Based on applications, the global Smart Polymers Market can be segmented into biomedical & biotechnology, automotive, textile, electrical & electronics and nuclear energy. The biomedical & biotechnology has drug delivery system, tissue engineering, biocatalysts and bioseparation as its sub categories. Nuclear energy segment has the product employed in waste management and radiation detection applications.
The biomedical segment is expected to lead the smart polymers market over the forecast timespan due to the increasing usage of smart polymers in drug delivery systems and protein & peptide delivery on account of its characteristics such as hydrophilic/hydrophobic balance, molecular weight and polymer chain length & structure.
Global Smart Polymers Market size is slated to witness a significant CAGR in the forecast timeframe. Smart polymers are used across various industries including pharmaceutical, biomedical and many others owing to its versatile properties such as biocompatibility, flexibility, pH sensitivity and stability at micro and macro changes in surrounding.
Based on type of product, smart polymers market can be classified into chemical, physical biological and biochemical stimuli-based polymers. This classification is done based on the product response to different external stimuli. Physical stimuli based smart polymers held a major chunk of overall smart polymers market in 2016. The product is sensitive towards external changes in UV radiations, temperature, magnetic field, ultrasound and electric potential.
The surge in demand for intelligent materials showing low critical temperatures in biotechnology & biomedical field shall positively influence physical stimuli based products demand. the biological stimuli segment is also anticipated to witness prominent growth in the coming years owing to its extensive usage in biotechnology applications such as protein purification and recombination processes. These are sensitive to receptors and enzymes.
Asia Pacific is likely to lead the smart polymers market over the forecast duration. This can be attributed to the industrialization of major end-user industries such as textile, automobile, electrical & electronics. Latin America and Middle East & Africa shall witness sluggish growth in the coming years owing to the low product & similar technologies awareness and lack of standardization of product manufacturing process as compared to other countries in North America, Europe & Asia Pacific.
The prominent share contributors operational in smart polymers market are BASF SE, AkzoNobel, FMC Corporation, Advanced Biopolymers AS, Sigma-Aldrich Corporation and Huntsman. Other companies include Covestro AG, Nexgenia Corporation, Advanced Polymer Materials Inc., Lubrizol Corporation, Acros Organics, Autonomic Materials Inc. and The Dow Chemical Company. Companies are constantly investing in research & development activities to enhance product properties and make its usage more prevalent in industries other than the aforementioned ones. Autonomic Material Inc. is engaged in smart polymers production, which can adapt and repair themselves post damages caused by any external environment factor.
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