Rise in need of efficient and economical drug delivery systems and the innovative use of smart polymers in the automobile industry has boosted the growth.
PORTLAND, OREGON, UNITED STATES, November 24, 2020 /EINPresswire.com/ — Allied Market Research recently published a report, titled, "Smart Polymers Market by Type (Shape Memory Polymers, Electroactive Polymers, Self-Healing Polymers, and Others), Stimulus (Physical Stimuli Responsive, Chemical Stimuli Responsive, and Biological Stimuli Responsive), and Application (Biomedical & Biotechnology, Textile, Electrical & Electronics, Automotive, Nuclear Energy, and others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global smart polymers industry was pegged at 4.0 billion in 2019, and is anticipated to garner $9.9 billion by 2027, growing at a CAGR of 12.1% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in need of efficient and economical drug delivery systems, property of reversible phase transitions, and innovative use in the automobile industry have boosted the growth of the global smart polymers market. However, high cost of smart polymers hampers the market. On the contrary, surge in awareness regarding use of smart polymers would present lucrative opportunities for the market players in the future.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/2154
Smart polymers such as self-healing polymers and shape memory polymers are used for the manufacturing of biomedical devices such as ventilators, artificial bones and teeth, pacemakers, and knee and hip replacements. During the Covid-19 pandemic, the demand for such biomedical devices has increased to treat Covid-19 patients.
Smart polymers are widely demanded by the automotive industry. However, the automobile industry has been severely affected due to the Covid-19 outbreak and lockdown across the various countries. Moreover, declined demand for passenger and electric vehicles has reduced the demand for smart polymers.
The production of smart polymer has negatively affected due to dearth of skilled laborers, lack of raw materials, and disrupted supply chain.
The shape memory polymers segment dominated the market
By type, the shape memory polymers segment held the largest share in 2019, accounting for more than two-fifths of the global smart polymers market, due to increase in use of smart polymers in surgical fixation, aviation, telecommunication, medical, clothing, automotive, and robotics. However, the self-healing polymers segment is projected to portray the highest CAGR of 13.1% during the forecast period, owing to its inbuilt capability to substantially recover their load transferring ability after damage.
Get Detailed COVID-19 Impact Analysis on the Smart Polymers Market: https://www.alliedmarketresearch.com/request-for-customization/2154?reqfor=covid
The textile segment to manifest the highest CAGR through 2027
By application, the textile segment is expected to portray the highest CAGR of 14.2% during the forecast period, owing to surge in demand for smart polymers because of their innovative functionalities including aesthetic appeal, comfort, fantasy design, and protection against extreme environmental variations. However, the biomedical & biotechnology segment held the largest share in 2019, accounting for more than two-fifths of the global smart polymers market, due to growing application in the biomedical & biotechnology sector to maintain the stability of drug, the drug level in the therapeutic window, and ease of production.
North America held the lion's share
The global smart polymers market across North America held the largest share in 2019, contributing to more than one-third of the market, due to continuously increasing research initiatives for the implementation and commercialization of smart polymers. However, the market across Asia-Pacific is expected to register the highest CAGR of 13.3% during the forecast period, owing to surge in research activities of smart materials & structures, shape memory polymers, electroactive polymers, and structural health monitoring.
Major market players
Autonomic Materials, Inc.
Berkshire Hathaway, Inc.
Evonik Industries AG
Interested in Procuring this Report? Visit Here: https://www.alliedmarketresearch.com/smart-polymers-market/purchase-options
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.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060S
Source: EIN Presswire