Global Smart Polymers Market Information- by Stimulus Type (Physical, Chemical and Biological Responsive Polymers), by Application (Biotechnology and Medicine, Electrical & Electronics, Automotive, Drug Delivery Systems, and Others) - Forecast till 2023.
Pune, India -- (SBWIRE) -- 05/15/2018 -- Smart Polymers – A Brief Overview
Smart Polymers are also known as stimuli responsive polymers. They can be utilized for a varied purposes in a number of industries. Over the years, the significance of these compounds has doubled. This has resulted in the development of the Global Smart Polymers Market.
Smart polymers are basically a distinct type of polymers. Their functions differ from their counterparts. They have the ability to react and modify themselves in accordance to the environment or atmosphere they are placed in. They react to a number of factors like humidity, wavelength, magnetic field, temperature, pH, electric field and intensity of light. When placed amongst any of these, they react in numerous forms like changing their color or transparency, altering their shape, generating higher conductivity or permeability to water.
Smart Polymers owing to their peculiar qualities have been used in a number of manufacturing industries. Commonly, they are utilized for making biodegradable packaging and hydrogels. Furthermore, they are also useful in the field of biomedical engineering. Thus, these materials are highly versatile in nature and this characteristic will help them achieve great success in the coming years.
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Currently the world is undergoing a period of technological revolutions. Hence, it would be apt to say that the global smart polymers market will experience incredible progress. Back in 2016, the market was valued at USD 633 million and during the forecast period of 2018-2022, the industry is estimated to earn 2,069 million. When it comes to CAGR, the market is anticipated to grow at the rate of 20.78%.
There are a number of factors that are behind the development of this market. One of the major growth drivers for the market is the inherent quality of smart polymers. They are resistant, solid, long-lasting and dependable in nature. These features make them the top choice amongst heavy-duty industries. This in turn, fosters the growth of the market.
Another aspect that boosts the market growth is their varied application. They can be employed for a number of industries like automotive, biotechnology and medicine, drug delivery systems and electrical and electronics.
Additional factors that will drive the market expansion are higher awareness regarding these components and drop in the prices in the long run.
The worldwide smart polymers market has been split into three equal parts. They are applications, geographies and stimulus type.
On Account of Applications, the market has been fragmented into electrical & electronics, automotive, biotechnology and medicine and drug delivery systems.
Geographically, the market spans across a numbers of regions like North America, Europe, Asia Pacific, Latin America, Middle East & Africa and Rest of the World.
The stimulus type segment is further trifurcated into biological, physical and chemical responsive polymers. Each of these divisions is subdivided. The biological responsive polymer portion is comprised of enzymes-responsive polymers and self-healing polymers. The physical responsive polymers consist of photo-responsive polymers, electroactive & magnetically-responsive polymers, thermo-responsive polymers and photo-responsive polymers. The chemical responsive polymers are further divided into pH responsive polymers.
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