Robust Growth Prospects Estimated for Smart Polymers Market upto Forecasts 2030

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Advancements in Synthetic Polymer Chemistry to Boost Smart Polymers Market

The field of science and technology continues to evolve at a consistent pace, owing to advancements in technology and steady research & development activities. In recent years, numerous innovations and technological advancements have gained mainstream acceptance and popularity such as smart polymers. Considerable research and development activities have regularly focused on replicating the nature, wherein living organisms adjust their behavior in different environmental conditions to survive. Thus, the demand for smart polymers has witnessed a steady growth in recent years.

Moreover, as smart polymers offer various materials that respond to multiple stimuli, including electric & magnetic fields, light intensity, pH, and temperature, scientists and researchers are increasingly finding new ways to deploy these materials in various areas of research. Polymer chemistry has evolved at a rapid pace over the past couple of decades due to which, smart polymers have garnered immense traction– a trend that is expected to boost the adoption of smart polymers in various industrial domains such as biomedical, biotechnology, automotive, electronics, textile, etc. The consistent development of stimuli-responsive polymers has played an imperative role in augmenting the smart polymers market.

At the back of these factors, along with the growing investment toward research and development activities, the global smart polymers market is expected to reach US$ 27 Bn by the end of 2030.

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Growing Popularity of Stimuli-responsive Smart Polymers to Drive Global Market

Over the past couple of decades, the development of stimuli-responsive polymers has gained considerable traction. Moreover, in due time, the potential of various stimuli have been explored as a trigger for smart polymers, and are increasingly being used in creative ways. While pH-sensitive polymers were one of the first stimuli-responsive polymers to gain popularity, their adoption continues to grow across the world in the current scenario as well. One of the most recent advancements that have gained momentum across the global smart polymers market is the increasing focus on understanding the nuances of mechanoresponsive polymers. Researchers are increasingly inclining toward assessing targeted mechanical bond cleavage or rearrangement to transform normal polymers into smart polymers– a factor that is estimated to boost the growth of the global smart polymers market. In addition, self-immolative polymers are one of the many classes of smart polymers that have garnered considerable attention over the past few years. The growing popularity of stimuli-responsive smart polymers and consistent advancements in synthetic polymer chemistry are likely to drive the global smart polymers market during the assessment period.

Soaring Adoption of Smart Polymers in Biomedical Field to Augment Market Growth

Over the past couple of decades, smart polymeric materials with self-healing, shape memory, and stimuli-responsive behavior are increasingly being used across the biomedical field. The favorable properties of smart polymers have played an imperative role in increasing the demand for the same in precision medicine. Research and development activities continue to explore the mechanism, compositions, and application of various smart polymeric materials in the biomedical field. Self-healing polymers are a type of smart polymer that is increasingly being used in a range of biomedical applications as self-healing polymers mimic extracellular matrix exceptionally well. While self-healing and stimuli-responsive smart polymers are gaining popularity, shape memory polymers have gradually emerged as one of the most popular types of smart polymers in recent times. Shape memory smart polymers are primarily used for cell therapy and precision medicine due to the required biocompatibility levels– another factor that is expected to boost the adoption of smart polymers in the biomedical field, thus driving the smart polymers market.

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Demand from Automotive Sector to Drop, Adoption from Biomedical Sector to Rise in 2020

The outbreak of the novel COVID-19 pandemic is expected to have a short-term impact on the overall growth of the global smart polymers market. The demand from the automotive sector is projected to decline by a notable margin, as the major automotive hubs around the world were compelled to shut down due to lockdown restrictions, and restrictions on cross-border trade and transportation. However, the demand for smart polymers from the medical field is anticipated to have grown in 2020, as research and development activities pertaining to the potential benefits of smart polymers in curbing the transmission of the novel coronavirus have increased. Thus, the market growth in 2020 is expected to remain lower than the initial projections and gradually gain momentum toward the first quarter of 2021.

Smart Polymers Market: Overview

·         Smart polymers change their shape and color in response to environmental factors such as pH, humidity, chemical compounds, temperature, wavelength, and magnetic & electric field. Based on the external environment on which they respond, smart polymers are primarily classified into three types: physical stimuli responsive polymers, chemical stimuli responsive polymers, and biological stimuli responsive polymers.

·         Smart polymers are used in several applications. For instance, they are employed in the production of hydrogels, sensors & actuators, and biodegradable packaging. Furthermore, smart polymers are used in biomedical engineering.

·         Smart polymers offer several advantages over other polymers such as high loading capacity, less stressful manufacturing conditions for sensitive drug molecules, and ease of manufacture

Rise in Demand for Advanced Packaging Materials to Drive Smart Polymers Market

·         Demand for advanced packaging materials has been increasing significantly over the last few years, as these materials offer several benefits over traditional packaging materials. These advantages include moisture control and oxygen scavenging. Growth in consumption of advanced packaging materials can be ascribed to changes in consumer habits, introduction of new quality and safety requirements, and implementation of new regulations in the food supply chain (food transport, distribution, and storage).

·         Polymers need to be reinforced with nanomaterials in order to impart active or smart properties to polymeric packaging films. This in turn is anticipated to fuel the demand for smart polymers.

·         Smart polymers offer several benefits. They help monitor the condition of packaged food or contribute to pre-serving and extending its shelf life. These properties of smart polymers are driving their adoption as packaging materials. Thus, increase in demand for advanced packaging materials is expected to propel the global smart polymers market during the forecast period.

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Increase in Demand for Automotive to Boost Smart Polymers Market

·         Demand for automotive vehicles has been increasing significantly. Global automotive production increased by 15% in 2018 since 2010. Demand for automotive vehicles is anticipated to witness the same trend during the forecast period. Growth of the automobile sector can be ascribed to strong economic growth and rise in purchasing power of consumers.

·         Demand for smart polymers is directly linked to automobiles, as smart polymers are employed in a wide range of applications in the automotive industry, ranging from reconfigurable storage bins, seat assemblies, energy absorbing assemblies, hood assemblies, and vehicles structures to airflow control systems, releasable fastener systems, and adaptive lens assemblies

·         Thus, rise in demand for two or four wheeler vehicles is anticipated to fuel the smart polymers market across the globe

Key Partnerships and Production Facility Expansion in Smart Polymers Market

·         In 2019, Evonik Industries AG announced plans to construct a polyamide 12 (PA12) facility in Marl, Germany; and expand its production of transparent polyamides at the Marl Chemical Park. The cost of the project is expected to be US$ 475.58 Mn. 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%.

·         In November 2018, Covestro AG announced that it had started to build a new manufacturing line for polycarbonate films at Map Ta Phut Industrial Estate, Thailand. The new capacity is expected to enable the company to cater to the rapid rise in demand for polycarbonate films in Asia Pacific and consolidate its position as a market leader.

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