Smart polymers are also referred to as intelligent polymers or environmentally sensitive polymers. The ability to respond to a slight environmental fluctuation is the major feature that makes these polymers smart. These are sensitive to various environmental stimulus such as pH, temperature, magnetic field, electric field, chemical agents, enzymes, and biomolecules and possess the ability to recover at their initial state at the culmination of the stimulus.
Portland, OR -- (SBWIRE) -- 11/21/2017 -- The market is in its growth stage owing to the recognition by academic and industrial research, whereas, the drivers for market growth are increase in need for efficient & economical drug delivery system, innovative use of smart polymers in automotive industry, and beneficial property of phase transition. However, high cost associated with the use of smart polymers is projected to hamper the market growth.
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The growth of the global smart polymers market is driven by the rise in need for efficient & economical drug delivery system, innovative use of smart polymers in the automobile industry, and significant reversible phase transition property of smart polymers. Development of smart polymers from renewable feedstock and increase in awareness about smart polymers in future are expected to provide significant growth opportunities to the industry players. However, high R&D cost increases the overall cost of smart polymers, which is anticipated to hamper the market growth during the forecast period.
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Physical stimuli responsive is the leading segment which are sensitive to environmental factors such as temperature, light, electric field, magnetic field, and mechanical stress, which are widely used as safe polymers in drug delivery and biomaterials.
Shape memory polymer type segment generated the highest revenue in 2015, with almost half of the total market share, followed by self-healing polymer segment. Shape memory polymers retain their original shape at the culmination of the environmental stimulus. These polymers are used in wide range of applications such as surgical fixation, telecommunication, clothing, automotive, and robotics.
Biomedical & biotechnology application segment dominated the global market with more than two-fifths of the global smart polymers share in 2015. Smart polymers are used in multiple biomedical applications such as drug delivery, tissue engineering, bio-separation, biocatalyst, and others.
In 2015, North America was the leading region, owing to the increase in research activities and growth in technological advancement for biomedical application. Furthermore, Asia-Pacific is projected to show the highest CAGR of 12.8%, followed by Europe at a CAGR of 12.7% from 2016 to 2022.
The major companies profiled in the report include Covestro AG, BASF SE, Saudi Arabia Basic Industries Corporation (SABIC), Akzonobel, Nippon Shokubai, FMC Corporation, Autonomic Materials Inc., Advanced Polymer Materials Inc., Lubrizol Corporation, and Nexgenia Corporation.
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Key Findings of the Smart Polymers Market:
In 2015, North America dominated the global market with around one-third of the share, in terms of revenue.
Chemical stimuli responsive segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 12.8% from 2016 to 2022.
Asia-Pacific is projected to grow at a highest CAGR of 13.4%, in terms of volume.
Textile application segment is projected to grow at a highest CAGR of 13.0%, in terms of revenue.
Self-healing type segment shows the highest growth rate, in terms of revenue, registering a CAGR of 12.9%.