U.S., India, and China. However, regardless of the uncertainties, the market returned to normalization with an increase in medical devices demand.
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Report Coverage:
The report gives an analysis of the major trends augmenting market share over the coming years. It further provides an insight into the vital steps taken by leading industry participants to strengthen their market positions. These data have been furnished post-in-depth research and data collation from credible sources.
Drivers and Restraints:
Market Value to Surge Owing to Growing Polymer Consumption in Biomedical Sector
One of the major factors driving the smart polymers market growth is the rising product consumption in the biomedical sector. The products exhibit excellent properties such as self-healing, shape memory, and stimuli-responsive behavior.
However, stringent government regulations and an upsurge in the demand for green plastic products are expected to hamper industry expansion over the forecast period.
Regional Insights:
North America to Record Appreciable Surge Driven by Rising Electrical & Electronic Equipment Demand
The North America smart polymers market share is slated to exhibit substantial growth throughout the estimated period. The surge is driven by the rising demand for electrical & electronic equipment and increasing advancements in the region.
The Asia Pacific market is anticipated to depict considerable expansion over the analysis period. The rise is on account of various end-use industries such as textile, medical, and automotive in the region.
Competitive Landscape:
Leading Companies Enter into Partnership Deals to Expand Product Reach
Major players are centered on the adoption of a range of strategic initiatives for maintaining a strong position in the market. Key steps include acquisitions, merger agreements, and partnership deals. Besides, many companies are emphasizing on the development and launch of new solutions for strengthening their market positions.
Key Industry Development:
June 2020 – Covestro AG announced an investment in the recycling of engineered plastic in the Asia Pacific region. The investment is aimed at enhancing the production capacity of the company.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Smart Polymers Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Smart Polymers Market Analysis, Insights and Forecast, 2022 & 2019-2030
- Key Findings / Summary
- By Type (Value)
- Physical
- Chemical
- Biological
- Others
- By Application (Value)
- Biotechnology & Medicine
- Textile
- Automotive
- Electrical & Electronics
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued...!
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