Smart Polymers Market Report 2024

This Smart Polymers market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The smart polymers market size has grown rapidly in recent years. It will grow from $4.75 billion in 2023 to $5.41 billion in 2024 at a compound annual growth rate (CAGR) of 14%. The growth during the historic period can be attributed to the expansion of the biomedical industry, a higher demand for more efficient drug delivery systems, the rise of flexible and wearable electronics, increased environmental awareness, and a greater demand for advanced packaging materials.

The smart polymers market size is expected to see rapid growth in the next few years. It will grow to $9.26 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth during the forecast period can be attributed to increasing demand in the healthcare sector, a rising need for environmentally friendly and biodegradable materials, the expanding market for wearable technology and smart textiles, growing use in electronics and flexible devices, and rising applications in the automotive and aerospace industries. Major trends expected during this period include advancements in biodegradable and eco-friendly materials, innovations in self-healing materials, progress in smart textiles and wearable technology, the adoption of smart bio-polymers, and developments in 3D printing.

The expansion of the automotive industry is expected to drive the growth of the smart polymer market. The automotive industry includes the design, development, manufacturing, marketing, and sale of motor vehicles such as cars, trucks, motorcycles, and their components. This sector's growth is fueled by increasing demand for electric vehicles, advancements in autonomous driving technology, and a global push for sustainable transportation solutions. Smart polymers are utilized in the automotive industry for their ability to adapt to environmental changes, improving vehicle performance, durability, and safety through features such as self-healing, shape memory, and responsive functionalities. For example, a report published by the International Energy Agency in April 2023 indicated that the electric car market is rapidly growing, with sales exceeding 10 million units in 2022. Electric vehicles made up 14% of all new car sales in 2022, up from about 9% in 2021. Sales are projected to reach 14 million units by the end of 2023, marking a 35% increase from the previous year, with a notable rise in new purchases expected in the latter half of the year. Consequently, the expanding automotive industry is driving the growth of the smart polymer market.

Leading companies in the smart polymer market are concentrating on developing advanced products, such as polymer spill pads, to ensure effective spill containment and cleanup while minimizing environmental impact. A polymer spill pad is a specialized absorbent mat made from synthetic polymers, designed to contain and absorb liquid spills, including chemicals and oils. For example, in April 2023, Justrite Manufacturing Company, a US-based safety products manufacturer, introduced the PetroPad Smart Polymer Spill Pad. This innovative solution manages incidental spills by absorbing hazardous hydrocarbons and solidifying them to prevent leakage or overflow. The advanced polymer technology embedded in a geotextile fabric converts hydrocarbons into a non-hazardous, rubber-like compound, ensuring secure containment and preventing water contamination. The PetroPad is more user-friendly and cost-effective compared to traditional absorbent pads, making it an essential tool for construction sites, refueling stations, machinery, and maintenance industries.

In June 2023, STRATEC SE, a technology company based in Germany, acquired Natech Plastics Inc. for an undisclosed amount. This acquisition is expected to strengthen STRATEC's capacity to address customer needs in the U.S. market by broadening its presence, integrating complementary products and customer bases, and leveraging synergies. The strategic move diversifies STRATEC’s offerings and drives growth, thereby enhancing its market position. Natech Plastics Inc., a US-based company, designs and manufactures smart polymer-based consumables for clients in medical technology, in vitro diagnostics, life sciences, consumer goods, and specialized packaging solutions.

Major companies operating in the smart polymers market are Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), Merck KGaA, Solvay S.A., Covestro AG, Evonik Industries AG, DuPont de Nemours Inc., AkzoNobel N.V., Arkema S.A., Huntsman Corporation, Avient Corporation, Croda International plc, Nippon Shokubai Co. Ltd., Lubrizol Corporation, Ashland Global Holdings Inc., Justrite, Medshape Inc., Covalent Metrology Services, Autonomic Materials Inc., Echelon Biosciences Inc., SMP Technologies Inc., Spintech Holdings Inc., Nexgenia Inc., Kuraray Co. Ltd., Paragon Polymer Products Pvt. Ltd.

North America was the largest region in the smart polymer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the smart polymers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart polymers are advanced polymer materials that respond to external stimuli, such as temperature, pH, light, electric or magnetic fields, and mechanical stress, by altering their properties. These polymers are integral to various cutting-edge applications, including drug delivery systems, tissue engineering, sensors, actuators, and self-healing materials, making them essential in modern technological advancements.

The main types of smart polymers are physical stimuli-responsive, chemical stimuli-responsive, biological stimuli-responsive, self-healing polymers, and others. Physical stimuli-responsive polymers are materials that undergo reversible changes in their physical properties, such as shape, size, or stiffness, in response to external stimuli such as temperature, pH, or light. It is distributed through both offline and online channels and is applied for medical devices, tissue engineering, textiles, automotive, and others. It is used by various end users, including hospitals, clinics, and others.

The smart polymers market research report is one of a series of new reports that provides smart polymers market statistics, including smart polymers industry global market size, regional shares, competitors with a smart polymers market share, detailed smart polymers market segments, market trends and opportunities, and any further data you may need to thrive in the smart polymers industry. This smart polymers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart polymers market consists of sales of shape-memory polymers, hydrogels, adhesives and sealants. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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