Global Smart Polymer Market 2024–2033

Reports Description

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 reach USD 4.74 billion in 2022 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.

The global smart polymer market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities; thereby increasing the production capacity of the smart polymer, thus driving the market growth by catering to the need for smart polymer in various end-use industries.

Growth Factors.

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.

Moreover, the 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 growth of the smart polymer market is driven by the rise in urbanization, an increase in the use of renewable energy, and support from governments of developed & developing nations such as the U.S., India, China, and others.

Furthermore, several key companies are actively engaged in the manufacturing of cost-effective smart polymers where biological and physical stimuli response-based smart polymers are widely employed in various end-use industry. These factors are collectively leading to the high potential growth for smart polymers; thus, offering remunerative opportunities for the market.

Smart Polymer Market Segmentation.

Smart Polymer Market, segmented by Stimulus Type

Depending upon the stimulus type, the smart polymer market is segmented into biological, chemical, and physical.

The physical stimuli segment dominated the market in 2021 and is expected to grow over the forecast period with a total market share of 48.59%. 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 are also expected to show significant growth during the forecast period. Biological-based smart polymers are responsive to enzyme, receptors, drugs, and others owing to which it finds applications in chemical, biomedical, and research and development sectors.

Smart Polymer Market, segmented on the basis of Application

Based on application, the global smart polymer market is studied across 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 – 2030 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.

Furthermore, the automotive and biomedical sectors have shown significant growth for smart polymers during the forecast period. Smart polymers are extensively used in the automotive industry and are employed predominantly on interior and exterior auto components. In addition, their biocompatibility, stability, and flexibility attributes make them ideal components in the biomedical sector, where it is used in drug delivery systems. This factor is expected to drive the overall demand for smart polymers in the upcoming years.

In addition, an increase in the usage of smart polymers in the sensors and actuators such as artificial muscles, the production of hydrogels, biodegradable packaging, and to a great extent, biomedical engineering purposes has boosted the overall potential sales of smart polymers in upcoming years and offering most lucrative opportunities for the market.

Report Scope

Regional Analysis

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, or 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.

Moreover, the Asia Pacific and Europe are also expected to show positive growth in the smart polymers market during the forecast period. This is attributed to the rising population, growing demand for electric vehicles and electronic components, and other end-use industry has surged the demand for smart polymers. Furthermore, the rising use of sustainable and renewable energy, growing industrialization, urbanization, and increase in the demand for electricity has augmented to spur the growth of smart polymers in the sensors and actuators application in the countries such as India, China, Southeast Asia countries, and others.

In addition, countries such as Japan and Taiwan are constantly engaged in expanding their electrical & automation manufacturing output, where different types of smart polymers are widely employed as a protecting material in various electrical & electronic products. For instance, according to a report published by Hennessy Funds, Japan accounts for around 30% market for supplying factory automation products in the world. These factors are escalating the demand for smart polymers in the Asia-Pacific region.

Key Development:

In 2019: Evonik Industries AG expanded its polyamide business in Marl, Germany, and also expanded its production of transparent polyamides business with an investment of US$ 475.58 million. The PA12 production facility is anticipated to be operational in the first half of 2021. The new PA12 facility is estimated to increase the company’s overall capacity of PA12 by more than 50%. This strategic business expansion has increased Evonik’s polyamide business in the Europe region.

In November 2018: Covestro AG expanded its polycarbonate in an industrial estate, in Thailand. This business capacity is expected to enhance the demand for polycarbonate films in the Asia Pacific and consolidate its position as a market leader.

Key market players in the Smart Polymer Market

• BASF SE
• The Lubrizol Corporation
• Evonik Industries AG
• Croda International plc.
• Clariant AG
• Covestro AG
• Spintech Holdings Inc.
• Airex AG
• Nanoshel LLC
• MedShape Inc
• Autonomic Materials Inc.
• SMP Technologies Inc.
• Others

Key Findings:

• The physical stimulus type segment dominated the market in 2021 and is expected to grow over the forecast period with a total market share of 48.59%.
• The textile application segment is to hold a dominant position during 2022 -2031 and grow at a CAGR of 14.78% during the forecast period.
• North America is the dominant region in the nano-metal oxide market and growing at a CAGR of 42.78%.

COVID-19 Analysis

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses to lives and the economy around the globe.

The smart polymer market has moderate impact due to the wake of the COVID-19 pandemic, owing to the rise in cases of COVID-19, the implementation of emergency protocols and shutdown of various operations and facilities have been observed during 2020.

Due to the spread of the coronavirus pandemic, the manufacturer has faced challenges in terms of operation and supply chain due to government restrictions during the lockdown.

However, the smart polymer market faced several difficulties with material supply chain disruptions, and labor shortages, in 2020.

Furthermore, to control the surge of novel coronavirus cases, there is a drastic shift of investments from other sectors toward the biomedical sector. Also, several smart polymer-based product manufacturing companies have either shut down or shrunk their operations due to the risk of infection among the workforce.

This has temporarily hampered the demand and supply chain of the smart polymer market. In addition, the falling income of customers has led contraction in the demand for electronic components, displays, witches, automotive components, and others during the COVID-19 period.

In the first quarter of 2021, the market for smart polymer has experienced an increase in the demand for smart polymer in automotive, biomedical, electronics, textile, and other end-use industries worldwide, compared to that in 2020.

Segments covered in the report

By Stimulus Type

• Physical
• Chemical
• Biological
• Others

By Application

• Biomedical & biotechnology
• Automotive
• Electrical & Electronics
• Textile
• Nuclear Energy
• Others

By Region

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America